Prime Minister Narendra Modi addressed the India-Japan Business Forum, highlighting the special economic partnership between the two countries and announcing new initiatives to deepen investment ties. He noted that India is the world's fastest-growing major economy with a GDP growth rate of 7.7% in the last financial year, and that Japan Bank for International Cooperation (JBIC) has ranked India as the most promising destination for Japanese businesses for four consecutive years.
The PM announced that the Prime Minister's Office (PMO) will organize a dedicated Japan Business Week where senior PMO officials will engage directly with Japanese businesses to listen to concerns and hold in-depth discussions on enhancing ease of doing business, with the objective of facilitating greater Japanese investment and partnership in India.
Modi and Japanese Prime Minister Takaichi concluded agreements across economic security, artificial intelligence, defence, and healthcare to make the partnership future-oriented. They set specific targets for Japanese investment in India to surpass 10 trillion yen over the next decade and to double the number of Japanese companies operating in India during the same period.
The address highlighted successful examples of the economic partnership, including Maruti Suzuki's new manufacturing plant in Haryana where nearly two-thirds of Suzuki's cars worldwide are manufactured in India and exported to over 100 countries. Indian-manufactured motorcycles by Kawasaki, Yamaha, and Honda are also being exported globally.
Modi outlined a vision for Japan's technology and India's market potential to create resilient supply chains in semiconductors, pharmaceuticals, and critical minerals; for Japan's capital and India's ambition to create global leadership in shipbuilding, mobility, and clean energy; for startup ecosystems to drive solutions in AI, quantum technologies, and biotechnology; and for unprecedented cooperation in aerospace and defence to contribute to global security.