Amid Global Crisis, FDI To India Proof Of Its Potential: PM Modi

| Updated: 23 May, 2022 10:16 pm IST
Top honchos of 34 Japanese companies met PM Modi for a roundtable

NEW DELHI: Inviting Japanese business leaders to invest in the country, Prime Minister Modi on Monday said that despite the slowdown in the global economy, India has received a record Foreign Direct Investment (FDI) of USD 84 billion in the previous financial year as he termed it as “a vote of confidence of India’s economic potential”.

Chairing a roundtable, which was joined by executives and CEOs of 34 Japanese companies that have mostly business interests in India, PM Modi urged for better penetration and investment in India.

PM Modi also proposed celebrating Japan’s contribution to India’s development journey in the form of a ‘Japan Week’.

Seiji Kuraishi, Chairman and Director of Honda Motor Co, Makoto Uchida, Representative Executive Officer, President & CEO of Nissan Motor Corporation, Akio Toyoda, President and member of the board of directors of Toyota Motor Corporation, Toshihiro Suzuki, President & Representative Director of Suzuki Motor Corporation are among the business leaders who attended the roundtable chaired by PM Modi in the evening.

While speaking at the roundtable in Tokyo, PM Modi said that during the visit of Japanese Prime Minister Fumio Kishida to India in March 2022, India and Japan had set a target of investment of Japanese Yen 5 trillion over the next 5 years.

PM Modi underscored recent developments in economic ties, such as India-Japan Industrial Competitiveness Partnership and Clean Energy Partnership, among others.

In the roundtable, PM Modi raised initiatives by his government including National Infrastructure Pipeline, Production Linked Incentive scheme and semiconductor policy and emphasized the transforming startup ecosystem in India.

Calling India and Japan natural partners, Prime Minister Modi lauded the business community as brand ambassadors of the growing India-Japan bonhomie.

The companies represented diverse sectors including automobiles, electronics, semiconductors, steel, technology, trading and banking & finance.

The roundtable saw the participation of big business forums from India and Japan like Keidanren, Japan External Trade Organization (JETRO), Japan International Cooperation Agency (JICA), Japan Bank for International Cooperation (JBIC), Japan-India Business Consultative Committee (JIBCC) and Invest India.

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