TOKYO: 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.
Meanwhile, Prime Minister Narendra Modi participated in an event in Tokyo Monday to launch discussions for an Indo-Pacific Economic Framework for Prosperity (IPEF) during which he underlined that the foundation of resilient supply chains must be 3Ts – Trust, Transparency and Timeliness.
The US President Joe Biden led initiative saw the participation of Prime Minister of Japan Kishida Fumio, as well as the virtual presence of leaders of other partner countries viz. Australia, Brunei, Indonesia, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam. A Joint Statement was issued, which highlights the key elements envisaged within the IPEF.
“The IPEF seeks to strengthen economic partnership amongst participating countries with the objective of enhancing resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region,” Ministry of External Affairs (MEA) said in a statement.
In his comments during the launch ceremony, Prime Minister said that announcement of IPEF is a declaration of a collective desire to make the Indo-Pacific region an engine of global economic growth. India has historically been at the centre of trade flows in the Indo-Pacific region, having the world’s oldest commercial port in Lothal, Gujarat, said PM Modi, who called for finding common and creative solutions to tackle economic challenges of the Indo-Pacific region.
He expressed India’s commitment towards working with all Indo-Pacific countries for an IPEF which is both inclusive and flexible. He underlined that the foundation of resilient supply chains must be 3T’s – Trust, Transparency and Timeliness.
India is committed to a free, open, and inclusive Indo-Pacific region and believes that deepening economic engagement among partners is crucial for continued growth, peace, and prosperity. India is keen to collaborate with partner countries under the IPEF and work towards advancing regional economic connectivity, integration and boosting trade and investment within the region.
With the launch of the process today to establish the IPEF, partner countries will begin discussions focusing on strengthening economic cooperation and achieving shared goals. (ANI)