Prime Minister Narendra Modi held detailed discussions with the heads of Japan’s biggest companies, including SoftBank, Suzuki Motors, NEC and UNIQLO, on their future plans for the Indian market during one-on-one meetings in Tokyo on Monday.
Modi, who is on a two-day visit to Japan for the Quad Summit, also met with executives and CEOs of 34 Japanese companies, most operating in India, in various sectors such as automotive, electronics, semi- conductors, steel, technology, trade and banking and finance, according to an official statement released by the Prime Minister’s Office.
Modi and SoftBank Corporation founder Masayoshi Son discussed the Japanese multinational conglomerate’s future involvement in India in key areas such as technology, energy and finance. “Specific proposals have been shared with SoftBank where it could boost its investments in India,” the External Affairs Ministry said.
Strategies for building India’s local innovation system, including skills development through Japan-India manufacturing institutes and Japanese endowment courses, were discussed in interviews with Osamu Suzuki , Senior Advisor, Suzuki Motor Corporation.
“They discussed new investment opportunities in India, including setting up electric vehicle and battery production facilities as well as recycling centers, to achieve the goal of sustainable growth,” a statement from the government.
During his meeting with the chairman of the major electronics company NEC Corporation, Nobuhiro Endo, Modi discussed the opportunities in India in new and emerging technologies and the various tax and labor reforms undertaken in the country to improve the ease of doing business. business.
The Prime Minister invited UNIQLO to participate in the PM-Mitra program aimed at further strengthening the textile sector, during his meeting with Tadashi Yanai, Chairman and CEO of Fast Retailing Co. Ltd, UNIQLO’s parent company.
At the business roundtable, key business bodies and organizations from India and Japan such as Keidanren, Japan External Trade Organization, Japan International Cooperation Agency, Japan Bank for International Cooperation, the Japan-India Business Advisory Committee and Invest India also participated.
Modi pointed out that during Prime Minister Fumio Kishida’s visit to India in March, the two countries set an ambitious investment target of 5 trillion yen over the next five years. “The Prime Minister highlighted recent developments in economic relations, such as India-Japan Industrial Competitiveness Partnership and Clean Energy Partnership, among others. He spoke about initiatives such as the National Infrastructure Pipeline, Production Linked Incentive Scheme and Semiconductor Policy and highlighted India’s strong start-up ecosystem,” the statement read. .
May 23, 2022