PM Modi chairs Business Roundtable in Tokyo; Japanese business leaders, 'India, Japan natural partners'

New Delhi, May 23: Prime Minister Narendra Modi on Monday chaired a roundtable in Tokyo with Japanese business leaders, including top executives and CEOs of 34 companies which have investments and operations in India.

The companies represented diverse sectors including automobiles, electronics, semiconductors, steel, technology, trading and banking and finance.

Stressing that India and Japan are natural partners, he lauded the business community as brand ambassadors of the immense potential of bilateral ties.

Modi noted that during the visit of his Japanese counterpart Fumio Kishida to India in March this year, both countries had set an ambitious target of investment of 5 trillion Japanese yen over the next five years.

Highlighting the recent developments in economic ties, such as the India-Japan Industrial Competitiveness Partnership (IJICP) and Clean Energy Partnership, among others, the PM also talked about initiatives such National Infrastructure Pipeline (NIP), Production Linked Incentive (PLI) scheme, and semiconductor policy and highlighted the robust start-up ecosystem of India.

During the meeting, he also said that despite the slowdown in global FDI, India has attracted record FDI of $84 billion in the previous financial year, which, he described, as "a vote of confidence in India's economic potential".

Inviting greater participation by Japanese companies in India, he proposed celebrating Japan's contribution to India's development journey in the form of a 'Japan Week'.

After the business meeting, the Prime Minister, in a tweet, said: "Met top business leaders in Tokyo. Our conversations focussed on diverse topics ranging from innovation to investments, tech to textiles, reforms to StartUps. There is great enthusiasm towards India and there is great appreciation for the entrepreneurial skills of India's youth."

Nissan Motor Corporation, Toyota Motor Corporation, Yamaha Motor Corporation, Suzuki Motor Corporation, Mizuho Bank Ltd. MUFG Bank Ltd. and JIBCC and Japan-India Business Co-operation Committee were among the 34 companies who participated in the business roundtable.

Key business bodies and organisations from India and Japan such as Keidanren, Japan External Trade Organisation (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.