In bid to boost investment, PM Narendra Modi proposes 'Japan Week'

Seeking greater investments in India, Prime Minister Narendra Modi on Monday proposed celebrating Japan's contribution to the country's development journey in the form of a Japan Week'.

Modi chaired a roundtable with Japanese business leaders here in which top executives and CEOs of 34 Japanese companies participated. 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, an official statement said.

"Met top business CEOs and highlighted the numerous investment opportunities in India," the Prime Minister said in a tweet.

Stressing that India and Japan are natural partners, the Prime Minister lauded the business community as brand ambassadors of the immense potential of India-Japan ties. The Prime Minister recalled that during the visit of Japanese 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.

He 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. The Prime Minister noted that despite the slowdown in global FDI, India has attracted a record FDI of USD 84 billion in the previous financial year. He termed this a vote of confidence in India's economic potential.

"He 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 release said.

Top executives of companies like Honda Motor Co, Toyota Motor Corporation, Suzuki Motor Corporation, Sumitomo Chemical Co, Kawasaki Heavy Industries, Fujitsu, Nippon Steel Corporation, and Mitsubishi Corporation, attended the meeting.

Key business bodies and organisations 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.

Prime Minister Modi is in Japan on a two-day visit to attend a summit of the Quad leaders at the invitation of his Japanese counterpart Fumio Kishida.