Goyal Meets Japanese CEOs, Pushes For More Suzuki-Like Success Stories In India

Commerce and Industry Minister Piyush Goyal said the next phase of India-Japan ties should produce more companies on the scale of Suzuki, holding up the Japanese automaker's India business as a model for deeper investment, according to reports.

Goyal reportedly said Suzuki's India operations now carry a higher market capitalisation than its Japanese parent, citing this as evidence of how Japanese companies can build large, profitable businesses in India. With 1,580 Japanese companies currently operating in the country, Goyal said, "We would like to see 1,580 Suzukis being created out of India."

Goyal is currently leading a delegation of more than 220 stakeholders from Indian industry on a visit to Japan from August 24 to 27 to deepen collaboration between the two countries. The visit will also involve a review of the 2011 India-Japan trade agreement and discussions on ways to narrow the bilateral trade deficit. Bilateral trade between the two countries stood at $27.47 billion, with India's deficit largely driven by imports of specialised manufacturing and technology products.

Meetings With Japanese Corporate Leaders

During the visit, Goyal held talks with Sumitomo Corporation CEO Shingo Ueno on expanding cooperation in energy transition, mobility and industrial infrastructure. He also met Meiji Seika Pharma President Toshiaki Nagasato to discuss pharmaceuticals, manufacturing and research and development. Meiji Seika Pharma is separately looking to partner with the Serum Institute of India to supply vaccines for Japanese encephalitis.

In a separate meeting, Goyal reportedly met Mitsubishi Corporation Representative Director Juro Baba to discuss greater cooperation in mobility, energy and infrastructure.

India and Japan are also looking to deepen cooperation in semiconductors, critical minerals and pharmaceuticals. Japan has set a $62 billion investment target for India over the next decade, of which $1.2 billion has already been invested.

Goyal also held meetings with Japanese government officials, chaired a roundtable on capital goods and automobiles, and engaged with industry bodies Keidanren and the Japan Chamber of Commerce and Industry. The Indian delegation additionally met representatives from Japan's fintech industry and the Japan Aerospace Exploration Agency.

As part of the visit, Indian companies will tour facilities of Hitachi, Daikin, Panasonic, Omron and HORIBA to study Japanese manufacturing and innovation practices and explore potential partnerships.