Piyush Goyal, the Union Commerce and Industry Minister, recently wrapped up a four-day visit to Japan, underscoring a keen interest from Japanese businesses in increasing their investments and technological partnerships with India. The visit, which included a sizable business delegation of around 200 representatives, involved discussions with Japanese companies from various sectors including robotics, semiconductors, electronics, renewable energy, and advanced manufacturing.
According to Goyal, these discussions have already started to yield promising investment prospects. Notably, a Japanese robotics firm has identified an Indian partner and is planning to explore the possibility of manufacturing robots in India. This marks a significant step in boosting manufacturing and technology collaborations between the two nations.
One of the central aims of the visit was to attract more Japanese companies to operate in India. Currently, approximately 1,500 Japanese firms are present in the country, and India is looking to significantly enhance Japanese investments, particularly in emerging industries. This expansion is seen as a critical move to strengthen economic ties between the two countries.
Additionally, India and Japan have embarked on discussions to review the India-Japan Comprehensive Economic Partnership Agreement. These discussions are aimed at addressing regulatory challenges and exploring further opportunities for business-to-business cooperation, which could pave the way for more robust economic interactions between the two nations.
The two countries are setting ambitious targets to bolster trade and investment ties. With bilateral trade projected to reach $27.47 billion in the fiscal year 2025-26, there is a long-term vision of expanding this figure to $50 billion by 2030, reflecting the mutual commitment to deepening economic relations.