New Delhi, 21 February (IANS). Japan is a main partner of India and invested by Japan over $ 43 billion between 2000 and 2024, making it India’s fifth largest foreign investor. This statement was made by Union Commerce and Industry Minister Piyush Goyal on Friday.
Goyal further stated that the India-Japan partnership is based on brotherhood, democracy, culture and economic cooperation, which reflects a unique mixture of Sushi and spices, which despite being unique, complement each other.
Addressing the India-Japan Economy and Investment Forum, the Union Minister said that the ‘seven lucky deities’ of Japan originated in the Indian tradition, which reflects deep cultural relations between the two countries.
The Union Minister further said that the 2011 Comprehensive Economic Partnership Agreement (CEPA) has played an important role in furthering bilateral trade of the two. More than 1,400 Japanese companies are operating in India and 11 industrial townships in eight states are hosting Japanese Enterprises.
He further stated that Mumbai-Ahmedabad is a Japan partner in the high-speed rail and the metro systems of Delhi, Ahmedabad, Bangalore and Chennai which shows the important role of Japan in the development of India.
Both India and Japan together are making competitive brands globally. Maruti Suzuki is the best example of this, which is exporting vehicles to many countries including Japan.
Goyal said that the government aims to increase the stake of manufacturing in GDP to 25 percent and Japan is going to be an important partner in achieving this target.
Regarding quality standards, the Union Minister said that Japan acts as a benchmark for excellence and India is trying to adopt the same high standards in manufacturing.
-IANS
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