Union Commerce and Industry Minister Piyush Goyal has wrapped up a significant four-day visit to Japan, underscoring the robust interest among Japanese businesses in nurturing investment, manufacturing, and technology collaborations with India. Accompanied by a nearly 200-strong business delegation, the visit involved discussions with Japanese firms across various sectors, including robotics, semiconductors, electronics, renewable energy, and advanced manufacturing.
During the visit, Minister Goyal noted that business discussions had already begun yielding promising investment opportunities. A notable development involved a Japanese robotics company identifying an Indian partner, with plans underway to explore the possibility of manufacturing robots in India. This indicates a growing interest in the integration of technological capabilities between the two nations.
One of the pivotal aims of the visit was to boost the presence of Japanese companies in India. Presently, around 1,500 Japanese companies are operational in the country, with India aspiring to significantly enhance Japanese investments, particularly in emerging industries. This aligns with the broader objective of bolstering trade and economic ties between the two nations.
Further discussions during the visit focused on the review of the India-Japan Comprehensive Economic Partnership Agreement. The two nations are working towards resolving regulatory challenges and fostering greater business-to-business cooperation, which is seen as essential for deepening bilateral economic ties.
India and Japan are eyeing stronger trade and investment relationships, aiming for bilateral trade to reach $27.47 billion in the fiscal year 2025-26, and setting an ambitious long-term target of $50 billion by 2030. These developments reflect the commitment of both nations to enhance their economic partnerships and capitalize on mutual growth opportunities.