Prime Minister Narendra Modi, who is pitching for greater participation and investment in diverse sectors in India, met with Japan’s top industry leaders on Monday and highlighted the already existing partnerships between the two countries to promote trade relations.
On the first day of his two-day visit to Tokyo, Modi met with SoftBank Corporation’s founder Masayoshi Sun, Suzuki Motor Corporation’s senior adviser Osamu Suzuki, Fast Retailing Co. Ltd. CEO Tadashi Yanai and NEC Corporation chairman Nobuhiro Endo.
He chaired the business roundtable, attended by executives and chief executives of 34 Japanese companies. Most of these firms have investments and operations in India. Representatives from Honda Motor Company, Toyota Motor Corporation, Mizuho Bank, Sumitomo Mitsui Banking Corporation and Nomura Securities were present at the roundtable meeting.
During his visit with Son, Modi praised SoftBank’s role in the startup sector in India and discussed the firm’s future involvement in key areas such as technology, energy and finance. He discussed India’s reforms to facilitate business and shared specific proposals with SoftBank to increase its investments in India, the Ministry of Foreign Affairs said.
During his visit with Suzuki, Modi discussed investment opportunities in India, including setting up factories to manufacture electric vehicles and batteries, and recycling centers to achieve sustainable growth goals. He has looked at strategies for building innovation systems in India, including skills development through the Japan-India Institute of Manufacturing and Japanese Endowed Courses.
Modi recalled Suzuki’s contribution in India and praised Suzuki Motors’ “transformative role” in the country’s automotive industry. According to the Ministry of External Affairs, Suzuki Motor Gujarat Private Limited and Maruti Suzuki India Limited are among the applicants approved under the Production-Linked Incentives (PLI) scheme in the Automobile and Auto Component Sector.
During his meeting with Yanai, President of Fast Retailing, a Uniqlo parent, Modi invited the company to increase its participation in India’s efforts to become a textile manufacturing hub. He invited Uniqlo to participate in a PM-ally project aimed at strengthening the textile industry.
Modi and Yanai discussed investment opportunities under PLI for India’s growing textile and apparel market and textile projects. The ministry said it discussed reforms that would enable foreign investors to trade easily, including industrial development, infrastructure, tax and labor.
During his visit with Modi Endo, he praised the NEC’s role in undertaking optical fiber cable projects in India’s telecommunications sector, particularly the Chennai-Andaman and Nicobar Islands (CNI) and Kochi-Lakshadweep Islands (KLI). He highlighted investment opportunities under the PLI scheme and he discussed opportunities in India in new and emerging technologies.
Japanese companies belonging to the roundtable represented major sectors such as automobiles, electronics, semiconductors, steel and banking.
According to the ministry, Modi stressed that India and Japan are “natural partners” and noted that during Prime Minister Fumio Kishida’s visit to India in March, the two countries had set an investment target of five trillion yen over the next five years.
He highlighted recent developments such as the Indo-Japan Industrial Competition Partnership and the Clean Energy Partnership and talked about initiatives such as the national infrastructure pipeline, the PLI project and India’s new semiconductor policy.
Despite the slowdown in global foreign direct investment, Modi said India attracted $ 84 billion in investment in the fiscal year ended March, a “vote of confidence” in the country’s economic potential. He proposed to celebrate Japan’s contribution to the development of India in the form of Japan Week.