India, Japan partnership rooted in brotherhood, democracy,culture and economic cooperation, says Piyush Goyal

This was stated by the Minister at his keynote address at the India-Japan Economy and Investment Forum on Friday.

The Minister highlighted that the Seven Lucky Gods of Japan have origins in Indian tradition, underscoring the deep cultural ties between the two nations.

He noted that the relationship between India and Japan reflected Sushi and spices, a fusion of distinct yet complementary elements, contributing to an extraordinary partnership.

Japan has been a key ally in India's economic growth, with Foreign Direct Investment (FDI) from Japan exceeding $43 billion between 2000 and 2024, making it India's fifth-largest source of foreign investment, added the Minister.

The Minister highlighted that the Comprehensive Economic Partnership Agreement (CEPA) signed in 2011 has significantly strengthened bilateral trade, with over 1,400 Japanese companies operating in India and 11 industrial townships across eight states hosting Japanese enterprises.

He pointed out that major infrastructure projects such as the Mumbai-Ahmedabad High-Speed Rail and metro systems in Delhi, Ahmedabad, Bengaluru, and Chennai reflect Japan's active participation in India's development.

He expressed optimism about the commencement of the Shinkansen bullet train service between Mumbai and Ahmedabad in the near future.

The Minister stated that under the leadership of Prime Minister Shri Narendra Modi, the ‘Make in India’ initiative launched in 2014 has provided a significant boost to India's manufacturing sector.

He stated that India and Japan are collaborating to build globally competitive brands, citing the example of Maruti exporting vehicles to various countries, including Japan.

He reiterated the objective of increasing the share of manufacturing in India's GDP to 25%, with Japan playing a crucial role in achieving this target.

The Minister cited the Prime Minister, emphasizing that trade, technology, tourism, and investment will remain key pillars of India's international economic strategy, with the partnership with Japan playing a crucial role in strengthening economic ties.