Sumitomo Corporation can invest $62.44 bn in India over the next decade: S Jaishankar

Lauding the Japanese integrated trading and investment business major for its commitment to "Make in India," S Jaishankar said in a post on X, "Pleased to meet Shingo Ueno, CEO, Sumitomo Corporation in New Delhi today."

The Minister further discussed "opportunities for Japanese businesses in India's growth and modernisation," as per his social media post.

"Appreciated Sumitomo's commitment to 'Make in India.'Sumitomo can make an important contribution to the investment target of Y=10 trillion (USD 62.44 billion) over the next decade," he said.

Earlier in March, India and Japan held the seventh Joint Committee Meeting under the India-Japan Comprehensive Economic Partnership Agreement (CEPA) in Tokyo to review the implementation of the trade pact and explore ways to further strengthen economic ties.

"Both sides reviewed issues relating to the implementation of the CEPA and deliberated on ways to further strengthen bilateral economic engagement. On the sidelines of the meeting, Secretary, Department of Commerce, Shri Agrawal, met the Vice Minister of the Ministry of Economy, Trade and Industry (METI)," Ministry of Commerce & Industry earlier said in a statement.

Discussions covered a wide range of issues, including bilateral trade and investment, improving the business environment, and the upcoming 14th Ministerial Conference of the World Trade Organization (WTO).

Agrawal highlighted India's business-friendly policy environment and the steps being taken to improve ease of doing business and streamline regulations. He said the CEPA offers a stable and predictable framework for trade and investment, helping strengthen cooperation between India and Japan and supporting their role as trusted partners in global value and supply chains. (ANI)