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Modi meets top executives from banks in Tokyo, proposes ‘Japan Week’

Prime Minister Narendra Modi chaired a roundtable discussion with Japanese business leaders in Tokyo on May 23. Top executives and CEOs from 34 Japanese corporations attended the event. Majority of these firms have investments and operations in India. Banking and finance, technology, automobiles, electronics, semiconductors, steel, and trading were among the industries represented. The event was also attended by key business bodies and organisations from India and Japan, including the Japan Bank for International Cooperation (JBIC), Japan External Trade Organization (JETRO), Japan International Cooperation Agency (JICA), Japan-India Business Consultative Committee (JIBCC), Keidanren, and Invest India.

PM Modi stated that during Prime Minister Kishida’s visit to India in March, both countries set an ambitious target of investing 5 trillion yen over the next five years. Modi emphasised recent economic developments such as the India-Japan Industrial Competitiveness Partnership (IJICP) and the Clean Energy Partnership, among others. He discussed initiatives such as the National Infrastructure Pipeline (NIP), the Production Linked Incentive (PLI) scheme, and semiconductor policy, as well as India’s robust startup ecosystem.

Despite a slowdown in global FDI, India attracted a record $84 billion in FDI in the previous financial year.  This, he said, was a vote of confidence in India’s economic potential. He welcomed Japanese companies to invest more in India and proposed a ‘Japan Week’ to recognise Japan’s contributions to India’s development.

Modi also met Masayoshi Son, Board Director and Founder, Softbank Corporation. The PM appreciated Softbank’s role in India’s startup sector. They discussed Softbank’s future participation in India in key areas such as technology, energy and finance.

They discussed various reforms being undertaken to enable ease of doing business in India. Specific proposals were shared with Softbank where it could enhance its investments in India.

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