Prime Minister Narendra Modi met the 17 members of the Japan-India Business Cooperation Committee (JIBCC) delegation on Wednesday, and appreciated the country for its steadfast commitment to the ‘Make in India, Make for the World’ initiative.
The delegation is led by the committee’s Chairman Tatsuo Yasunaga.
“The delegation included senior leaders from leading Japanese corporate houses across key sectors such as manufacturing, banking, airlines, pharma sector, plant engineering and logistics,” read the statement issued by the Indian government.
Yasunaga briefed the Prime Minister on the upcoming 48th Joint meeting of Japan-India Business Cooperation Committee with its Indian counterpart, the India-Japan Business Cooperation Committee which is scheduled to be held on Mar 6 in New Delhi.
“The discussions covered key areas, including high-quality, low-cost manufacturing in India, expanding manufacturing for global markets with a special focus on Africa, and enhancing human resource development and exchanges,” the statement said.
The Prime Minister expressed his appreciation for Japanese businesses’ expansion plans in India.
Modi also highlighted the importance of enhanced cooperation in skill development, which remains a key pillar of India-Japan bilateral ties.
Narendra Modi reacts on X
In his X post following the meeting with the delegation, Modi said: “Pleased to meet the Japanese business delegation led by Mr. Tatsuo Yasunaga today. Encouraged by their expansion plans in India and steadfast commitment to ‘Make in India, Make for the World’. Looking forward to deepening economic collaboration with Japan, our Special Strategic and Global Partner.”
India-Japan bilateral relationship
Japan’s bilateral trade with India totaled US$ 22.85 billion during FY 2023-24.
“Exports from Japan to India during this period were US$ 17.69 billion and imports were US$ 5.15 billion,” the Indian Embassy in Japan said.
Today, India ranks 18th in Japan’s total trade with 1.4% share while Japan ranks 17th in India’s total trade with 2.1% share.
India ranks 11th in Japan’s total exports with 2.2% share and Japan ranks 25th in India’s total exports with 1.2% share.
India ranks 28th in Japan’s total imports with 0.7% share and Japan ranks 12th in India’s total imports with 2.6% share.
“This underlines that there remains a big potential,” the Embassy said.
(With inputs from IBNS)
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