India-Japan Economic Dialogue Gains Momentum
India's External Affairs Minister, S. Jaishankar, has made a compelling case for deeper economic collaboration between India and Japan during his visit to Tokyo. At the Raisina Roundtable, he urged Japanese companies to embrace India's "Make in India" initiatives and increase their exports from India to global markets. This appeal comes against the backdrop of Jaishankar's three-day visit to Japan, where he is engaging with his Japanese counterpart, Yoko Komikawa, to bolster bilateral ties.
Acknowledging the substantial investments from Japan into India, which have totaled nearly $41 billion in foreign direct investment since April 2000, Jaishankar emphasised that there is still significant untapped potential. Despite robust investment figures, bilateral trade between the two countries stood at $21.96 billion in the fiscal year 2022-23, indicating room for growth and diversification.
During the 16th India-Japan Foreign Ministers Strategic Dialogue, S. Jaishankar highlighted the need for increased investments from Japanese SMEs in India. He pointed to opportunities in major projects like the Mumbai-Ahmedabad high-speed railway and emphasised Japan's role in developing connectivity and industry in India's northeastern states.
In their discussions, Jaishankar also emphasised the necessity of a more facilitative visa regime for Indian tourists and citizens visiting Japan. Jaishankar highlighted the mutual interest in increasing mobility for Indian talent and skills in Japan, underscoring the pivotal role of people-to-people connections in bolstering bilateral relations. Addressing India's growing global significance, Jaishankar highlighted the nation's impressive strides in infrastructure and various sectors, showcasing its transformation. He emphasised India's pivotal role among Global South nations, with 125 countries trusting India's commitment to shared interests.
As India and Japan forge ahead in their strategic partnership, the stage is set for a future brimming with potential. With a foundation of robust economic collaboration, shared visions, and a commitment to mutual growth, the path ahead is paved with promise. Embracing the spirit of innovation and cooperation, these two nations are poised to chart a course towards a brighter and more prosperous tomorrow.
