Prime Minister Narendra Modi’s meetings with some of Japan’s top business leaders on Tuesday focused on increasing Japanese firms’ participation and investments in areas ranging from energy to electric vehicles and textiles.
Modi met Softbank Corporation founder Masayoshi Son, Suzuki Motor Corporation senior advisor Osamu Suzuki, Fast Retailing Co Ltd CEO Tadashi Yanai, and NEC Corporation chairman Nobuhiro Endo on the first day of his two-day visit to Tokyo.
Modi praised Softbank’s contribution to India
Modi praised Softbank’s contribution to India’s startup scene and discussed the company’s future plans in areas like technology, energy, and finance with Son.
They also discussed India’s reforms for ease of doing business, and specific proposals were shared with Softbank for increasing its investments in India, according to the foreign affairs ministry.
Discussion on investment opportunities in India
Modi discussed investment opportunities in India with Suzuki, including the establishment of manufacturing facilities for electric vehicles and batteries, as well as recycling centres, in order to achieve the goal of sustainable growth.
Suzuki’s contributions in India were remembered by Modi, who praised the company’s “transformational role” in the Indian automotive industry.
Suzuki Motor Gujarat Pvt Ltd and Maruti Suzuki India Ltd were among the applicants approved under the Production Linked Incentives (PLI) scheme in the automobile and auto component sectors, which they appreciated.
Uniqlo was invited to join the PM-Mitra scheme
Modi invited Yanai, the chairman of Fast Retailing (Uniqlo’s parent company), to increase the company’s participation in India’s efforts to become a textile manufacturing hub, particularly the use of technology in this sector.
Uniqlo was also invited to join the PM-Mitra scheme, which aims to strengthen the textiles sector.Modi and Yanai spoke about India’s rapidly growing textile and apparel market, as well as investment opportunities in textile projects under the PLI scheme.
They also discussed reforms in industrial development, infrastructure, taxation, and labour to make it easier for foreign investors to do business.
Modi praised NEC’s contribution to India’s telecommunications sector
Modi praised NEC’s contribution to India’s telecommunications sector during his meeting with Endo, particularly the optical fibre cable projects between Chennai and the Andaman and Nicobar Islands (CANI) and Kochi and the Lakshadweep Islands (KLI). The Prime Minister highlighted investment opportunities under the PLI scheme, and they also discussed new and emerging technology opportunities in India.