India looks to boost investment, improve supply chain; PM Modi to meet top business leaders in Japan tomorrow
May 22, 2022
By Naveen Kapoor
New Delhi [India], May 22 : Giving a brief outlook on the Prime Minister's engagements with Japanese business leaders, the Indian ambassador to Japan Sanjay Kumar Verma has said that Tokyo is excited about opportunities in New Delhi and both PM Modi and his Japanese counterpart Fumio Kishida have the ambition of five trillion Japanese Yen investment in India through public, private and financing mode.
"Japan is very much excited about opportunities in India, especially PLI scheme schemes, so they need to understand us better, we need to understand them better. Now that the Prime Ministers of both countries met for the 14th time in New Delhi this year they had ambition and aspiration to see five trillion Japanese Yen being invested in India through public, private and financing mode," Verma told ANI.
"So how do we do it finally the doers and implementers are businesses so their fair business connect is extremely important," he added.
Quad leaders will also be taking and discussing initiatives for the diversification of reliable supply chains.
"You see prosperity, peace and stability in the Indo-Pacific, supply chain will continue to be the main issue," Ambassador of India to Japan said. India, Japan and Australia signed a trilateral agreement on a Supply Chain Resilience Initiative (SCRI).
Indian ambassador to Japan said: "What happened many of these supply chain are concentrated in one particular geography and whenever that geography gets disrupted or those who control that geography wishes to disrupt, then entire supply chain gets disrupted and people or industries which are on the downstream they face the music."
"We have seen that semi-conductors scarcity how it impacts automotive industry we saw how the supply of COVID related material makes situation worst. Unless we have trusted the supply chain it will be difficult for the world to have a predictable lifestyle" he added.
PM Modi will depart for Japan tonight to participate in the Quad summit at the invitation of the Japanese Prime Minister Fumio Kishida.
Ahead of his scheduled visit to Japan, Prime Minister Narendra Modi on Sunday said that during the Quad summit, leaders will once again have the opportunity to discuss various initiatives and issues of mutual interest.
Earlier in March 2022, Japan Prime Minister Fumio Kishida visited India to take part in the 14th India-Japan Annual Summit.
