Union Commerce and Industry Minister Piyush Goyal has concluded his Japan visit after high-level meetings aimed at increasing Japanese investment in India and strengthening industrial and technology partnerships. His engagements covered Tokyo, Nagoya and Osaka and involved senior Japanese officials, financial institutions and leaders of more than 30 major Japanese companies.
A key priority was attracting long-term Japanese institutional capital. Goyal met representatives of MUFG, Mizuho, Nomura, Nippon Life, Development Bank of Japan and Morgan Stanley MUFG Securities to discuss opportunities across India’s infrastructure, manufacturing, technology and financial sectors.
Goyal also chaired sector-focused discussions on capital goods, machinery and automotive, semiconductors and AI, startups and foreign institutional investors. The meetings brought together Japanese and Indian businesses and focused on investment and technology opportunities involving Tier-II and Tier-III suppliers and MSMEs.
Semiconductor and AI Push
At the semiconductor and AI roundtable, Goyal outlined India’s six-pillar semiconductor strategy covering chip design, semiconductor machinery and materials, fabrication, ATMP/OSAT, research and development, and talent development. The government projects semiconductor demand in India to reach USD 150 billion by 2032.
Japanese companies expressed interest in expanding their presence in India in semiconductor materials and equipment, power semiconductors, electronics, AI, logistics and other advanced technologies. Discussions also covered reliable power, ultra-pure water, skilled manpower and social infrastructure for emerging semiconductor clusters such as Dholera and Sanand.
Goyal met Japan’s Economy, Trade and Industry Minister Akazawa Ryosei, along with senior representatives of JETRO, JBIC and JICA. At Keidanren, which represents more than 1,500 Japanese companies, he called for greater Japanese participation in India’s manufacturing, technology, clean energy and other strategic sectors.
The visit also included an India-Japan Next Generation Economic Partnership roadshow in Nagoya, where more than 80 companies from the Chubu region discussed opportunities in automobiles, aerospace, machine tools, semiconductors, electronics, auto components and SMEs.
Goyal pushed for progress towards the target of JPY 10 trillion in Japanese private investment in India over the next decade, agreed during Prime Minister Narendra Modi’s Japan visit in 2025. He highlighted India’s 7.7% economic growth despite global headwinds and its ambition to become a USD 30 trillion economy by 2047. The Minister also participated in a Nikkei Asia-moderated fireside chat with Japanese and Indian business and media representatives.
