Union Commerce and Industry Minister Piyush Goyal recently concluded a productive four-day visit to Japan, underscoring a significant interest from Japanese businesses in strengthening their investment, manufacturing, and technology collaborations with India. Accompanied by a business delegation of nearly 200 representatives, Goyal engaged in discussions with Japanese firms spanning various sectors, including robotics, semiconductors, electronics, renewable energy, and advanced manufacturing.
During the visit, business dialogues began to yield promising investment prospects. Notably, a Japanese robotics company identified an Indian partner, setting the stage for potential investments and plans to explore manufacturing robots within India. This development aligns with a broader strategy to increase the footprint of Japanese companies in India, which currently stands at around 1,500. The aim is to significantly bolster Japanese investments across emerging industries.
A pivotal aspect of Goyal’s visit was the initiation of discussions to review the India-Japan Comprehensive Economic Partnership Agreement. This move is intended to address regulatory challenges and enhance business-to-business cooperation between the two nations. Both countries are keen on elevating their trade and investment ties, with ambitious targets set for the coming years.
The bilateral trade between India and Japan is projected to reach $27.47 billion in the fiscal year 2025-26, with a long-term aspiration of hitting the $50 billion mark by 2030. These economic goals reflect the mutual commitment to deepen economic ties and leverage opportunities, particularly within the framework of emerging industries that promise substantial growth and innovation.