The next phase of India-Japan ties should produce more companies like Suzuki, Commerce Minister Piyush Goyal said, pointing to the Japanese automaker's India success as a model for deeper investment.
Goyal said Suzuki's India operations have a higher market capitalisation than its Japanese parent, highlighting how Japanese companies can build large, profitable businesses in India. With 1,580 Japanese companies currently operating in India, Goyal said, "we would like to see 1,580 Suzukis being created out of India.”
A 220-plus-member Indian business delegation, led by Goyal, is in Japan from August 24-27 to deepen commercial ties. The visit will also review the 2011 India-Japan trade deal and explore ways to narrow the bilateral trade deficit. Bilateral trade stood at $27.47 billion, with India's deficit largely driven by imports of specialised manufacturing and technology products.
Goyal held talks with Sumitomo Corporation CEO Shingo Ueno on expanding cooperation in energy transition, mobility and industrial infrastructure. With Meiji Seika Pharma President Toshiaki Nagasato, he discussed pharmaceuticals, manufacturing and R&D. Meiji Seika Pharma is also looking to partner with Serum Institute of India to supply vaccines for Japanese encephalitis.
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Goyal separately met Mitsubishi Corporation Representative Director Juro Baba to discuss greater cooperation in mobility, energy and infrastructure.
India and Japan are also looking to deepen cooperation in semiconductors, critical minerals and pharmaceuticals. Japan has set a $62-billion investment target for India over the next decade, with $1.2 billion already invested.
During the visit, Goyal held meetings with Japanese government officials, chaired a capital goods and automobiles roundtable, and engaged with Keidanren and the Japan Chamber of Commerce and Industry. The Indian delegation also met representatives of Japan's fintech industry and JAXA.
Indian companies will visit Hitachi, Daikin, Panasonic, Omron and HORIBA facilities to study Japanese manufacturing and innovation practices and explore potential partnerships.
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