Union Commerce and Industry Minister Piyush Goyal recently wrapped up a significant four-day trip to Japan, underscoring the keen interest of Japanese companies in boosting investment and forming technology collaborations with India. Accompanying Goyal was a business delegation of nearly 200 representatives, who engaged with Japanese firms across diverse sectors such as robotics, semiconductors, electronics, renewable energy, and advanced manufacturing. The meetings aimed to foster deeper ties and lay the groundwork for potential investments.
Goyal highlighted that the discussions during the visit had already started yielding promising investment opportunities. Notably, a Japanese robotics firm identified an Indian partner, paving the way for potential manufacturing of robots in India. This move is part of a broader strategy to enhance the presence of Japanese companies in the Indian market. Currently, around 1,500 Japanese businesses operate in India, but there is a concerted effort to increase this number significantly, especially in emerging industries.
Integral to the visit was the objective of reviewing and potentially enhancing the India-Japan Comprehensive Economic Partnership Agreement. Both nations aim to address regulatory challenges and harness opportunities for increased business-to-business collaboration. This review is seen as pivotal to fostering a more conducive environment for trade and investment between the two countries.
As India and Japan work towards strengthening their economic ties, they have set ambitious targets for bilateral trade. The current trade volume between the two countries is valued at $27.47 billion for the fiscal year 2025-26, with a long-term goal of reaching $50 billion by the year 2030. These targets reflect the shared commitment to expanding economic cooperation and leveraging each other’s strengths in various industrial sectors.