24 August,2026 02:35 PM IST | Tokyo | mid-day online correspondent
Union Minister for Commerce and Industry Piyush Goyal. File Picture
Seeking for greater collaboration and economic partnership, Commerce and Industry Minister Piyush Goyal on Monday urged Japanese companies to expand their operations in India, according to news agency IANS.
Addressing a round-table meeting with the Japan India Business Consultative Committee (JIBCC) of the Japan Chamber of Commerce and Industry (JCCI) and the Embassy of India, Goyal highlighted the success story of automaker Suzuki and hoped other Japanese firms could replicate this.
Citing Suzuki's journey in the country over the last four decades, Goyal said, "Today, we see some of the largest and most profitable operations coming out of India."
"This is the journey we would like to see for the 1,580 companies you represent. We would like to see 1,580 Suzukis being created out of India," he added.
"We already have a large number of Japanese companies working in India. I believe that this decade should see that number double from the current levels," he further said.
The minister is on a four-day visit to Japan between August 24 and August 27 travelling to Tokyo, Nagoya and Osaka while leading India's largest-ever business delegation to Japan, comprising more than 200 business representatives, spanning sectors ranging from manufacturing, semiconductors, clean energy and steel to automotive, financial services, healthcare and start-ups.
Goyal pointed out that India's young workforce, expanding economy and long-term growth ambitions offer significant opportunities for Japanese businesses.
Japanese companies could tap into a large talent pool and consumer market in India, with the average working-age population below 30 years and is expected to remain young for several decades, he noted.
He highlighted that India aims to be a USD 30 trillion economy by 2047, when the country marks 100 years of independence, from a USD 4 trillion economy at present.
"It is an ambitious target, but 1.4 billion Indians are committed to making this happen," Goyal said.
According to Goyal, India's investment-led growth and expanding manufacturing ecosystem offer immense opportunities for greater collaboration.
The minister has already met some of the leading CEOs and business leaders and strengthen the India-Japan economic partnership.
"Began my engagements in Tokyo with an excellent meeting with Shingo Ueno, President and CEO at Sumitomo Corporation. We discussed opportunities to deepen the company's engagement with India across energy transformation, mobility and industrial infrastructure," the minister said on social media platform X.
He also met Toshiaki Nagasato, President and Representative Director of Meiji Seika Pharma and discussed opportunities to strengthen India-Japan cooperation in the pharmaceutical sector and avenues to expand the company's manufacturing and R&D footprint in India.
"India's pharmaceutical ecosystem offers significant opportunities for our Japanese partners to scale and achieve long-term growth," the minister said.
(With inputs from IANS)
