Synopsis
Union Commerce Minister Piyush Goyal announced that Japan has emerged as India's fifth-largest source of foreign investment, with FDI exceeding $43 billion from 2000 to 2024, highlighting the deep-rooted economic and cultural ties between the two nations.Key Takeaways
- Japan's FDI in India has surpassed $43 billion.
- India-Japan ties are founded on brotherhood and economic cooperation.
- Over 1,400 Japanese companies operate in India.
- The CEPA has enhanced bilateral trade.
- Japan is a benchmark for quality standards in manufacturing.
New Delhi, Feb 21 (NationPress) Japan has been a crucial partner in India's economic advancement, with foreign direct investment (FDI) from Japan surpassing $43 billion from 2000 to 2024, making it the fifth-largest source of foreign investment in India, stated Union Commerce and Industry Minister, Piyush Goyal, on Friday.
The partnership between India and Japan is deeply ingrained in brotherhood, democracy, culture, and economic collaboration, symbolizing a unique blend of Sushi and Spices, which are distinct yet complementary, Goyal remarked.
While addressing the India-Japan Economy and Investment Forum, the minister emphasized that the ‘Seven Lucky Gods’ of Japan trace their roots to Indian tradition, highlighting the profound cultural connections shared by the two nations.
The Minister also pointed out that the Comprehensive Economic Partnership Agreement (CEPA), executed in 2011, has greatly enhanced bilateral trade, with over 1,400 Japanese companies currently operating in India and 11 industrial townships across eight states hosting Japanese businesses.
He further noted that significant infrastructure initiatives such as the Mumbai-Ahmedabad High-Speed Rail and metro systems in Delhi, Ahmedabad, Bengaluru, and Chennai reflect Japan's active involvement in India's development.
Goyal expressed hope regarding the launch of the Shinkansen bullet train service between Mumbai and Ahmedabad in the near future.
Today, India and Japan are working together to establish globally competitive brands, with the minister citing Maruti exporting vehicles to multiple countries, including Japan.
He reiterated the goal of enhancing the manufacturing share in India's GDP to 25 percent, with Japan playing a pivotal role in reaching this objective.
"The focus on infrastructure development, public-private partnerships in innovation, and a reinforced R&D ecosystem, backed by recent budget announcements, demonstrates the government's strategic commitment to economic growth," emphasized the Commerce Minister.
Regarding quality standards, the Minister stated that Japan serves as a benchmark for excellence, and India aims to adopt similar high standards in its manufacturing processes.
Efforts are underway to balance trade between India and Japan, focusing on boosting Indian exports to ensure mutual benefits.
