Piyush Goyal heads for Japan with business delegation to boost trade, investments

Commerce and Industry Minister Piyush Goyal is embarking on a four-day business delegation to Japan, starting August 24, aimed at bolstering trade and investment ties between the two nations. This visit is particularly noteworthy as Japan has set an ambitious target of investing 10 trillion yen (approximately ₹60,000 crore) in India over the next decade.

Goyal will travel to Tokyo, Nagoya, and Osaka, accompanied by a diverse group of representatives from various sectors, including manufacturing, semiconductors, clean energy, steel, automotive, financial services, healthcare, and start-ups. In Tokyo, Goyal will engage in numerous meetings with senior executives from major Japanese conglomerates and industrial houses, participate in a round-table discussion with the Japan Business Federation, and hold bilateral talks with his Japanese counterpart, Economy, Trade, and Industry Minister Akazawa Ryosei.

Additionally, Goyal will visit the industrial hub of Nagoya, where he will lead a roadshow with local economic federations and chambers of commerce, and engage with key stakeholders in the automotive and steel sectors. The delegation's conclusion in Osaka will feature an investors and business roadshow, as well as meetings with leading Japanese companies across various sectors, with the goal of showcasing investment opportunities in India's manufacturing, clean energy, and consumer markets.

The visit is expected to revitalize bilateral trade and investment relations, opening new avenues for cooperation in high-technology manufacturing and emerging industries. Discussions will focus on leveraging India's growing potential in manufacturing, technology, electronics, automotive, start-ups, and other high-growth sectors, while encouraging Japanese firms to expand their presence and investments in India.

The Comprehensive Economic Partnership Agreement (CEPA), which entered into effect on August 1, 2011, is set to be reviewed during this visit, as India has expressed the need for a more balanced trade relationship to ensure long-term sustainability. Despite concerns from domestic steel producers about the surge in Japanese steel imports and Japanese firms raising issues of Indian quality control orders, India remains Japan's fifth-largest investor, attracting $48.14 billion in foreign direct investment (FDI) between April 2000 and March 2026.