Goyal leads 200-member business delegation to Japan to strengthen trade ties
Commerce and Industry Minister Piyush Goyal will lead a 200-member business delegation to Japan on a four-day visit starting August 24, in an effort to boost trade and investment ties between the two countries.
The delegation, comprising representatives from manufacturing, semiconductors, clean energy, steel, automotive, financial services, healthcare and start-ups, will visit Tokyo, Nagoya and Osaka during the trip.
In Tokyo, Mr. Goyal is scheduled to hold meetings with the leadership of major Japanese conglomerates and industrial houses that have been long-term partners in India's growth. He will also participate in a round-table with Keidanren, the Japan Business Federation, which represents over 1,500 leading Japanese companies.
Dedicated sessions are planned on semiconductors, artificial intelligence, start-ups, and engagement with foreign institutional investors, reflecting India's growing appeal as an investment and innovation destination.
The Minister will also hold bilateral talks with his Japanese counterpart, Akazawa Ryosei, Minister of Economy, Trade and Industry, and is expected to call on senior members of the Japanese Government and Parliament. He will also interact with the Indian community in Japan.
In Nagoya, the industrial heartland of Central Japan, Mr. Goyal will lead a roadshow with Chukeiren (Central Japan Economic Federation) and the Nagoya Chamber of Commerce and Industry. He will engage with the Aichi Prefecture leadership and major manufacturers in the automotive and steel sectors.
The visit will conclude in Osaka with an investors and business roadshow, along with meetings with leading Japanese companies in electronics, industrial and consumer sectors. These engagements aim to showcase opportunities across India's manufacturing, clean energy and consumer markets.
The Commerce Ministry said the visit is expected to give fresh momentum to bilateral trade and investment ties and open new avenues of cooperation in high-technology manufacturing and next-generation industries.
Jyoti Vij, Director General of industry chamber Ficci, who is accompanying the delegation, said discussions with the Japan External Trade Organization (JETRO), Japanese business organisations and investors will focus on opportunities for Japanese companies in India and ways to facilitate greater two-way investment.
“The programme includes engagements with organisations and companies working in digital innovation, industrial transformation, advanced manufacturing, AI, semiconductors and electronics,” she said, adding that deliberations will include increasing cooperation in capital goods, machinery, automotive and advanced manufacturing.
The visit assumes significance as Japan set an investment target of 10 trillion yen in India over a decade last year. The delegation will highlight India's growing opportunities in manufacturing, technology, electronics, automotive, start-ups and other high-growth sectors, while encouraging Japanese companies to expand their presence and investments.
India and Japan are also looking at reviewing the Comprehensive Economic Partnership Agreement (CEPA), which came into effect on August 1, 2011. The seventh Joint Committee Meeting under the pact was held on March 2 in Tokyo.
India has emphasised the need for a more balanced bilateral trade relationship and has called for a review of the agreement, as the trade deficit is increasing. Domestic steel producers have complained of a surge in imports of hot-rolled steel and other variants from Japan. On the other hand, Japanese firms have earlier flagged issues with regard to Indian quality control orders.
Japan is the fifth largest investor in India. According to official data, India has received $48.14 billion in foreign direct investment from Japan since April 2000, accounting for 6% of total FDI inflows into the country.
