Calling for more Japanese investment and collaboration with India, Commerce and Industry Minister Piyush Goyal has cited reports which indicate that the “market cap of Suzuki in India is higher than the market cap of the parent company itself.”
Noting the presence of “some of the largest and most profitable operations coming out of India,” the Minister pointed to the journey of 1,580 Japanese companies in India, adding that “We would like to see 1,580 Suzukis being created out of India”
A delegation of over 220 stakeholders from Indian industry, led by the Commerce and Industry Minister, is in Japan from August 24 to 27 to deepen collaboration with their Japanese counterparts.
The Minister’s discussions will focus on reviewing the 2011 India-Japan trade deal and bridging the bilateral trade deficit. India-Japan bilateral trade stands at $27.47 billion, with India’s deficit primarily driven by specialised manufacturing and technology imports.
Goyal met Sumitomo Corporation’s CEO Shingo Ueno to discuss opportunities to deepen the company’s engagement with India across energy transformation, mobility and industrial infrastructure. Sumitomo is one of Japan’s leading global integrated trading and investment firms with a presence in India since 1950, according to the company’s website.
The Minister discussed opportunities to strengthen India-Japan cooperation in the pharmaceutical sector and avenues to expand manufacturing & R&D with Meiji Seika Pharma President and Representative Director Toshiaki Nagasato.
The CEO later said Meiji Seika Pharma is looking to partner with the Serum Institute of India to supply a vaccine for Japanese encephalitis. The Minister also met Mitsubishi Corporation’s Representative Director Juro Baba to discuss opportunities for more collaboration across mobility, energy, and infrastructure.
India and Japan are looking to deepen bilateral cooperation in semiconductors, critical minerals, and pharmaceuticals. Japan aims to invest $62 billion in India over the next decade, with $1.2 billion already invested.
Piyush Goyal held meetings at the Japanese Cabinet, chaired a roundtable on Capital goods & automobiles and engaged in talks with Keidanren (Japan Business Federation), Japan Chamber of Commerce & Industry (JCCI). The Indian delegation met the Fintech Association of Japan and delegates from the Japan Aerospace Exploration Agency (JAXA) in Tokyo.
Members from the Indian industry are slated to visit facilities of Hitachi Origin Park, Daikin Technology and Innovation Centre, Panasonic, Omron, HORIBA and other Japanese companies to facilitate direct industry-to-industry learning and identify potential areas of collaboration.
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(Edited by : Sriram Iyer)
AloJapan.com