5 days ago
Goyal Seeks Faster Japanese Investment and Deeper Economic Partnership
Piyush Goyal said India wants more Japanese companies to invest in the country.
Japan had announced plans to invest $70 billion, and about $10 billion has been reached in the first 10 months.
India hopes Japanese businesses will produce goods in India and use the country as a supply source for the world.
Japanese companies are expected to train about 300,000 Indian young people.
Some companies say local rules and approvals can make investing difficult.
Goyal said the government is listening and will try to fix these problems quickly.
He also said India wants to become attractive on its own, not only because companies are reducing their dependence on China.
India and Japan are discussing cooperation on rare earths and other critical minerals.
India is also negotiating trade and investment partnerships with the United States, Europe, New Zealand, and the United Arab Emirates.
Commerce Minister Piyush Goyal said Japan’s $70 billion investment commitment has reached $10 billion in 10 months.
India wants Japanese companies to make the country a global sourcing and manufacturing base.
Japanese companies will train around 300,000 Indian youths in Japan across several sectors.
Goyal acknowledged investment obstacles involving local authorities and some Indian states, promising quicker regulatory responses.
India and Japan are discussing technology cooperation to develop rare-earth and critical-mineral capabilities.
- Who
- Commerce and Industry Minister Piyush Goyal, the Indian government, and Japanese companies.
- What
- India is seeking faster Japanese investment, deeper economic cooperation, technology partnerships, and greater access for Indian goods.
- Where
- Goyal visited Tokyo, Nagoya, and Osaka; the proposed investments and training involve India and Japan.
- When
- Goyal discussed the issues after a four-day visit; Japan’s investment commitment was announced last year and reached $10 billion within 10 months.
- Why
- India wants to create jobs, expand manufacturing and exports, attract technology, reduce import dependence, and become a global sourcing partner.
Key facts
- Japanese investment commitment
- $70 billion announced by Japan; Goyal said $10 billion had been reached in 10 months.
- Youth training
- Japanese companies are expected to train around 300,000 Indian youths in Japan.
- Investment challenges
- Companies cited difficulties involving local bodies and some Indian states.
- Semiconductor regulation
- India is considering a special rule or exemption related to BIS certification for high-tech semiconductor production.
- Trade agreements
- Goyal said India has concluded free-trade agreements covering 38 countries.
- United States negotiations
- Goyal said the India-U.S. agreement was broadly complete but still needed formalization, with India seeking a tariff rate lower than its competitors.
- Critical minerals
- India and Japan are discussing joint technology development and technology transfer involving rare earths and critical minerals.
Quotes
Chairman of a large textile retailer
Chairman of a large textile retailer whom Goyal met during his Japan visit
“India is my only horizon”
indianexpress.com
Sources
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