New Delhi: Union Minister for Commerce and Industry Piyush Goyal has invited Japanese businesses to deepen their investments and partnerships in India, calling for stronger economic ties between the two nations.
Goyal was addressing a dinner hosted by the Uttar Pradesh government for a Japanese delegation in New Delhi. Chief Minister Yogi Adityanath was also present at the event, according to an official statement.
The minister said India and Japan share a close partnership built on shared goals of peace and prosperity in the Indo-Pacific region. He noted that the presence of a delegation from Yamanashi Prefecture showed the bilateral partnership’s growing reach into Indian states.
Goyal referred to Prime Minister Narendra Modi’s seven streams of national transformation, which include manufacturing, agriculture, technology, infrastructure, energy, defence, and India’s soft power. He said these areas reflect where Indian and Japanese strengths complement each other.
He highlighted Uttar Pradesh’s economic ambitions, stating that the state is working towards becoming a USD 1 trillion economy under Adityanath’s leadership. He said the state’s large workforce, improving connectivity, and industrial growth make it an attractive destination for Japanese investment.
Referring to the 16th India-Japan Annual Summit held in Delhi in July 2026, Goyal pointed to Japan’s target of investing 10 trillion yen in India over the next decade. He said this investment would focus on artificial intelligence, semiconductors, critical minerals, batteries, and next-generation mobility.
Goyal cited several ongoing projects as proof of the growing partnership, including the Mumbai-Ahmedabad High-Speed Rail project and Japanese-backed metro systems in Delhi, Ahmedabad, Bengaluru, and Chennai.
He added that over 1,400 Japanese companies currently operate in India, including major names like Suzuki, Toyota, Honda, Sony, Hitachi, and Mitsubishi.
He said bilateral trade between the two countries stood at around USD 27.5 billion in FY 2025-26, with Japan now ranking as India’s fifth-largest source of foreign direct investment.
Speaking about Uttar Pradesh’s role, Goyal said the state is India’s third-largest state economy and has over 9 million MSMEs. He mentioned companies like Escorts Kubota and Seiko Advance as already contributing to the state’s manufacturing sector.
Goyal also highlighted key infrastructure projects in the state, including the Jewar International Airport, the Yamuna Expressway, and the JICA-supported Western Dedicated Freight Corridor, along with 27 industrial clusters focused on defence, semiconductors, and electronics.
The minister announced that he would visit Japan from August 24 to 27, 2026, to further strengthen the Special Strategic and Global Partnership between the two countries.
