By Rajesh Rai
Tokyo, Aug 24 (PTI) Assuring a warm welcome, Commerce and Industry Minister Piyush Goyal on Monday invited Japanese companies to invest in India, increase localisation, and set up innovation centres, saying “our doors are open 24X7”.
Addressing representatives of Japanese firms here, Goyal said the Indian economy is growing at a faster pace and the country is opening doors for international engagements through free trade pacts.
“I invite you all to participate, use the talent and skills of India and leverage the large Indian market,” he said.
He urged the Japanese firms to deepen localisation as it enhances cost competitiveness of the companies in the Indian market.
The minister also suggested establishment of more research and development, innovation centers, and global capability centers (GCCs), and creating engineering partnerships with Indian academia.
“Government is also willing to support you for innovation funding. Also when you innovate in India, you are not only able to reduce costs or when you set up a GCC in India, all those activities which you did during COVID from home, you can now offshore it to India,” he said.
“It’s time for new factories, new capacities to come up in India to serve India and make in India for the world. A warm welcome to all of you. Our doors are open 24X7,” Goyal added.
Japan is the fifth largest investor in India and New Delhi has received USD 48.14 billion in foreign direct investment (FDI) between April 2000 and March 2026 from there.
Japan accounted for 6 per cent of total FDI attracted by India during the period.
Goyal is leading a 200-member business delegation to Japan to discuss ways to boost trade and investment ties between the two countries. Japan last year set an investment target of 10 trillion yen (about Rs 60,000 cr) in India over a decade. PTI RR VHI
