New Delhi

Japan has been a key ally in India's economic growth, with foreign direct investment (FDI) from Japan exceeding $43 billion between 2000 and 2024, making it India's fifth-largest source of foreign investment, Union Commerce and Industry Minister Piyush Goyal said on Friday.

The India-Japan partnership is rooted in brotherhood, democracy, culture, and economic cooperation, reflecting a unique fusion of sushi and spices, distinct yet complementary, Goyal added.

Addressing the India-Japan Economy and Investment Forum, the minister highlighted that the ‘Seven Lucky Gods’ of Japan have origins in Indian tradition, underscoring the deep cultural ties between the two nations.

The minister further stated that the Comprehensive Economic Partnership Agreement (CEPA), signed in 2011, has significantly strengthened bilateral trade, with over 1,400 Japanese companies operating in India and 11 industrial townships across eight states hosting Japanese enterprises.

He pointed out that major infrastructure projects such as the Mumbai-Ahmedabad High-Speed Rail and metro systems in Delhi, Ahmedabad, Bengaluru, and Chennai reflect Japan's active participation in India's development.

Goyal expressed optimism about the commencement of the Shinkansen bullet train service between Mumbai and Ahmedabad in the near future.

Today, India and Japan are collaborating to build globally competitive brands, said the minister, citing the example of Maruti exporting vehicles to various countries, including Japan.

He reiterated the objective of increasing the share of manufacturing in India's GDP to 25 per cent, with Japan playing a crucial role in achieving this target.

"Infrastructure development, public-private partnerships in innovation, and a strengthened R&D ecosystem, supported by recent budget announcements, reflect the government's strategic focus on economic growth," the Commerce Minister emphasised.

On quality standards, the minister stated that Japan serves as a benchmark for excellence and that India seeks to adopt similar high standards in manufacturing.

Efforts are being made to balance trade between India and Japan, with a focus on increasing Indian exports to ensure reciprocal benefits.