Prime Minister Narendra Modi held detailed discussions with heads of top Japanese companies including SoftBank, Suzuki Motors, NEC and UNIQLO on their future plans for the Indian market in one-on-one meetings on Monday in Tokyo.
Modi, who is on a two-day visit to Japan for the Quad Summit, also met top executives and CEOs of 34 Japanese companies, most of them operating in India, from diverse sectors such as automobiles, electronics, semiconductors, steel, technology, trading and banking and finance, according to an official release issued by the Prime Minister’s Office.
Investment opportunities
Modi and SoftBank Corporation founder Masayoshi Son discussed the Japanese multinational conglomerate’s future participation in India in key areas such as technology, energy and finance. “Specific proposals were shared with SoftBank where it could enhance its investments in India,” the Ministry of External Affairs said.
Strategies for building the local innovation system in India, including skill development through Japan-India Institutes of Manufacturing and Japanese Endowed Courses, came up for discussion in talks with Osamu Suzuki, Senior Advisor, Suzuki Motor Corporation.
“They discussed further investment opportunities in India including setting up of production facilities for electric vehicles and batteries as well recycling centres, for realising the goal of sustainable growth,” a government release stated.
In his meeting with electronic major NEC Corporation’s Chairman Nobuhiro Endo, Modi discussed opportunities in India in new and emerging technologies and various tax and labour reforms being undertaken in the country to improve ease of doing business.
The Prime Minister invited UNIQLO to take part in the PM-Mitra scheme aimed at further strengthening the textiles sector, in his meeting with Tadashi Yanai, Chairman, President & CEO of Fast Retailing Co. Ltd, the parent company of UNIQLO.
At the business round table, key business bodies and organisations from India and Japan such as Keidanren, Japan External Trade Organization, Japan International Cooperation Agency, Japan Bank for International Cooperation, Japan-India Business Consultative Committee and Invest India also participated.
Modi pointed out that during the visit of Prime Minister Fumio Kishida to India in March, both countries had set an ambitious target of investment of ¥ 5 trillion over the next five years. “Prime Minister highlighted recent developments in economic ties, such as India-Japan Industrial Competitiveness Partnership and Clean Energy Partnership, among others. He talked about initiatives such National Infrastructure Pipeline, Production Linked Incentive scheme, and semiconductor policy and highlighted the robust start-up ecosystem of India,” the release said.