India’s largest-ever business delegation, 200 executives strong, touched down in Japan late last month in search of money, machinery and manufacturing know-how.
At its head was Commerce Minister Piyush Goyal, whose four-day tour from August 24 to 27 not only laid the groundwork for next year’s 75th anniversary of diplomatic ties but also worked to solidify an economic partnership now expanding into shipbuilding and defence.
“We believe in the principle of continuous improvement and we are looking at Japan being our partner in this journey as we progress from a US$4 trillion economy today to a US$30 trillion economy by 2047,” Goyal told a joint gathering on August 24 that included representatives of Keidanren, a Japanese business federation representing more than 1,500 companies.
The talks spanned a range of sectors, from semiconductors to artificial intelligence, according to the Federation of Indian Chambers of Commerce and Industry.
Goyal later told reporters that Japanese firms had already invested about 14 per cent of a 10-trillion-yen (US$63.9 billion) pledge announced last August. At the current pace, he said the 10-year foreign direct investment goal would be reached within three to four years.