Prime Minister Narendra Modi has invited Japanese business leaders to invest in India to enhance participation in India’s journey to becoming a hub for textiles, technologies and manufacturing sectors.
On Day 1 of his two-day Japan visit, Mr Modi today met the Chief Executive Officers of prominent Japanese firms who have earned global recognition. The Prime Minister met the CEO of Japanese clothing brand Fast Retailing, the parent company of Uniqlo, Mr Tadashi Yanai to discuss investment opportunities for the retailer in textile manufacturing in India.
Both of them discussed Uniqlo’s growing presence in India and investment opportunities for textile manufacturing in India under Production Linked Incentive (PLI) Scheme.
While Mr Yanai appreciated the entrepreneurial zeal of the people of India, Prime Minister Modi asked him to take part in the PM-MITRA scheme aimed at further strengthening the textiles sector. Both Mr Modi and Mr Yanai spoke about how to invest in the production and retail industry in India. Mr Yanai said, India’s IT talent is excellent.
Both Prime Minister and Yanai discussed various reforms being undertaken to enable ease of doing business for foreign investors in India including in the areas of industrial development, infrastructure, taxation and labour.
The PM Mega Integrated Textile Regions and Apparel (PM- MITRA) Parks Scheme is aimed at developing textile parks through a special purpose vehicle owned by the central and state government and in a public-private partnership (PPP) model.
Each park will have an Incubation Centre, a common processing house and a common effluent treatment plant and other textile related facilities, such as design centres and testing centres.
The Prime Minister also met the chairperson of NEC Corporation Dr Nobuhiro Endo in Tokyo. During the interaction, he hailed NEC’s role in India’s telecommunication sector and discussed opportunities in new and emerging technologies in India. Mr Endo spoke about opportunities in India in areas such as smart cities, emerging technologies and an innovative effort to encourage learning of Japanese in India.
Mr Modi highlighted India’s reform trajectory and talked about opportunities in areas such as digital learning, FinTech, infra and logistics networks.
During his meeting with Mr Endo, Mr Modi discussed various reforms being undertaken to enable ease of doing business in India including industrial development, taxation and labour. They also discussed opportunities in India in new and emerging technologies. Both of them discussed how to contribute to Smart Cities.
The Prime Minister also met Founder of SoftBank Mr. Masayoshi Son. After Meeting Mr Modi, Mr Son said, India is growing very quickly. He said, new Startups coming every day and Unicorns coming very quickly. Mr Son said, India’s future is bright and Prime Minister Modi is committed to the success of India, supporting startups and making it centre of high technology.
Mr Modi received a warm welcome from the Indian community as he arrived in Tokyo for the second in-person Quad Summit. After reaching Tokyo Mr Modi said, Japan’s Indian community has made pioneering contributions in different fields. He said, the Indian diaspora in Japan have also remained connected with their roots in India.
Prime Minister Narendra Modi in an op-ed published in a leading Japanese newspaper wrote India and Japan will contribute towards building an open, free and inclusive Indo-Pacific region, connected by secure seas, integrated by trade and investment, defined by respect for sovereignty and territorial integrity and anchored in international law. In the op-ed titled India-Japan: A Partnership for Peace, Stability and Prosperity, Mr Modi wrote defence ties between the two countries are growing rapidly, from exercises and information exchanges to defence manufacturing.
Prime Minister Narendra Modi, US President Joe Biden, Japanese PM Fumio Kishida and US Secretary of State Antony Blinken attended the Indo-Pacific Economic Framework event in Tokyo. Speaking at the event, Mr Modi said, India will work for an inclusive and flexible Indo-Pacific Economic Framework. Mr Modi highlighted Trust, Transparency and Timeliness are key.
Speaking at the event, US President Joe Biden said, Indo-Pacific covers half the world’s population, over 60 per cent of global GDP and nations represented here today and those who join this framework in future are signing up to work toward an economic vision that will deliver for all people.
Japanese PM Fumio Kishida said, Japan has been contributing to the stable prosperity of the Indo-Pacific region in cooperation with the US and regional partners. The key highlight of Prime Minister Modi’s visit is the Quad Summit to be held tomorrow.
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