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India is seeking to deepen Japanese investment across emerging sectors including semiconductors, artificial intelligence, data centres, renewable energy and advanced manufacturing, while promoting GIFT City as a gateway for international capital, as Commerce and Industry Minister Piyush Goyal began the second day of his Japan visit.
Goyal held discussions with industry representatives from leading companies, Foreign Institutional Investors (FIIs) and government officials in Tokyo, further taking forward understandings reached by the two countries' Prime Ministers at the Annual Summit in July. As per Ministry of Commernce & Industry, the meeting brought together senior representatives of MUFG, Development Bank of Japan (DBJ), Mizuho, Morgan Stanley, Nomura and Nippon Life. Japanese financial institutions highlighted their growing engagement with India and expressed confidence in its long-term growth prospects. The Ministry noted that "MUFG highlighted its investment of around USD 4 billion in Shriram Finance and its expanding interests in areas including renewable energy and hydrogen," while DBJ outlined its dedicated India strategy and growing interest in property development, venture capital and other long-term investment opportunities. Noting that India recorded 7.7 per cent growth last year despite global uncertainties, Goyal underscored the strength of India's banking sector, robust capital adequacy, low levels of non-performing assets, expanding middle class and rising disposable incomes as "key drivers" of sustained economic growth. "The Minister highlighted significant opportunities for Japanese investors in semiconductors, artificial intelligence, data centres, renewable energy, green hydrogen, advanced manufacturing and digital infrastructure," the Ministry said in a release. Additionally, the meeting also explored the potential of GIFT City as a "gateway for international capital" into India and as a platform for facilitating "greater cross-border investment flows between Japan and India," it noted. In a separate development, Goyal said in a social media post that he met Ryo Ohira, Managing Director and Head of East Asia at investment management firm Neuberger Berman, and his delegation to discuss deepening India-Japan investment linkages and strengthening financial and wealth management partnerships. In another post, Goyal said, "It was a pleasure to join Ambassador Nagma Mallick at India House for an engaging evening yesterday with friends of India. Thank Minister Mr. Minoru Kiuchi, Deputy Chief Cabinet Secretary Mr. Masanao Ozaki, State Minister Mr. Toshiro Ino, JBIC Chairman Mr. Tadashi Maeda, and JETRO Chairman & CEO Mr. Norihiko Ishiguro for their positive outlook towards India and the India-Japan partnership.We agreed to take forward the understandings reached by our Prime Ministers at the Annual Summit in July and work together to make the India-Japan partnership Next Generation-ready." (ANI)
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