Piyush Goyal invites Japanese firms to deepen investments in India

Union Minister Piyush Goyal invites Japanese businesses to deepen investments, partnerships in India

New Delhi, August 19

According to an official release from the Ministry of Commerce and Industry, Goyal was addressing a dinner hosted by the Government of Uttar Pradesh for a Japanese delegation, in the presence of Uttar Pradesh Chief Minister Yogi Adityanath in New Delhi on Tuesday.

Addressing the gathering, Goyal said that India and Japan share a close and enduring partnership rooted in common aspirations for peace, progress and prosperity in the Indo-Pacific. He noted that the presence of the delegation from Yamanashi Prefecture reflects the growing reach of the bilateral partnership into India's States and regions.

The Union Minister said that the seven streams of national transformation outlined by Prime Minister Narendra Modi--manufacturing, agriculture, technology, infrastructure, energy and defence, green and blue economy, and India's civilisational soft power--represent areas where the strengths of India and Japan complement each other.

He said the partnership goes beyond economic growth and reflects a shared commitment to becoming trusted partners in global progress.

Highlighting Uttar Pradesh's growing economic potential, Goyal said the State, under the leadership of Chief Minister Yogi Adityanath, is working towards its ambition of becoming a USD 1 trillion economy.

According to a release, he said Uttar Pradesh's large and aspirational population, improving connectivity, industrial momentum and skilled workforce provide a strong platform for Japanese technology and expertise to complement India's young workforce and expanding market.

Referring to the 16th India-Japan Annual Summit held in Delhi in July 2026, Goyal highlighted the strategic ambition underpinning the relationship, including Japan's target of investing 10 trillion yen in India over the next decade.

He said investments in areas such as artificial intelligence, semiconductors, critical minerals, batteries, energy and next-generation mobility would play an important role in shaping the future of both economies.

Goyal said the growing India-Japan partnership is already visible on the ground, citing the Mumbai-Ahmedabad High-Speed Rail project, Japanese-assisted metro systems in Delhi, Ahmedabad, Bengaluru and Chennai, and 11 Japanese industrial townships across eight States, a release further said.

He noted that more than 1,400 Japanese companies are today operating in India, with household names such as Suzuki, Toyota and Honda in mobility, Sony in electronics, and Hitachi and Mitsubishi in engineering. He said bilateral trade stood at around USD 27.5 billion in FY 2025-26, while Japan is now India's fifth-largest source of FDI, reflecting the strong foundation for further expansion of economic ties.

Drawing on the Japanese philosophy of 'Kaizen', Goyal said India's reform journey reflects a similar spirit of continuous improvement. He highlighted reforms in ease of doing business, infrastructure, digital public infrastructure, multimodal logistics and expanding Japanese language capabilities as part of India's efforts to create a more enabling environment for investment and growth.

Goyal said Uttar Pradesh, India's third-largest State economy, has more than 9 million MSMEs and is the fifth-largest State exporter. He noted that enterprises such as Escorts Kubota and Seiko Advance are already contributing to the State's manufacturing ecosystem, a release said.

He further highlighted the Jewar International Airport, Yamuna Expressway and the JICA-supported Western Dedicated Freight Corridor, along with 27 industrial clusters and ecosystems in sectors including defence, semiconductors and electronics, as key strengths that position Uttar Pradesh as a promising destination for deeper Japanese partnerships.

The Union Minister said he would be visiting Japan from 24 to 27 August 2026 to take forward these conversations at the highest levels of government and industry and further strengthen the Special Strategic and Global Partnership between India and Japan.

Emphasising the civilisational ties between the two countries, Goyal recalled the historical connection between India and Japan through the teachings of Buddha. He invited Japanese businesses to make India, and Uttar Pradesh in particular, a centre of their growth and a hub for Japanese innovation serving the Indo-Pacific and the world, a release added.

— ANI