Tokyo: Indian Prime Minister Narendra Modi, who arrived here today on a two-day visit to attend the Quad summit aimed at further bolstering cooperation among the member nations, participated in an event in Tokyo today to launch the Indo-Pacific Economic Framework for Prosperity (IPEF) along with the United States President Joe Biden and Prime Minister of Japan Kishida Fumio. Leaders of other partner countries – Australia, Brunei, Indonesia, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam – too participated virtually in the launch event.
A Joint Statement was issued on the occasion, which highlighted the key elements envisaged within the IPEF.
The IPEF seeks to strengthen economic partnership amongst participating countries with the objective of enhancing resilience, sustainability, inclusiveness, economic growth, fairness, and competitiveness in the Indo-Pacific region.
In a separate function here, the Government of India and the Government of the United States of America signed an Investment Incentive Agreement (IIA) that supersedes the IIA of 1997. The Agreement is the legal requirement for U.S. International Development Finance Corporation (DFC), to continue providing investment support in India.
Modi also addressed over 700 members of the Indian diaspora, and also chaired a roundtable with Japanese business leaders. He also penned an op-ed on the vibrant relations between India and Japan. “Ours is a partnership for peace, stability and prosperity. I trace the journey of our special friendship which completes 70 glorious years,” he tweeted, adding that “Closer India-Japan cooperation is vital in the post-COVID world. Our nations are firmly committed to democratic values. Together, we are key pillars of a stable and secure Indo-Pacific region. I am equally glad that we are working closely in various multilateral forums as well.”
Top executives and CEOs of 34 Japanese companies participated in the event. The majority of these companies have investments and operations in India. The companies represented diverse sectors including automobiles, electronics, semiconductors, steel, technology, trading and banking and finance. Key business bodies and organizations from India and Japan such as Keidanren, Japan External Trade Organization (JETRO), Japan International Cooperation Agency (JICA), Japan Bank for International Cooperation (JBIC), Japan-India Business Consultative Committee (JIBCC) and Invest India also participated in the event.
Stressing that India and Japan are natural partners, Prime Minister lauded the business community as brand ambassadors of the immense potential of India-Japan ties. Prime Minister said that during the visit of Prime Minister Kishida to India in March 2022, both countries had set an ambitious target of investment of Japanese Yen 5 trillion over the next 5 years. Prime Minister highlighted recent developments in economic ties, such as India-Japan Industrial Competitiveness Partnership (IJICP) and Clean Energy Partnership, among others. He talked about initiatives such National Infrastructure Pipeline (NIP), Production Linked Incentive (PLI) scheme, and semiconductor policy and highlighted the robust startup ecosystem of India.
Prime Minister noted that despite the slowdown in global FDI, India has attracted a record FDI of USD 84 billion in the previous financial year. He termed this a vote of confidence in India’s economic potential. He invited greater participation by Japanese companies in India and proposed celebrating Japan’s contribution to India’s development journey in the form of a ‘Japan Week’.
The following Business Leaders participated in the Business Forum:
| Name | Designation | Organization |
|---|---|---|
| Seiji Kuraishi | Chairman and Director | Honda Motor Co., Ltd. |
| Makoto Uchida | Representative Executive Officer, President & CEO | Nissan Motor Corporation |
| Akio Toyoda | President and member of board of directors | Toyota Motor Corporation |
| Yoshihiro Hidaka | President, CEO & Representative Director | Yamaha Motor Corporation |
| Toshihiro Suzuki | President & Representative Director | Suzuki Motor Corporation |
| Seiji Imai | Chairman of Mizuho Financial Group | Mizuho Bank Ltd. |
| Hiroaki Fujisue | Advisor, MUFG Bank Ltd. and Chairman, JIBCC | MUFG Bank Ltd. and JIBCC |
| Takeshi Kunibe | Chairman of the Board of both Sumitomo Mitsui Financial Group (SMFG) and Sumitomo Mitsui Banking Corporation (SMBC) | Sumitomo Mitsui Banking Corporation |
| Koji Nagai | Chairman | Nomura Securities Co., Ltd. |
| Kazuo Nishitani | Secretary-General | Japan-India Business Co-operation Committee |
| Masakazu Kubota | President | KEIDANREN |
| Kyohei Hosono | Director and COO | Dream Incubator Inc. |
| Keiichi Iwata | President of Sumitomo Chemical Co., Ltd Vice Chairman of Japan Petrochemical Industry Association | Sumitomo Chemical Co. Ltd. |
| Tsugio Mitsuoka | Chairman of the Board | IHI Corporation |
| Yoshinori Kanehana | Chairman of Board | Kawasaki Heavy Industries, Ltd. |
| Ryuko Hira | President & Representative Director | Hotel Management International Co. Ltd. |
| Hiroko Ogawa | CO&CEO | Brooks & Co. Ltd. |
| Vivek Mahajan | Senior Executive Vice President, CTO | Fujitsu Ltd. |
| Toshiya Matsuki | Senior Vice President | NEC Corporation |
| Kazushige Nobutani | President | JETRO |
| Yamada Junichi | Executive Senior Vice President | JICA |
| Tadashi Maeda | Governor | JBIC |
| Ajay Singh | Managing Executive Officer | Mitsui O.S.K. Lines |
| Toshiaki Higashihara | Director, Representative Executive Officer, Executive Chairman & CEO | Hitachi Ltd. |
| Yoshihiro Mineno | Senior Executive Officer, Member of the Board | Daikin Industries Ltd. |
| Yoshihisa Kitano | President & CEO | JFE Steel Corporation |
| Eiji Hashimoto | Representative Director and President | Nippon Steel Corporation |
| Akihiro Nikkaku | President and Representative Member of the Board | Toray Industries, Inc. |
| Motoaki Uno | Representative Director & Senior Executive Managing Officer | Mitsui & Co. Ltd. |
| Masayoshi Fujimoto | Representative Director, President & CEO | Sojitz Corporation |
| Toshikazu Nambu | Executive Vice President, Representative Director | Sumitomo Corporation |
| Ichiro Kashitani | President | Toyota Tsusho Corporation |
| Ichiro Takahara | Vice Chairman, Member of the Board | Marubeni Corporation |
| Yoji Taguchi | Chairman and Managing Director of Mitsubishi Corporation India Private Limited | Mitsubishi Corporation |
Besides, Modi also met Masayoshi Son, Board Director and Founder, Softbank Corporation and appreciated Softbank’s role in India’s startup sector. They discussed Softbank’s future participation in India in key areas such as technology, energy and finance.
Osamu Suzuki, Senior Advisor, Suzuki Motor Corporation too met Modi who recalled his association and contribution to India and appreciated the transformational role of Suzuki Motors in the automotive industry of India. Suzuki Motor Gujarat Pvt. Ltd. and Maruti Suzuki India Ltd. are among the applicants approved under the Production Linked Incentives (PLI) scheme in the automobile and auto component sector. They also discussed further investment opportunities in India including setting up production facilities for electric vehicles and batteries as well recycling centres, for realizing the goal of sustainable growth.
In his meeting with Dr Nobuhiro Endo, Chairman, NEC Corporation the Indian Prime Minister appreciated NEC’s role in India’s telecommunication sector, especially in undertaking Chennai-Andaman & Nicobar Islands (CANI) and Kochi-Lakshadweep Islands (KLI) OFC projects. He also highlighted investment opportunities under Production Linked Incentive (PLI) scheme. They 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.
– global bihari bureau
