Piyush Goyal, Union Commerce and Industry Minister, has wrapped up a four-day visit to Japan, where he underscored the keen interest of Japanese businesses in expanding their investments and partnerships in India. His visit was accompanied by a substantial business delegation of nearly 200 representatives, who engaged in discussions with Japanese companies involved in various sectors including robotics, semiconductors, electronics, renewable energy, and advanced manufacturing.
During the visit, Goyal highlighted that the business conversations have already begun to yield promising investment prospects. Notably, a Japanese robotics firm has identified an Indian partner with whom it plans to collaborate, potentially leading to the manufacture of robots in India. The primary objective of the visit was to boost the presence of Japanese companies in India, which currently number around 1,500. India is keen to significantly enhance Japanese investment in its emerging industries.
Another important aspect of the trip was the initiation of discussions aimed at revising the India-Japan Comprehensive Economic Partnership Agreement. These talks also addressed various regulatory concerns and explored avenues for enhanced business-to-business cooperation between the two nations. Both countries are eager to strengthen their trade and investment ties.
In terms of trade ambitions, India and Japan are working towards increasing their bilateral trade, which is projected to reach $27.47 billion in the fiscal year 2025-26. They have set a more ambitious long-term target of boosting this figure to $50 billion by 2030. This strategic partnership is seen as crucial for both nations, as they look to leverage each other’s strengths in various economic domains.