PM meets Japanese industry leaders, discusses cooperation

Uniqlo invited to join India’s journey in becoming a tech-enabled manufacturing hub for textiles

May 23, 2022 09:22 pm | Updated May 24, 2022 07:22 am IST - NEW DELHI

Prime Minister Narendra Modi

Prime Minister Narendra Modi | Photo Credit: AP

Prime Minister Narendra Modi on Monday met with a number of top representatives of the Japanese corporate sector. Kickstarting his outreach to the Japanese government and society, Mr. Modi said Japan and India are natural partners and that India is a chosen destination of Japanese people for spheres as diverse as faith and adventure sports. The Government of India and the Government of the United States signed an Investment Incentive Agreement (IIA) in Tokyo on the sideline of Mr. Modi's ongoing visit to Tokyo.

"I have had the opportunity of regularly interacting with the Japanese people since my days as Gujarat CM. Japan's developmental strides have always been admirable. Japan is partnering India in key sectors including infrastructure, technology, innovation, start-ups and more," Mr. Modi said in a message following meetings with leading Japanese industrial figures.

The Prime Minister met Nobuhiro Endo, chairman of NEC Corporation; retail giant Uniqlo's Tadashi Yanai; and Masayoshi Son, founder of Softbank. Discussions between the Indian leader and the Japanese business leaders covered investment plans, technology transfer, and start-ups. Mr. Modi also met with Osamu Suzuki of Suzuki Motors.

"Prime Minister invited Uniqlo's enhanced participation in India's journey to becoming a manufacturing hub for textiles, particularly the use of technologies in textile manufacturing . Prime Minister also invited Uniqlo to take part in the PM-MITRA scheme aimed at further strengthening the textiles sector," the Ministry of External Affairs said.

Mr. Modi interacted with Indian community members in Tokyo and spoke of early Indian travellers to Japan such as Swamy Vivekananda and Rabindranath Tagore. "Prime Minister underlined the deep cultural ties that exist between India and Japan," an official press release said.

The IIA between India and the U.S. was signed by Vinay Kwatra, Foreign Secretary, and Scott Nathan, Chief Executive Officer, U.S. International Development Finance Corporation (DFC). The agreement is a legal requirement for the DFC to continue providing investment support in India in critical areas like COVID-19 measures and healthcare financing.

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