PM Modi invites greater participation by Japanese companies in India, proposes 'Japan Week'
May 23, 2022
Tokyo [Japan], May 23 : Prime Minister Narendra Modi on Monday invited greater participation by Japanese companies in India and proposed celebrating Japan's contribution to India's development journey in the form of a 'Japan Week'.
The Prime Minister, who chaired a roundtable with Japanese business leaders, noted that despite the slowdown in global FDI, India has attracted record FDI of USD 84 billion in the previous financial year and termed "it as a vote of confidence in India's economic potential".
Top executives and CEOs of 34 Japanese companies participated in the event. The majority of these companies have investments and operations in India.
The companies represented diverse sectors including automobiles, electronics, semiconductors, steel, technology, trading and banking and finance.
Key business bodies and organizations from India and Japan such as Keidanren, Japan External Trade Organization (JETRO), Japan International Cooperation Agency (JICA), Japan Bank for International Cooperation (JBIC), Japan-India Business Consultative Committee(JIBCC) and Invest India also participated in the event.
Stressing that India and Japan are natural partners, Prime Minister lauded the business community as brand ambassadors of the immense potential of India-Japan ties.
He said during the visit of Prime Minister Kishida to India in March 2022, both countries had set an ambitious target of investment of Japanese Yen 5 trillion over the next five years.
PM Modi highlighted recent developments in economic ties, such as India-Japan Industrial Competitiveness Partnership (IJICP) and Clean Energy Partnership, among others. He talked about initiatives such National Infrastructure Pipeline (NIP), Production Linked Incentive (PLI) scheme, and semiconductor policy and highlighted the robust startup ecosystem of India.
Top executives from Honda Motor Co. Ltd, Nissan Motor Corporation, Toyota Motor Corporation, Yamaha Motor Corporation, Suzuki Motor Corporation, Mizuho Bank Ltd. Nomura Securities Co. Ltd. Dream Incubator Inc., Dream Incubator Inc and Mitsubishi Corporation were among those who attended the meeting.
