‘We want 1,580 Suzukis from India’
Referring to the 1,580 Japanese companies currently operating in India, Goyal said the country should aim to create as many successful businesses as Suzuki.
“We want 1,580 Suzukis to emerge from India,” he said, highlighting the scale of the opportunity for Japanese companies and Indian industry.
Goyal also pointed out that Suzuki’s market capitalisation in India is higher than that of its parent company, underscoring the strength of its Indian operations. He said some of the world’s largest and most profitable operations are increasingly emerging from India.
MUST READ: Beyond factory floors: Piyush Goyal outlines next generation India-Japan economic partnership
220-plus industry representatives in Japan
More than 220 Indian industry representatives are accompanying Goyal during his Japan visit from August 24 to 27. The delegation is focused on strengthening trade and industrial cooperation between the two countries.
A key focus of the visit is the review of the 2011 India-Japan trade agreement and efforts to narrow the bilateral trade deficit. Trade between India and Japan currently stands at around $27.47 billion, with India’s deficit largely driven by imports of specialised manufacturing and technology products.
Energy, mobility and pharma in focus
Goyal met Sumitomo Corporation CEO Shingo Ueno to discuss expanding the company’s participation in India across energy transition, mobility and industrial infrastructure.
He also held talks with Toshiaki Nagasato, president and representative director of Meiji Seika Pharma, on opportunities to expand India-Japan cooperation in pharmaceuticals, manufacturing and research and development.
Meiji Seika Pharma has indicated that it is exploring a partnership with Serum Institute of India for supplying a Japanese encephalitis vaccine.
ALSO READ: India-Japan trade at $50 billion: Why higher-value exports will be key to the target
Semiconductor and critical minerals cooperation
India and Japan are also looking to expand cooperation in strategic sectors such as semiconductors, critical minerals and pharmaceuticals.
Japan has set a target of investing $62 billion in India over the next 10 years. Of this, around $1.2 billion has already been invested.
Goyal also met Juro Baba, representative director of Mitsubishi Corporation, with discussions focusing on mobility, energy and infrastructure.
Indian delegation to visit Japanese facilities
During the visit, the Indian delegation has also engaged with the Keidanren and Japan Chamber of Commerce and Industry, besides holding discussions with representatives of the Fintech Association of Japan and Japan Aerospace Exploration Agency (JAXA).
Indian industry representatives are scheduled to visit facilities of major Japanese companies, including Hitachi, Daikin, Panasonic, Omron and HORIBA.
The visits are aimed at facilitating direct knowledge-sharing, understanding Japanese technology and identifying new investment and industrial partnership opportunities between the two countries.
MUST READ: ‘You won’t disappear and become a professor’: Piyush Goyal invokes Jack Ma to woo Japanese investors
