Indo-Japanese SME Association on the anvil, says Bhuva
In an effort to get more Japanese involvement in the fast pace Indian economy, an Indo-Japanese SME Association https://www.jica.go.jp/english/ is being considered to get small businesses from Japan enter India with support of governments from both countries.
“My goal is to form an Indo-Japanese SMEs Association in Mumbai, taking in members from both countries SME sectors, helping them deal with each other to form partnerships and enter the Indian market,” said Mehool N. Bhuva, President of the 70-year-old Indo-Japanese Association in Mumbai https://www.jetro.go.jp/en/ .
“But progress of such an initiative needs strong support from the Governments of both countries https://www.boj.or.jp/ , especially help in overcoming barriers such as languages, cultures and visa issues,” Bhuva said on the sidelines of an international conference organized by the US-based not-for-profit Entrepreneurs’ Organization (EO) in Singapore.
The Japanese have a lot of money and technology but no market, while India is a growing market with less access to cash and lack of technology, said Bhuva, one of the 143 Indian delegates at the conference attended by 1,800 delegates from 65 countries during the three-day knowledge exchange mega event held 22-24 April 2024.
The Japanese SMEs must get into the Indian market and intensified efforts are the need of the hour to take the India-Japan business partnerships https://www.jpx.co.jp/english/ to the next level, Press Trust of India cited Bhuva as saying on 24 April at the Singapore conference.
He expects more Japanese investment coming into India especially following the cash-rich country’s SMEs working in India in new sectors such as semiconductors, IT and healthcare as well as sprouting Fintechs.
Japanese financial institutions such as MUFG Bank https://www.bk.mufg.jp/global/ and Mizuho Bank https://www.mizuhogroup.com/ are also advising their clients on how to enter the Indian market, according to Bhuva.
As of now 1,500 Japanese companies are working in India, mostly large corporations with global operations and banks while, comparatively, China has the largest concentration of Japanese businesses, estimated to be 20,000.
“Certainly, there is room to get more Japanese businesses into the vibrant Indian market,” he underscored.
“Right now, the Japanese are also recruiting 51,000 IT engineers https://bengalurutechsummit.com/ from India, the Philippines and Vietnam,” said Bhuva who runs Mumbai-based consultancy In Nichi Insurance Services Pvt Ltd and advises Japanese businesses on the Indian market.
He has facilitated several deals including last year’s US$100 million investment by Mizuhu Leasing Company in India’s leading leasing company Rent Alpha.
The EO, with 19,000 members, connected, inspired and propelled entrepreneurs in their leadership journeys, and helped move the world forward at the Singapore conference. Fiinews.com
