Union Commerce and Industry Minister Piyush Goyal has wrapped up a significant four-day tour in Japan, during which he observed a burgeoning interest from Japanese businesses in deepening their investment, manufacturing, and technology collaborations with India. The visit was marked by the presence of a large business delegation comprising nearly 200 representatives, who engaged with Japanese firms across a range of industries including robotics, semiconductors, electronics, renewable energy, and advanced manufacturing.
During these discussions, Goyal noted that promising investment opportunities were already surfacing. Notably, a Japanese robotics firm identified an Indian collaborator for potential investment and is considering the possibility of manufacturing robots on Indian soil. This aligns with the broader objectives of the visit, which include boosting the number of Japanese enterprises operating in India. Currently, about 1,500 Japanese companies are active in India, and there is a concerted effort to expand Japanese investment in emerging sectors.
An important aspect of the visit was the initiation of talks aimed at revising the India-Japan Comprehensive Economic Partnership Agreement. These discussions also tackled regulatory challenges and explored avenues for enhancing business-to-business cooperation between the two nations. The focus is on forging stronger trade and investment ties, with both countries setting ambitious targets for their economic relationship.
India and Japan are working towards elevating their bilateral trade, which is projected to reach $27.47 billion in the fiscal year 2025-26. Looking further ahead, the two nations have set a long-term objective to expand this trade volume to $50 billion by 2030. This target underscores the commitment of both countries to strengthen their economic bonds and capitalize on the mutual benefits of increased trade and investment.