Tokyo: Commerce and Industry Minister Piyush Goyal on Monday called for deeper business and investment ties between India and Japan, urging Japanese companies to expand their presence in India as cooperation between the two countries moves into areas such as semiconductors, clean energy, technology, advanced manufacturing and resilient supply chains.
Addressing a round-table with Keidanren, the Japan Business Federation representing more than 1,500 leading Japanese companies, Goyal said the India-Japan partnership had grown beyond traditional trade to include economic security, defence, supply-chain resilience, innovation and people-to-people exchanges.
He invited Japanese investors to increase their commitments to India and said the number of Japanese companies operating in the country “should double this decade from current levels”.
Goyal also referred to improvements in the ease of doing business in India and opportunities arising from the country’s expanding economy.
Focus on semiconductors and manufacturing
During his visit to Tokyo, Goyal held meetings with senior executives of Sumitomo Corporation, Meiji Seika Pharma, Mitsubishi Corporation, Tokyo Electron and MinebeaMitsumi. The discussions centred on expanding their operations and investments in India.
At Sumitomo Corporation, he met Shingo Ueno, Representative Director, President and CEO. He also held discussions with Toshiaki Nagasato, President and Representative Director of Meiji Seika Pharma, and Juro Baba, Representative Director and Executive Vice President at Mitsubishi Corporation.
Semiconductor investment was a key part of the discussions. At Tokyo Electron, Goyal met Takeshi Okubo, Chair of Tokyo Electron India, along with India Project Leader Vaidya Bharadwaj, General Manager Takuo Kawauchi, Director Saori Tsuchiya and Yukiko Otaka.
At MinebeaMitsumi, he met Katsuhiko Yoshida, Director, President, COO and CFO, who is overseeing the company’s semiconductor plant project in India.
India seeks stronger links with Japanese suppliers
Goyal also took part in a round-table on the capital goods, machinery and automotive industries, attended by around 70 businesses from India and Japan.
The discussions focused on linking Japanese companies more closely with India’s Tier-II and Tier-III supplier ecosystem and exploring new opportunities for industrial cooperation and technology partnerships, including for Micro, Small and Medium Enterprises.
The minister said there was considerable scope for collaboration in capital goods, machinery, automotive and advanced manufacturing, and invited Japanese companies to deepen their presence in these sectors.
The talks also examined how Japanese companies could become more closely integrated with India’s manufacturing ecosystem and contribute to stronger and more resilient supply chains.
Over 200 Indian business representatives join Japan visit
Later in the day, Goyal participated in a fireside chat moderated by Nikkei Asia and attended by business representatives and media from India and Japan. He spoke about opportunities emerging from India’s economic growth, technological transformation and closer integration with global value chains.
Goyal arrived in Tokyo on August 24 leading India’s largest-ever business delegation to Japan, comprising more than 200 industry representatives from sectors including manufacturing, semiconductors, clean energy, steel, automotive, financial services, healthcare and start-ups.
The four-day visit, from August 24 to 27, covers Tokyo, Nagoya and Osaka and is aimed at strengthening trade and investment ties under the India-Japan Special Strategic and Global Partnership.
The delegation has been organised jointly by India’s leading industry bodies in coordination with the Ministry of Commerce and Industry. It includes representatives nominated by the Federation of Indian Chambers of Commerce and Industry, the Confederation of Indian Industry and the Associated Chambers of Commerce and Industry of India.
India and Japan have designated 2026 as the “India-Japan Year of Shared Horizons”, marking 75 years of diplomatic relations between the two countries.