Former PM Suga speaks about investing Yen5trn in India
There is a complete agreement between the private and public sector in Japan regarding enhancing involvement and partnership with India, says Yoshihide Suga, former Prime Minister of Japan and Chairman of the Japan-India Association.
Speaking at the India Japan Business Forum on “India-Japan@75: Realizing the Yen5 trillion Partnership” organized by Confederation of Indian Industry (CII) jointly with Keidanren, Suga said, “While being here I witnessed India’s vibrancy. I can feel the steam and energy of Indian economy.
“After the meeting with Prime Minister Narendra Modi, we would clearly like to strengthen our relations with India and we have established an objective of investing Yen5 trillion in India.”
Sugar led a strong business delegation from Keidanren, CII’s MoU partner in Japan.
CII President R Dinesh also underlined the relationship between the two countries based on shared values, mutual respect and a vision for a prosperous future, not just for the two countries but for the world as a whole.
“Innovation and technology hold the key to the future collaboration of Japan & India. Joint R&D initiatives can unleash immense potential and drive both our economies to new heights,” said Dinesh.
Elaborating, he said that the focus on certain sectors including infrastructure, advanced manufacturing, digital and clean energy will be crucial for shaping the future together and for meeting investment targets.
“Innovation and Technology will be the most important underlying theme cutting across these,” he stressed.
India and Japan should work together for free trade, investment and decarbonization as well as deepen their partnership and cooperation, added Tsugio Mitsuoka, Vice Chair, the Board of Councilors, Keidanren and Chairman of the Board IHI Corporation.
Both Japan and India, being stable and resilient economies, must accelerate economic cooperation for the wider regional growth, added Ajay S Shriram, Chairman & Senior Managing Director, DCM Shriram Ltd.
“Cooperation in digital transformation across areas such as artificial intelligence and big data analytics among others can help us achieve our sustainability goals,” he said.
Shriram elaborated, “We need to consider new collaborations in sustainable infrastructure, renewable energy and green hydrogen and co-development of green products.”
CII Director General Chandrajit Banerjee has called on Japan, as a key global investor and player in supply chains, to help reshape the future of global trade, in which India plays an important part.
Banerjee pointed out, “Japan has been supporting India’s economic transformation through various initiatives and has been a key partner in our efforts to enhance our connectivity and cooperation with our neighbours and beyond, especially in the Indo-Pacific region”.
The forum was followed by two Sessions on “Enhancing trade and investment: Roadmap to Achieve Japan’s 5 trillion Yen Investment plan” and “Partnering to achieve sustainability through digital transformations”.
Senior industry members from both India and Japan participated in the sessions, says CII in a media release on 6 July 2023. Fiinews.com
