Mumbai, India - The Third India-Japan Business Conference, held on July 10, 2024, in Mumbai, was the most ambitious business conference so far and marked an important moment in the economic relationship between the two nations. During his keynote speech, YAGI Koji, the Consul General of Japan in Mumbai, highlighted the long-standing historical connections and the promising future of collaboration, especially in supporting small and medium-sized enterprises (SMEs).
The conference, hosted by the Indo-Japan Business Council (IJBC), brought together distinguished guests, including Mr. Siddharth Deshmukh, President of IJBC, Vice President Mr Abhishek Choudhary, Mr. Rajendra Prasad Narla, Archivist, Tata Central Archives, and VIP guest Mr. Ranjit Barthakur, Advisor to Tata Consultancy Services for Ecological Neutrality and Tata Trust.
Japan and India formally established diplomatic relations in 1952, and this year marks the 72nd anniversary of this partnership.
"Our relations have evolved into a 'Special Strategic and Global Partnership,'" noted YAGI Koji. He also mentioned that the 5 trillion-yen investment target announced by Prime Ministers Kishida and Modi, which has significantly boosted Japanese companies' interest in India.
According to the Japan Bank for International Cooperation (JBIC), India has ranked as the top investment destination for two consecutive years. The Indian economy has rebounded rapidly post-pandemic, with various government policies fostering economic growth.
The Consul General highlighted the historical collaboration between Nippon Yusen Kaisha (NYK Line) and the Tata group in 1893, which established regular shipping routes between Mumbai and Kobe. This collaboration laid the foundation for the strong economic relations that continue to flourish today.
QUOTE: "Promoting SME business is one of the keys to strengthening Japan-India economic ties in the future," emphasized YAGI Koji. He mentioned the efforts of the Japan International Cooperation Agency (JICA) and the Japan External Trade Organization (JETRO) in facilitating SME collaboration.
The conference's theme, "Synergizing Growth: Empowering Indian SMEs through Indo-Japan Collaboration," articulated the critical role of SMEs in both economies. In Japan, SMEs account for 99.7% of total businesses and employ approximately 70% of the labor force. In India, MSMEs contribute to about 30% of GDP and over 40% of total exports, employing 110 million people.
For More Information, visit https://www.ijbc.org/
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