Tokyo: Commerce and Industry Minister Piyush Goyal has made an ambitious pitch for a deeper India-Japan economic partnership. He called on the Japanese businesses to expand their presence in India and urged that the number of Japanese companies operating in the country double during the current decade.
Leading India’s largest-ever business delegation to Japan, Minister Goyal is seeking to turn the two countries’ longstanding strategic relationship into a stronger engine for investment, manufacturing, technology and trade.
Began my engagements in Tokyo with an excellent meeting with Mr. Shingo Ueno, President & CEO at Sumitomo Corporation.
We discussed opportunities to deepen the company’s engagement with India across energy transformation, mobility and industrial infrastructure.
India’s… pic.twitter.com/b9yRDt3f1U
— Piyush Goyal (@PiyushGoyal) August 24, 2026
Minister calls for doubling Japanese business presence in India
More than 1,400 Japanese companies currently operate in India, but Minister Goyal believes that the existing footprint represents only a fraction of the potential between the two major Asian economies.
Speaking at a roundtable organised by the Japan-India Business Consultative Committee (JIBCC) of the Japan Chamber of Commerce and Industry (JCCI), along with the Embassy of India in Tokyo, the Minister said that the current decade should witness a substantial expansion in Japanese corporate presence in India.
“I believe that this decade should see that number double from the current levels,” Goyal said, referring to the more than 1,400 Japanese companies already operating in India.
The minister’s message comes as he leads a more than 200-member Indian business delegation to Japan from August 24 to 27. The delegation represents manufacturing, semiconductors, clean energy, steel, automobiles, financial services, healthcare and technology start-ups.
India pitches Japan as next growth partner
Minister Goyal has positioned India’s rapidly expanding economy and manufacturing ecosystem as an opportunity for Japanese companies looking for long-term growth. He said that India and Japan could play a larger role in each other’s economic development, particularly as New Delhi seeks to strengthen its manufacturing and technological capabilities.
Inviting Japanese businesses to participate more closely in India’s growth journey, Minister Goyal outlined the scale of India’s long-term economic ambition. He said that India is looking to grow from a $4 trillion economy to a $30 trillion economy by 2047, when the country marks 100 years of independence.
The minister also invoked the Japanese principle of “Kaizen” — continuous improvement — as a model that could help strengthen economic cooperation between the two countries. The emphasis is therefore not limited to Japanese companies selling products in India. New Delhi reiterates a joint venture in manufacturing, innovation, technology development and building global supply chains from India.
Semiconductors, AI and advanced manufacturing in focus
Minister Goyal’s four-day visit spans Tokyo, Nagoya and Osaka, with government-to-government and business-to-business engagements planned across multiple sectors. In Tokyo, the minister is meeting senior executives of major Japanese conglomerates and industrial companies. He is also scheduled to participate in a roundtable with Keidanren, the Japan Business Federation, which represents more than 1,500 Japanese enterprises.
Dedicated discussions on semiconductors, artificial intelligence, start-ups and foreign institutional investment are part of the Tokyo programme. The Minister will also hold bilateral talks with Japan’s Minister of Economy, Trade and Industry Akazawa Ryosei, besides meeting senior Japanese government and parliamentary leaders.
The focus reflects India’s broader push to emerge as a global manufacturing and technology hub. Japanese expertise in precision manufacturing, automotive technology, robotics, electronics and industrial innovation fits closely with India’s priorities under initiatives such as Make in India and the Production-Linked Incentive programme.
Nagoya and Osaka to showcase investment opportunities
The delegation will next travel to Nagoya, a major centre of Japan’s automotive and industrial ecosystem. Minister Goyal will lead a business roadshow with the Central Japan Economic Federation or Chukeiren, and the Nagoya Chamber of Commerce and Industry. He is also scheduled to meet leaders of Aichi Prefecture and major investors from the automotive and steel industries.
The final leg in Osaka will feature an Investors and Business Roadshow and meetings with Japanese companies from the electronics, industrial equipment and consumer sectors. These engagements are aimed at showcasing opportunities across India’s manufacturing, clean energy and consumer markets, while connecting Japanese investors with emerging areas of India’s economic expansion.
Pharma, energy and infrastructure cooperation expands
Minister Goyal has held meetings in Tokyo with senior executives from Japanese companies including Meiji Seika Pharma and Sumitomo Corporation. Discussions with Meiji Seika focused on opportunities to expand its manufacturing and research and development footprint in India. Talks with Sumitomo centred on energy transformation, mobility and industrial infrastructure.
Met with Mr. Toshiaki Nagasato, President & Representative Director of Meiji Seika Pharma Co., Ltd.
Discussed opportunities to strengthen India-Japan cooperation in the pharmaceutical sector and avenues to expand the company's manufacturing & R&D footprint in India.
India's… pic.twitter.com/ea3UIURwbe
— Piyush Goyal (@PiyushGoyal) August 24, 2026
Minister Piyush Goyal also began his engagements in Tokyo with a meeting with Shingo Ueno, President & CEO at Sumitomo Corporation. Discussions were held around opportunities to deepen the company’s engagement with India across energy transformation, mobility and industrial infrastructure. “India’s investment-led growth and expanding manufacturing ecosystem offer immense opportunities for greater collaboration, further strengthening the India-Japan economic partnership”, said Minister Piyush Goyal on his X social media platform.
Minister Goyal also met with Toshiaki Nagasato, President & Representative Director of Meiji Seika Pharma Co., Ltd. “Discussed opportunities to strengthen India-Japan cooperation in the pharmaceutical sector and avenues to expand the company’s manufacturing & R&D footprint in India. India’s pharmaceutical ecosystem offers significant opportunities for our Japanese partners to scale & achieve long-term growth”, wrote Commerce Minister.
Met Mr. Juro Baba, Representative Director, Mitsubishi Corporation.
We discussed opportunities to build on Mitsubishi Corporation's long-standing presence in India, spanning over nine decades, and to expand collaboration across mobility, energy, and infrastructure.
India… pic.twitter.com/QfLcg7v49n
— Piyush Goyal (@PiyushGoyal) August 24, 2026
The Commerce & Industry Minister also met Juro Baba, Representative Director, Mitsubishi Corporation. “We discussed opportunities to build on Mitsubishi Corporation’s long-standing presence in India, spanning over nine decades and to expand collaboration across mobility, energy and infrastructure. India remains committed to enabling partnerships that support industrial growth and resilient supply chains”, Minister Goyal reiterated.
India’s pitch to Japanese businesses comes as global companies seek to diversify supply chains and reduce excessive dependence on concentrated manufacturing bases amid geopolitical uncertainities. For New Delhi, this creates an opportunity to position India as an alternative production, export hub and consolidate its footprint in the global value chain. In these direction, Japanese investment could bring not only capital but also advanced manufacturing capabilities, technology, management expertise and integration into global value chains.
