Sumitomo Corporation can invest Y=10 trillion 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 Y=10 trillion 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 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
This is what strategic diplomacy should look like. Japan has always been a reliable partner for India, especially in infrastructure and technology. Sumitomo's investment can help modernize our railways, ports, and energy sectors. I just hope bureaucrats don't create red tape that scares away such big players. Ease of doing business needs more ground-level implementation, not just policy tweaks.
Interesting to see how India-Japan economic ties are deepening. Sumitomo's $120 billion+ commitment is impressive, but I wonder about execution—especially given India's complex regulatory landscape. The CEPA review seems crucial to address bottlenecks. For India to truly become a global manufacturing hub, it needs to simplify land acquisition, labor laws, and tax structures. Otherwise, promises remain just plans on paper.
Finally some concrete investment interest! 🎉 But I hope Sumitomo focuses on sustainable and green technologies, not just traditional manufacturing. India needs investments in renewable energy, electric vehicles, and smart infrastructure. Also, let's ensure Japanese quality standards come with this—we can learn a lot from their manufacturing discipline and 'kaizen' approach. Would love to see more R&D collaboration too!
Good development but let's be realistic. Past announcements of big investments from Japan and other countries have often moved slowly. The ₹10 trillion figure sounds ambitious, but we need to see actual FDI flows increase consistently. The CEPA review is crucial—both sides need to address tariff issues, data localization concerns, and visa facilitation for Japanese experts. Action speaks louder than tweets.
S Siddharth J