Piyush Goyal urges Japanese firms to expand operations in India

Indian Commerce and Industry Minister Piyush Goyal has urged Japanese companies to expand their operations in India, citing the success of Suzuki as a model for future growth. During a meeting with the Japan Chamber of Commerce and Industry (JCCI) and the Japan-India Business Consultative Committee (JIBC), Goyal expressed a desire to see 1,580 companies achieve the level of success seen by Suzuki in the country.

Goyal highlighted India’s young workforce, with an average age under 30, and its goal to grow from a $4 trillion to a $30 trillion economy by 2047 as primary drivers for Japanese investment. He noted that the number of Japanese companies operating in India should ideally double within this decade.

In a significant development for the healthcare sector, Japanese pharmaceutical company Mizui Sika Pharma plans to manufacture a Japanese fever vaccine in India. The company will provide technology to the Serum Institute of India, with production expected to begin by the end of next year. This initiative aims to increase vaccine availability for regions in India where the viral disease is prevalent.

Broadly, Japan aims to invest 10 trillion yen in India over the next decade, focusing on sectors including semiconductors, AI, critical minerals, and automobiles.