India Positioned as a Secure Investment Hub, Says Piyush Goyal to Japanese Investors
India is positioning itself as a prime destination for Japanese investors, highlighting its extensive network of free trade agreements (FTAs) and a secure business environment. Commerce and Industry Minister Piyush Goyal emphasized that Japan could leverage preferential tariffs to establish a base in India, viewing it as a gateway to global markets. He assured potential investors that India offers protection for data and intellectual property, contrasting it with the risks associated with China.
Goyal stated, “India is not a plus one country. India stands on its own merits as a trusted partner.” He noted the country’s growing middle class and its status as the fastest-growing major economy. The minister also indicated that the government is open to relaxing regulations, provided they do not lead to unfair trading practices or excessive imports from a single country.
Japan’s recent trade tensions with China have intensified its interest in strengthening ties with India. Goyal argued that India could help address Japan’s challenges, particularly its labor shortages and market limitations. He pointed out that India offers a large domestic market and economies of scale, making it an attractive partner for Japan’s advanced technologies and business practices.
During his discussions with investors, Goyal addressed specific concerns raised by Japanese companies, including those in the semiconductor and auto components sectors. He also encouraged Japanese steelmakers to source steel from India rather than relying on imports. Furthermore, Goyal revealed that India is negotiating trade agreements with eight to nine partners, which together represent an additional $15 trillion in GDP. The country’s FTAs are expected to eventually encompass about 75% of global trade.
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