Union Commerce and Industry Minister Piyush Goyal recently wrapped up a notable four-day trip to Japan, during which he underscored a growing interest from Japanese businesses in ramping up their investment, manufacturing, and technology collaborations with India. The visit was marked by the inclusion of a business delegation comprising nearly 200 representatives and involved interactions with Japanese firms operating in sectors like robotics, semiconductors, electronics, renewable energy, and advanced manufacturing.
Goyal highlighted that the discussions during this visit have already started to pave the way for potential investment opportunities. In a promising development, a Japanese robotics company identified an Indian partner and plans to explore the possibility of manufacturing robots in India. Such engagements aim to catalyze an increase in the presence of Japanese companies in India, with the current count standing at around 1,500. India is keen on significantly bolstering Japanese investments in its emerging industries.
A central theme of the visit was the effort to boost the number of Japanese businesses operating in India. The two nations also initiated conversations about revisiting the India-Japan Comprehensive Economic Partnership Agreement. These discussions are set to address regulatory challenges and open up avenues for enhanced business-to-business cooperation between the countries.
India and Japan are setting their sights on strengthening trade and investment ties, with bilateral trade projected to reach $27.47 billion by the fiscal year 2025-26. The countries have also laid out a long-term ambition to elevate this figure to $50 billion by 2030. This ambitious target underscores the commitment of both nations towards deepening economic relations and expanding cross-border business ventures.