Union Commerce and Industry Minister Piyush Goyal has wrapped up a productive four-day visit to Japan, during which he emphasized the considerable interest among Japanese businesses to expand their investments and enhance their manufacturing and technology partnerships with India. The delegation, comprising nearly 200 business representatives, engaged in discussions with Japanese companies from various sectors, including robotics, semiconductors, electronics, renewable energy, and advanced manufacturing.
Among the noteworthy outcomes of the visit was the identification of potential investment opportunities through these business discussions. In a significant development, a Japanese robotics company has pinpointed an Indian partner for investment and is now contemplating the possibility of manufacturing robots in India. This move is part of a broader agenda to increase the presence of Japanese companies in India, which currently stands at around 1,500. The Indian government is keen to significantly boost Japanese investments across emerging industries.
A crucial aspect of the visit involved initiating talks to review the India-Japan Comprehensive Economic Partnership Agreement. These discussions aim to address regulatory concerns while opening up avenues for greater cooperation between businesses from both countries. This bilateral dialogue underscores the commitment of both nations to strengthen trade and investment ties.
The economic relationship between India and Japan is poised for growth, with the two countries setting ambitious trade targets. Bilateral trade is projected to reach $27.47 billion in the fiscal year 2025-26, with a long-term objective of achieving $50 billion by 2030. These goals reflect the mutual interest in deepening economic cooperation and leveraging each other’s strengths in various industries.