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PM Modi spells ‘ Make in India for the world’ mantra to woo Japanese investors now wary of China

PM Narendra Modi with Japanese CEOs

“Make in India for the World” – that was Prime Minister Narendra Modi’s message to the Japanese business community. Modi, during his two day visit to Tokyo to attend the QUAD summit, held meetings with more than 30 Japanese CEOs and top executives, inviting them to invest in India.

“Apprised the Japanese business leaders of the recent reforms undertaken by India to improve ease of doing business, and invited them to ‘Make in India for the World’, the Prasar Bharti tweeted.

Senior representatives from business and industry bodies from both countries such as Japan External Trade Organization (JETRO), Japan International Cooperation Agency (JICA), Japan Bank for International Cooperation (JBIC), Japan-India Business Consultative Committee (JIBCC) and Invest India were also present in the meeting.

A senior executive who is heading a Japanese company in India said that the meeting was “fruitful and very encouraging.”

On March 19, Japanese Prime Minister Fumio Kishida during his visit to India, announced a 5 trillion yen — $42 billion– investment in the country. The investment would be made over the next five years. Kishida made the announcement during a meeting with Modi in New Delhi.

A memorandum of understanding (MoU) was also inked at the India-Japan Economic Forum held in New Delhi in the presence of the two leaders.

Japanese major Suzuki Motor Corporation has already announced investments of 150 billion yen — about Rs 10,440 crore—in building a new factory for production of electric vehicles battery by 2025. The manufacturing plant and vehicle recycling unit will come up in Gujarat.

"We will continue active investment in India to realise self-reliant India," Toshihiro Suzuki, representative director and president of Suzuki Motor Corporation said.

On Monday Modi met Nobuhiro Endo, who heads the multinational information technology major NEC Corporation and Masayoshi Son, board director, Softbank Group Corporation and discussed the future business opportunities in India.

“The Covid-19 pandemic, global tensions and disruptive challenges to stability and security in the Indo-Pacific region have underlined the need for building resilient supply chains, a human-centric development model and stable and strong international economic relations, capable of resisting coercion and exploitation. The bilateral partnership will help advance these goals,” Modi said, adding that Japan is partnering India in key sectors including infrastructure, technology, innovation, start-ups and more.

Also read: Modi writes for Japanese newspaper, says India-Japan cooperation vital in post-Covid world

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