Piyush Goyal interview: Ready to act on feedback, expect Japanese investments to pick up pace

In a recent interview with The Indian Express, Commerce and Industry Minister Piyush Goyal discussed India's plans to deepen its economic partnership with Japan. The minister, who recently visited Tokyo, Nagoya, and Osaka, expressed optimism that the pace of investment from Japan will accelerate following his trip. Goyal emphasized India's goal of becoming Japan's global sourcing partner and urged businesses to adopt a more outward-looking approach.

Regarding the review of trade deals signed with Japan, Goyal stated that while terms of reference have not been discussed yet, the focus will be on entering the Japanese market for goods to encourage a natural shift towards India as a global source partner. He highlighted the importance of attracting foreign direct investment (FDI) to India, stating that as long as jobs are created in India and import substitution ends, various markets are acceptable for exports.

Goyal also mentioned that despite some challenges faced by Japanese firms, such as difficulties at the local body level and in certain states, the government is open to feedback and is actively working to resolve issues. He provided examples, such as a semiconductor company facing challenges with BIS certification and a request for a Special Economic Zone (SEZ) approval in Dholera, which the government is addressing promptly.

Goyal expressed excitement about attracting high-tech industries and welcomed any issues companies face to facilitate their entry into India.

In the context of Japan's $70 billion investment promise, Goyal revealed that $10 billion has already been achieved in just 10 months, with further increases expected following his visit. He discussed Japan's interest in collaborating on joint investments in Africa for critical mineral supply and emphasized that India should be an attractive destination for investments on its own merits.