25 May , 2022 Fdiindia
Japan Week: PM Modi Proposes a 2-day Event to Attract Japanese Investment
In order to encourage more investment in India, Prime Minister Narendra Modi proposed a Japan Week on Monday to honor Japan's contribution to the country's development.
Modi hosted a roundtable discussion with Japanese business leaders, which included top executives and CEOs from 34 Japanese companies. The bulk of these businesses has activities and investments in India. Automobiles, electronics, semiconductors, steel, technology, trading, banking, and finance were among the companies represented, according to an official release.
The Prime Minister tweeted, "Met top corporate CEOs and highlighted the tremendous investment opportunities in India."
The Prime Minister praised the business community as brand ambassadors for India-Japan cooperation, emphasizing that the two countries are natural partners.
The Prime Minister remembered that during Japanese Prime Minister Yoshihiko Kishida's visit to India in March 2022, both countries set an ambitious five-year investment target of Japanese Yen 5 trillion.
He mentioned the India-Japan Industrial Competitiveness Partnership (IJICP) and the Clean Energy Partnership, among other recent improvements in economic ties.
He discussed measures such as the National Infrastructure Pipeline (NIP), the Production Linked Incentive (PLI) plan, and the semiconductor policy, as well as India's thriving startup ecosystem. Despite the global FDI downturn, India received a record USD 84 billion in FDI in the previous fiscal year, according to the Prime Minister. He described it as a vote of confidence in India's economic prospects.
"He encouraged Japanese companies to invest more in India and proposed a Japan Week to honour Japan's contribution to India's development," according to the press release.
The meeting was attended by top executives from Honda Motor Co., Toyota Motor Corp., Kawasaki Heavy Industries, Fujitsu, Nippon Steel Corp., and Mitsubishi Corp.
Keidanren, Japan External Trade Organization (JETRO), Japan International Cooperation Agency (JICA), Japan Bank for International Cooperation (JBIC), Japan-India Corporate Consultative Committee (JIBCC), and Invest India were among the key business bodies and organizations in attendance.
Prime Minister Modi is in Japan for a two-day visit at the invitation of his Japanese counterpart, Fumio Kishida, to attend a Quad Leaders Summit.
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