Tokyo: India-Japan bilateral trade has the potential to reach $50 billion by 2030, supported by growing economic complementarities and deeper business engagement, according to an apex body ASSOCHAM report released by Union Commerce and Industry Minister Piyush Goyal on Wednesday.
The minister presented the ASSOCHAM report on India-Japan Bilateral Relations titled “India-Japan @75 from Enduring Friendship to Strategic Business Partnership” during the roundtable on startups here.
In addition, prominent dignitaries attended the report launch, including Saurabh Sanyal, Secretary General of ASSOCHAM, Nirmal Kumar Minda, President of ASSOCHAM and Nagma Mohamed Mallick, Ambassador of India to Japan.
India’s trade with Japan remains below 1 per cent of its overall trade, indicating significant scope to expand market penetration and move towards higher-value exports, ASSOCHAM Secretary General Manish Sanyal said.
Economic ties between the two countries are also expanding beyond traditional competitive industrial sectors into emerging areas such as semiconductors, artificial intelligence, digital technologies, critical minerals and resilient supply chains, Sanyal said.
According to the industry body, India’s large and growing domestic market, young workforce and expanding manufacturing base complement Japan’s strengths in advanced technology, capital and industrial expertise.
It further noted that improvements in the ease of doing business could further accelerate economic engagement between the two countries.
India and Japan have been seeking to deepen economic cooperation across manufacturing, technology and supply-chain sectors, with greater business engagement offering scope to expand bilateral trade and investment.
Earlier in the day, the minister said that he highlighted India’s growing investment and business opportunities across trade, mobility, industrial, banking and insurance sectors during discussions with top Japanese business and financial leaders.
On the third day of his Japan visit, Goyal met senior executives from Toyota Tsusho Corporation, Sumitomo Mitsui Banking Corporation (SMBC) Group, Mitsubishi UFJ Financial Group (MUFG) and Nippon Life Insurance, according to posts by the minister on X.
(IANS)
