New Delhi, May 4 (IANS) Commerce and Industry Minister Piyush Goyal on Monday held talks with a Japanese delegation to strengthen bilateral trade and investment relations.

“Met the delegation led by Mr Takayuki Kobayashi, Member of the House of Representatives and Chairperson of the ruling Liberal Democratic Party’s (LDP) Policy Research Council, Japan,” Goyal said in a post on X.

“Discussed strengthening India–Japan economic engagement, enhancing MSME partnerships, and deepening collaboration in key sectors like automobiles, infrastructure, pharmaceuticals, and advanced manufacturing,” he added.

Goyal also highlighted the need to boost exports from India and improve market access. He reaffirmed India’s commitment to further strengthening the business ecosystem, while exploring future pathways under CEPA and broader Indo-Pacific economic cooperation frameworks.

As global supply chains realign and businesses look at setting up facilities outside China, India has emerged as a long-term strategic investment destination, with competitive export potential for Japan’s mid-sized companies to partner with Indian MSMEs (micro, small, and medium enterprises) to drive growth.

The India–Japan Joint Vision for the Next Decade, adopted during Prime Minister Narendra Modi’s visit to Tokyo in August 2025, encourages cooperation among SMEs (small and medium enterprises) by fostering visits by Japanese SMEs to India and by expanding downstream industries.

Japan aims to help its companies view India as a production base, considering its export-focused policies and its extensive trade agreement network.

Several new sectors have been identified where cooperation between the two countries could accelerate in the coming decade. Semiconductors and electronics are among the most promising areas. Japan’s strengths in upstream semiconductor technologies align with India’s rapidly expanding electronics market and strong government policy support.

India’s large domestic market acts as a buffer against global market volatility and provides a solid base for sustained business growth. Furthermore, its strategic geopolitical positioning further enhances its appeal for targeting markets in the Middle East and in Africa. Japanese firms that establish manufacturing units in India can capitalise on these global connections to expand their international footprint. Besides, India’s current and upcoming free trade agreements and bilateral partnerships with major global economies have opened new markets amid global uncertainties.

–IANS

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