New Delhi, July 3: Prime Minister Narendra Modi emphasized the strong and long-standing economic ties between India and Japan while addressing the India-Japan Joint Economic Forum. In his speech, he highlighted the need to deepen cooperation in trade, investment, technology, and innovation.
Expressing his happiness to be present at the forum, PM Modi acknowledged that many companies in attendance have been associated with India for decades, with some being part of India’s development journey for over a century. He congratulated new partners joining the forum, welcoming them to be part of the India-Japan success story.
The Prime Minister noted that the relationship between India and Japan is indeed special, citing several remarkable examples of their economic partnership. He mentioned the recent inauguration of Maruti Suzuki’s new manufacturing plant in Haryana, stating that nearly two-thirds of Suzuki’s vehicles produced globally are made in India and exported to over 100 countries.
During his address, PM Modi also engaged with PM Takaiichi, mentioning that he had heard of her passion for motorcycles. He expressed pleasure that motorcycles made by companies like Kawasaki, Yamaha, and Honda are now reaching global markets. He added that when Japan’s expertise and investment combine with India’s speed and scale, it benefits the entire world, whether in air conditioning, power grid equipment, or medical technology.
The Prime Minister acknowledged the challenges faced by the global economy, including supply chain issues, trade uncertainties, and declining demand. However, he asserted that India is currently the fastest-growing major economy in the world, with a GDP growth of 7.7 percent in the last fiscal year. Over the past 12 years, India has strengthened its economic framework through continuous reforms.
He mentioned that several new reforms related to taxation, governance, and ease of doing business have been implemented recently. India has opened up various sectors for greater private participation and is offering incentives in key areas, creating new opportunities for all. This has made India the most attractive destination for Japanese companies for the fourth consecutive year, according to a survey by the Japan Bank for International Cooperation (JBIC).
PM Modi also announced a new initiative, stating that the Prime Minister’s Office (PMO) will organize a special “Japan Business Week,” where senior officials will meet directly with Japanese businesses to discuss ways to facilitate trade in India.
My name is Kuldeep Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.