Union Commerce and Industry Minister Piyush Goyal has wrapped up a significant four-day trip to Japan, emphasizing the strong interest from Japanese businesses in enhancing their investment, manufacturing, and technology collaborations with India. Accompanied by a business delegation of nearly 200 representatives, Goyal engaged with Japanese companies spanning various sectors, including robotics, semiconductors, electronics, renewable energy, and advanced manufacturing.
During the visit, discussions initiated promising investment opportunities. Notably, a Japanese robotics firm identified a potential Indian partner to invest with and is considering manufacturing robots within India. This reflects a broader focus on increasing the presence of Japanese businesses in the Indian market. Currently, about 1,500 Japanese companies operate in India, with ambitions to significantly boost this number by expanding Japanese investment into emerging industries.
A key component of the visit involved talks on revisiting the India-Japan Comprehensive Economic Partnership Agreement. This includes addressing regulatory challenges and identifying opportunities for enhanced cooperation between businesses in the two countries. Both nations are keen on strengthening their trade and investment ties, with bilateral trade projected to reach $27.47 billion in the fiscal year 2025-26, and an ambitious target of $50 billion by 2030.
The trip underscored the mutual benefits of deepening economic ties between India and Japan, as the two nations seek to leverage each other’s strengths in technology and manufacturing. This ongoing dialogue and partnership aim to foster a more robust economic relationship, benefiting industries and businesses on both sides.