Nagoya [Japan], August 26 (ANI): Stating that India is the world’s fastest-growing main economic system and is poised for many years of speedy development, Union Commerce and Industry Minister Piyush Goyal on Wednesday referred to as upon the Japanese trade and native leaders to deepen bilateral commerce and manufacturing cooperation, urging companies to broaden their presence in India’s rising industrial ecosystem.
Addressing the ‘Celebrating India-Japan Next Generation Economic Partnership’ occasion in Nagoya, Goyal referred to as on the Central Japan Economic Federation (Chukeiren) to carry Japanese small and medium enterprises (SMEs) into India’s new industrial corridors.
He urged the Nagoya Chamber of Commerce and Industry (NCCI) to determine an Indian presence in its sister-chamber community and ship an funding survey mission to India.
The minister additionally referred to as for stronger municipal and industrial partnerships between Nagoya and Indian cities, together with Bengaluru, Mumbai, Rajkot, Pune and Ludhiana.
‘Let me conclude by making 4 particular requests. One, to Chukeiren, carry your SMEs into our Japanese industrial townships alongside our new industrial corridors. Let Central Japan Vision 2050 write its subsequent story in India,’ Goyal stated.
‘Two, to NCCI, your sister chamber community at present reaches Los Angeles, Mexico City, Sydney, Lille and Torino, however doesn’t have any Indian tackle. Let us right that this yr. Send your funding survey mission to India and discover the chances,’ he added.
Goyal additional urged Nagoya to discover partnerships with main Indian industrial centres and welcomed the deliberate go to of seven Japanese companies to Bengaluru subsequent month.
‘Three, Deputy Mayor, whereas we welcome the go to of your seven companies coming to Bengaluru subsequent month, we wish you to discover Nagoya’s partnership doubtlessly with Bengaluru, with Mumbai, with Rajkot, with Pune, with Ludhiana,’ he stated.
He additionally urged Japanese companies to speak their considerations on to the Indian authorities throughout Japan Business Week.
‘Four, inform us your considerations. Japan Business Week is bringing senior officers straight throughout the desk from you to listen to your considerations and act on it,’ Goyal stated.
The minister highlighted India’s robust financial development and stated the nation was anticipated to stay a key world development engine over the following 20 years.
‘India is the world’s quickest rising giant economic system at present. We simply noticed final yr’s development of seven.7 per cent. The present yr will proceed that speedy tempo of development, and we anticipate the following 20, 25 years of steady development in India, main the worldwide development as a development engine,’ he stated.
Goyal additionally highlighted India’s increasing energy infrastructure and clear power capability.
‘Our electrical energy grid is already 520 gigawatt single grid on one frequency throughout the nation with practically 60 per cent, 300 gigawatt, of unpolluted power and anticipated to develop within the subsequent seven to eight years right into a thousand gigawatt grid with 700 gigawatt of unpolluted power,’ he stated.
The Commerce Minister is in Japan from August 24 to 27, main a enterprise delegation of round 200 members. The four-day go to covers Tokyo, Nagoya and Osaka, with participation from sectors together with manufacturing, semiconductors, clear power, metal, cars, monetary companies, healthcare and start-ups.
India-Japan bilateral commerce stood at USD 27.47 billion in FY 2025-26. India’s imports from Japan have been USD 21.43 billion, whereas exports to Japan stood at USD 6.04 billion.
Japan accounts for 1.75 per cent of India’s whole commerce, making it India’s Tenth-largest buying and selling companion, whereas India accounts for two.26 per cent of Japan’s whole commerce, rating 14th.
India accounts for two.61 per cent of Japan’s whole exports and ranks eighth, whereas Japan accounts for 1.37 per cent of India’s whole exports and ranks twenty first.
In phrases of imports, India ranks twenty second amongst Japan’s buying and selling companions with a 0.98 per cent share, whereas Japan ranks Tenth amongst India’s import companions with a 2.76 per cent share. (ANI)