New Delhi [India] March 5 : Prime Minister Narendra Modi on Wednesday expressed enthusiasm for Japan's expansion plans in India and commitment to the 'Make in India, Make for the World' initiative.
This comes after PM Modi welcomed a Japanese business delegation led by Tatsuo Yasunaga, The meeting highlighted the robust India-Japan Special Strategic and Global Partnership, focusing on strengthening economic collaboration and people-to-people cooperation.
"Pleased to meet the Japanese business delegation led by Mr. Tatsuo Yasunaga today. Encouraged by their expansion plans in India and steadfast commitment to 'Make in India, Make for the World'. Looking forward to deepening economic collaboration with Japan, our Special Strategic and Global Partner," posted PM Modi on X.
https://x.com/narendramodi/status/1897286024231072139
The India-Japan commercial and business engagement started when Panasonic set up its manufacturing facility in 1972. This was then followed by Suzuki and Denso, who reached India int he early 1980s, as per the Indian Embassy in Tokyo.
Today, India and Japan share a 'Special Strategic and Global Partnership'. Commercial relations between India and Japan have vast growth potential, given the complementarities that exist between the two countries. Japan's interest in India is increasing due to a variety of reasons, including India's big and growing market and its resources, especially the human resources. The signing of the historic India-Japan Comprehensive Economic Partnership Agreement (CEPA) and its implementation from August 2011 has accelerated economic and commercial relations between the two countries.
During the visit of Prime Minister of Japan, Fumio Kishida to India in March 2022, both the Prime Ministers expressed intention to realise JPY (Japanese Yen) 5 trillion of public and private investment and financing from Japan to India in the next five years, to finance appropriate public and private projects of mutual interest, as per the Embassy.
Japan's bilateral trade with India totaled USD 22.85 billion during FY 2023-24. Exports from Japan to India during this period were USD 17.69 billion and imports were USD 5.15 billion.
As per the embassy, today, India ranks 18th in Japan's total trade with 1.4 per cent share while Japan ranks 17th in India's total trade with 2.1 per cent share. India ranks 11th in Japan's total exports with 2.2 per cent share and Japan ranks 25th in India's total exports with 1.2 per cent share. India ranks 28th in Japan's total imports with 0.7 per cent share and Japan ranks 12th in India's total imports with 2.6 per cent share. This underlines that there remains a big potential.