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PM Modi invites Japanese industry leaders to invest in India

BNE ADMIN


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Guwahati: Prime Minister of India, Narendra Modi, has asked Japanese industry leaders to invest in India in order to increase India's role in the textile, technology, and industrial sectors.

On Monday, PM Narendra Modi met with Japanese business executives in Tokyo, including Osamu Suzuki, Senior Advisor, Suzuki Motor Corporation, Tadashi Yanai, Chairman, President & CEO of Fast Retailing, and Nobuhiro Endo, Chairman of NEC Corporation, to discuss increasing Japan's engagement in the Indian economy.

In addition, PM Narendra Modi presided over a roundtable discussion with Japanese business leaders in Tokyo today. The Prime Minister praised the business community as brand advocates for the great potential of India-Japan cooperation, emphasising that India and Japan are natural partners. The Prime Minister stated that during Prime Minister Kishida's visit to India in March 2022, both countries established an ambitious aim of investing 5 trillion Japanese yen over the following five years.

Despite a decline in global FDI, India drew a record FDI of US$ 84 billion in the previous fiscal year, according to the Prime Minister. He saw it as a statement of confidence in India's economic potential. He asked Japanese firms to participate more actively in India and proposed a "Japan Week" to recognise Japan's contributions to India's development path.

During the discussion, the Prime Minister complimented Suzuki Motors for its unique contribution to India's automotive industry. They were delighted that Suzuki Motor Gujarat and Maruti Suzuki India were among the applicants recognized under the Production Linked Incentives (PLI) scheme in the automobile and auto component industries.

Modi and Suzuki discussed further investment opportunities in India, such as the construction of manufacturing facilities for electric cars and batteries, as well as recycling centres, in order to accomplish the goal of sustainable growth. Modi and Yanai discussed India's rapidly expanding textile and apparel business, as well as investment opportunities under the Production Linked Incentive (PLI) plan for textile projects in India.

The Prime Minister also emphasised recent advancements in economic connections, such as the India-Japan Industrial Competitiveness Partnership (IJICP) and the Clean Energy Partnership, among others. He spoke on efforts such as the National Infrastructure Pipeline (NIP) and semiconductor policy, as well as India's thriving startup sector.

Both the PM and Tadashi Yanai emphasised many initiatives being done to make it simpler for foreign investors to do business in India, including industrial growth, infrastructure, taxation, and labour.

Meanwhile, at a meeting with Nobuhiro Endo, PM Narendra Modi highlighted many steps being done to make doing business in India simpler, including industrial growth, taxes, and regulatory reform.

BNE ADMIN