Japan is the world’s third largest economy and yet it is only the 12 ^th largest trade partner of India. The current bilateral trade value of USD 15 billion belies the true potential as there is huge scope to enhance partnership in manufacturing and agriculture, besides tourism, IT and other services. MVIRDC World Trade Center Mumbai and All India Association of Industries (AIAI) jointly organized an interactive meeting on ‘Facilitating Business between India and Japan’

Speaking on this occasion, Dr. Yasukata Fukahori, Consul General, Consulate General of Japan in Mumbai said, “My mission is to promote India-Japan partnership as I believe in a bright future for both the countries. Japan, which is the third largest economy of the world, and India, which is the sixth largest economy, can work together for mutual benefit. India and Japan share similar values of democracy, rule of law and human rights. Our religions of Hinduism and Buddhism also have huge similarities. Many Japanese companies, who have invested in China and ASEAN countries, are looking to re-locate their investments into India, as part of their supply chain diversification strategy. Major Japanese banks such as Mizuho and Mitsubishi have targeted India as the number one destination for business expansion. Already, India is the largest recipient of Japan’s Official Development Assistance.

Speaking about the future strategy to enhance bilateral relations, Dr. Fukahori remarked, “India’s central and state governments need to provide incentives for Japanese companies, on par with those provided by other Asian countries to attract investment. I strongly feel that both the countries have untapped potential to collaborate in tourism, textile, automobiles and other manufacturing sectors.”

The size of the Indian consumer market is double that of ASEAN market and so I feel Japanese investors will profit more by relocating their investment from ASEAN to India, Dr. Fukahori highlighted.

Earlier in his welcome remarks, Dr. Vijay Kalantri, Chairman, MVIRDC World Trade Center Mumbai said, “Japan can play a prominent role in India’s vision of USD 5 trillion economy. We need your support in technology, finance and industrial development. There is still untapped potential to expand our partnership in information technology, textile, auto and engineering sectors. We have huge manpower, while Japan has technology and finance.”

During the event, the Consul General addressed queries raised by the audience on expanding bilateral relations in education, retail, infrastructure, food processing and other sectors.

Mr. Ajoykant Ruia, Vice Chairman, MVIRDC World Trade Center Mumbai proposed vote of thanks for the event. The meeting was attended by Ms. Reiko Mori, Consul-Economics, Consulate General of Japan in Mumbai, members of trade & industry, infrastructure companies and academia.