PM talks investment with industry leaders
HT Correspondent
NEW DELHI: Pitching for enhanced participation and investments in a diverse range of sectors in India, Prime Minister Narendra Modi met top industry leaders of Japan on Monday and highlighted the partnerships in place between the two countries for promoting business ties.
On the first day of his two-day visit to Tokyo, PM 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 that was attended by executives and CEOS 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 joined 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. “India is growing quickly. There are new startups & unicorns every day. I think India’s future is bright. PM Modi is committed to the success of India, supporting startups, unicorns & making India the centre of tech in the world,” Son was quoted as saying by ANI.
During his meeting with Suzuki, PM Modi discussed investment opportunities in India, including setting up production facilities for electric vehicles and batteries and recycling centres to realise the goal of sustainable growth.
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, said the external affairs ministry.
“The reforms of Prime Minister Modi are indescribable in the sense that he is bringing reforms which are changing all of India into a very model landscape and especially self-reliance theme of Prime Minister Modi is being supported very strongly by Japanese companies,” said Suzuki said after meeting.
Modi appreciated NEC’S role in India’s telecommunications sector, especially in undertaking the Chennai-andaman and Nicobar Islands (CANI) and Kochilakshadweep Islands (KLI) optical fibre cable projects, during his meeting with Endo.
The Japanese companies that joined the roundtable represented key sectors such as automobiles, electronics, semiconductors, steel and banking.
According to the ministry, PM Modi stressed that India and Japan are “natural partners” and noted that during Prime Minister Fumio Kishida’s visit to India in March, both sides had set a target of investments worth five trillion yen over the next five years. He proposed celebrating Japan’s contribution to India’s development in the form of a “Japan Week”.