Commerce and Industry Minister Piyush Goyal has concluded his official visit to Japan, during which he held a series of high-level meetings with Japanese government leaders, financial institutions and business executives to accelerate investment, strengthen industrial partnerships and deepen economic cooperation between the two countries.
The visit covered Tokyo, Nagoya and Osaka and included interactions with the leadership of more than 30 major Japanese companies and financial institutions with existing or growing interests in India.
A key focus of Goyal’s visit was mobilising long-term Japanese investment in India, particularly in manufacturing, infrastructure, technology, financial services and emerging strategic sectors. The Minister also sought greater participation by Japanese institutional investors in India’s next phase of economic growth.
Goyal engaged with major Japanese financial institutions, including MUFG, Mizuho, Nomura, Nippon Life, Development Bank of Japan and Morgan Stanley MUFG Securities. Discussions focused on increasing capital flows into India and supporting the country’s expanding manufacturing, infrastructure, technology and financial ecosystem.
The Minister also chaired sector-specific roundtables on capital goods, machinery and automotive; semiconductors and artificial intelligence; startups; and foreign institutional investors.
The meetings brought together Japanese and Indian businesses to explore concrete investment, technology and commercial partnerships, including opportunities involving Tier-II and Tier-III suppliers and micro, small and medium enterprises.
India pitches six-pillar semiconductor strategy
Semiconductors and artificial intelligence emerged as a major focus of the visit.
At a semiconductor and AI roundtable, Goyal highlighted India’s ambition to establish a globally competitive semiconductor ecosystem, with semiconductor demand projected to reach USD 150 billion by 2032.
He outlined the government’s six-pillar strategy covering chip design, semiconductor machinery and materials, fabrication, ATMP/OSAT, research and development, and talent development.
Goyal said India’s large pool of young and skilled talent, combined with Japan’s technology, engineering expertise and manufacturing capabilities, could help drive a world-class semiconductor and technology ecosystem in India.
He also highlighted India’s growing renewable energy capacity and national power grid as important enablers for energy-intensive sectors such as semiconductor manufacturing, AI and data centres.
Japanese companies participating in the discussions expressed interest in expanding their presence in India in areas including semiconductor materials and equipment, power semiconductors, electronics, AI and logistics.
The discussions also covered the infrastructure required for semiconductor manufacturing, including reliable electricity, ultra-pure water, skilled manpower and social infrastructure in emerging semiconductor clusters such as Dholera and Sanand.
India seeks JPY 10 trillion Japanese investment
A major objective of the visit was to advance the target of JPY 10 trillion in Japanese private investment in India over the next decade, agreed upon during Prime Minister Narendra Modi’s visit to Japan in 2025.
Goyal called for greater participation by Japanese companies and institutional investors in India’s growth story, particularly in manufacturing, infrastructure, financial services, semiconductors, AI, clean energy and other next-generation industries.
He also met Japan’s Minister of Economy, Trade and Industry Akazawa Ryosei and held discussions with senior representatives of JETRO, JBIC and JICA.
The discussions covered trade and investment, resilient supply chains, manufacturing cooperation, technology, infrastructure and opportunities for Japanese companies to expand their presence in India.
Engagement with 1,500-member Keidanren
Goyal also interacted with Keidanren (Japan Business Federation), which represents more than 1,500 leading Japanese companies.
He underlined the expanding scope of the India-Japan economic partnership, which now encompasses traditional trade as well as economic security, resilient supply chains, advanced technologies, clean energy, defence-related manufacturing and people-to-people ties.
The Minister invited Japanese companies to scale up investment and expand their operations in India.
Japanese business leaders welcomed the engagement and expressed confidence in India’s growth story, while indicating their interest in expanding strategic partnerships and diversifying investments across the country.
Nagoya roadshow focuses on manufacturing partnerships
In Nagoya, Goyal addressed the “India-Japan Next Generation Economic Partnership” roadshow organised in collaboration with Chukeiren and other business organisations.
More than 80 Japanese companies from the Chubu region participated in the event. Discussions focused on automobiles, aerospace, machine tools, semiconductors, electronics, auto components and SMEs.
Goyal highlighted the potential arising from the combination of India’s young talent pool and the Chubu region’s technological and engineering capabilities.
He said this combination could create new opportunities for manufacturing and technology partnerships between Indian and Japanese companies.
Goyal highlights India’s economic growth
During his engagements, Goyal highlighted India’s economic fundamentals and said the Indian economy had recorded 7.7 per cent growth despite global headwinds.
He said India was progressing towards its ambition of becoming a USD 30 trillion economy by 2047, supported by a large and increasingly aspirational middle class, a growing digital economy, a robust banking sector, expanding renewable energy capacity and an improving business environment.
These factors, he said, were creating significant opportunities for investors seeking long-term growth.
The Minister also participated in a fireside chat moderated by Nikkei Asia, engaging with the Japanese and Indian business and media communities on the changing contours of bilateral economic relations.
Strengthening India-Japan economic partnership
The visit provided fresh momentum to the India-Japan Special Strategic and Global Partnership, with discussions covering trade, investment, technology, manufacturing and resilient supply chains.
The Ministry of Commerce & Industry said the engagements strengthened the foundation for greater Japanese participation in India’s transformation into a globally competitive manufacturing, technology and investment hub.
The visit also opened avenues for deeper cooperation in emerging sectors, particularly semiconductors, artificial intelligence, clean energy, advanced manufacturing and financial services, while reinforcing the focus on mutually beneficial investment and innovation between India and Japan.
