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Indian PM talks investment with Japan’s industry leaders

Other News Materials 24 May 2022 16:19 (UTC +04:00)
Indian PM talks investment with Japan’s industry leaders

Pitching for greater participation and investments in a diverse range of sectors in India, Prime Minister Narendra Modi met with top industry leaders of Japan on Monday and highlighted the various partnerships already in place between the two countries to promote business ties.

On the first day of his two-day visit to Tokyo, Modi met Softbank Corporation founder Masayoshi Son, Suzuki Motor Corporation’s senior advisor Osamu Suzuki, Fast Retailing Co Ltd CEO Tadashi Yanai and NEC Corporation chairman Nobuhiro Endo.

He also chaired a business roundtable attended by executives and chief executives of 34 Japanese companies. A majority of these firms have investments and operations in India. Representatives of Honda Motor Company, Toyota Motor Corporation, Mizuho Bank, Sumitomo Mitsui Banking Corporation and Nomura Securities attended the roundtable.

During his meeting with Son, Modi appreciated Softbank’s role in India’s startup sector and discussed the firm’s future participation in key areas such as technology, energy and finance. They also discussed reforms undertaken by India for ease of doing business, and specific proposals were shared with Softbank regarding enhancing its investments in India, the external affairs ministry said.

During his meeting with Suzuki, Modi discussed investment opportunities in India, including setting up factories to manufacture electric vehicles and batteries, and recycling centres to realise the goal of sustainable growth. They also looked at strategies for building the innovation system in India, including skill development through Japan-India Institutes of Manufacturing and Japanese Endowed Courses.

Modi recalled Suzuki’s contributions in India and appreciated the “transformational role” of Suzuki Motors in the country’s automotive industry. They appreciated that Suzuki Motor Gujarat Pvt Ltd and Maruti Suzuki India Ltd were among applicants approved under the production-linked incentives (PLI) scheme in the automobile and auto component sector, according to the external affairs ministry.

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