India and Japan Strengthen Ties in Semiconductors and AI
In a significant step towards enhancing economic collaboration, Union Minister of Commerce and Industry, Shri Piyush Goyal, hosted a roundtable discussion in Tokyo today with key industry leaders from Japan and India focused on semiconductors and artificial intelligence (AI). This meeting comes as both nations aim to solidify their economic and technological partnership.
During the roundtable, Goyal emphasized that semiconductors and AI are becoming increasingly vital for economic security and regional cooperation, echoing the sentiments of Prime Minister Narendra Modi and Japan’s Minister Sanae Takaichi at the recent Annual Summit. He reiterated the Indian government’s full support for initiatives that foster deeper collaboration between Japan and India in these critical sectors.
Highlighting the potential for growth, Goyal noted that India’s semiconductor market is on track to reach a staggering USD 150 billion by 2032. He presented a detailed strategy from the government which includes aspects of chip design, semiconductor manufacturing, and talent development. Notably, he mentioned a substantial investment of USD 10 billion allocated for Semicon India 1.0 and an additional USD 15 billion set aside for Semicon India 2.0, aimed at establishing a robust semiconductor ecosystem within the country.
Goyal also pointed out the immense possibilities that arise from combining India’s talented workforce with Japan’s cutting-edge technology and engineering prowess. This synergy, he argued, could pave the way for innovative partnerships and new investment opportunities.
The meeting saw participation from representatives of approximately 21 leading Japanese firms, such as Tokyo Electron, Daifuku, and Fujifilm Holdings, among others. These companies expressed optimism about the expanding landscape of India’s semiconductor and AI industries, reaffirming their commitment to the ‘Make in India’ initiative as well as increasing their efforts to design and develop products in India.
Responding to feedback from Japanese industry leaders, Goyal assured that the Indian government is agile in addressing concerns raised. He stated that India recognizes the vast potential that lies in the India-Japan partnership within these sectors and is committed to engaging industry stakeholders proactively to foster productive responses and accelerated outcomes.
Prior to the roundtable, Goyal convened with Japan’s Minister of Economy, Trade and Industry, H.E. Mr. Akazawa Ryosei, to review bilateral economic cooperation, focusing on trade, investments, and the necessity of updating the Comprehensive Economic Partnership Agreement (CEPA) to make it more adaptable to new economic realities. They also discussed collaboration in emerging industries that could bolster both nation’s economies.
The initiatives discussed are in alignment with the goal of achieving JPY 10 trillion in private investments from Japan into India, further solidifying the strategic and global partnership between the two nations.
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