Sumitomo Corporation can invest $62.44 bn in India over the next decade: S Jaishankar
New Delhi, June 5
Japanese conglomerate Sumitomo Corporation can play an important role in helping achieve the target of USD 62.44 billion in India over the next decade, External Affairs Minister S Jaishankar said on Friday after meeting the company's Chief Executive Officer, Shingo Ueno, in New Delhi.
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
Reader Comments
Impressive numbers, but let's be realistic—$62 billion is an ambition, not a guarantee. Japan has been a reliable partner, but we've seen big announcements before with slow execution on the ground. Hope the government focuses on ease of doing business at the state level, not just Delhi. Every rupee counts for our farmers and small industries.
Japan and India—best friends for progress! Sumitomo's investment in renewable energy and electronics could really boost our Atmanirbhar Bharat dream. But I hope we also get technology transfer, not just assembly lines. We need Indian engineers learning Japanese precision manufacturing. That's the real long-term gain. 🌏🤝
As someone working in trade, this is a positive signal. CEPA review and strong Japanese interest show India is becoming a reliable supply chain hub. But let's not forget the WTO talks—we need fair trade rules that protect developing nations. $62 billion sounds great, but implementation and SME inclusion will be key. Good step forward though.
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