India Japan collaborations will come into being in many critical areas, says Suzuki
More than 70% of the Japanese companies interviewed by a recent JETRO survey were eyeing to expand their businesses or considering new investments within the next few years and had high expectations of the Indian market.
This was the highest percentage among the Japanese companies interviewed in various countries, Hiroshi Suzuki, Ambassador of Japan to India, said of the survey.
He further said, “Resilient supply chains are emerging as a key aspect of economic security and the essence of this is trusted partnership and who else can be a trusted partner for Indian companies than Japan and vice-versa.”
“I am confident that India Japan collaborations will come into being in many of these critical areas,” the Ambassador said.
Suzuki commented on the survey on 20 Dec 2022 at the the Business Session on “India-Japan@75: Realizing the ¥5 trillion Partnership in Next Five Years”. It was held by CII.
He said, “With India and Japan assuming the prestigious G-20 and G-7 Presidencies, respectively, the two nations are at a critical juncture for further strengthening their global and strategic partnership by way of proactive engagements in trade and investment to achieve the goal of 5-trillion Yen investment in financing in the next five years.”
He believes that India Japan relations have the greatest potential of all bilateral relationships and the economic partnership is a major pillar of the bilateral relationship.
“In order to promote investment by Japanese companies in India, we need to communicate and incorporate improvement of the business environment and solution of the issues,” Susumu Wakamori President, Japan Chamber of Commerce & Industry in India (JCCII) underlined.
Japan is also examining the prospect of establishing a fund to develop human capital and trained personnel necessary to bolster its investments in different sectors in India, according to Wakamori, who is also Chairman & Managing Director Marubeni India.
India is well placed to integrate more closely into Japanese value chains for addressing global as well as domestic markets, according to Sachit Jain, Vice Chairman & Managing Director, Vardhman Special Steels Ltd.
“It is felt that the next wave of investment would indeed come from Japanese SMEs.”
The pandemic had demonstrated the need to strengthen global collaborations in climate change, energy efficiency, sustainable mobility and other areas, he noted.
He further said that India and Japan together could drive a closer partnership in green manufacturing, green buildings and sustainability parameters.
Technology transfers, trade and investment between India and Japan as well as JVs are pivotal in achieving a 5 trillion-Yen partnership, added Bharat Joshi, Co-Chair, CII Japan Committee & Director, Associated Container Terminals.
In his address at the CII event, Joshi underlined, “Technology Transfer, Trade and Investment and ‘Tomodachi’ (meaning friends in Japanese), whether economic or personal, were crucial for achieving this partnership.”
The inaugural session was followed by sectoral sessions focusing on “Enhancing the technology collaboration in emerging sectors” and “Partnering for green growth for sustainable development” in which speakers representing Indian and Japanese companies presented their views, CII said in a release. fiinews.com
