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

In an interview with The Indian Express, Commerce and Industry Minister Piyush Goyal discussed India's aspirations for deeper economic partnership with Japan following his recent visit to Tokyo, Nagoya, and Osaka. Goyal expressed optimism that investment rates would increase further after meeting Japanese companies in various sectors such as shipping, chemicals, and hi-tech. He emphasized India's potential to become Japan's global sourcing partner and urged businesses to adopt an outward-looking approach.

Regarding the review of trade deals signed with Japan, Goyal noted that significant progress had been made, with the terms of reference now open for discussion. He highlighted that businesses need to be more focused on India's strengths, including its manufacturing capabilities, and that the government was open to addressing concerns raised by Japanese firms at local body and state levels.

Goyal also touched upon the progress of Japan's $70 billion investment promise, which, in just 10 months, had already reached $10 billion. He mentioned a textile retailer that expressed interest in expanding its operations in India, stating that the country could serve as a global sourcing hub for Japanese companies. Goyal further discussed the potential benefits of strengthening ties with Japan-China relations, noting that India needed to be an attractive destination on its own merits, rather than merely serving as a fallback option for Chinese companies.

The minister addressed challenges faced by Japanese firms, specifically mentioning issues related to BIS certification for semiconductor manufacturers like Tokyo Electron. Goyal assured that the government would work towards resolving such concerns and creating a more favorable environment for foreign investment. He also highlighted the importance of addressing these issues promptly to facilitate smoother operations for Japanese businesses in India.