On July 10, 2024, the Indo-Japan Business Council (IJBC) hosted its 3rd India Japan Business Conference in Mumbai. Themed 'Synergising Growth: Empowering Small and Medium Enterprises (SMEs) through Indo-Japan Collaboration', the event explored the vast potential for collaboration between Indian and Japanese SMEs and startups
The day-long conference commenced with inspiring addresses from Koji Yagi, Consul-General, Consulate of Japan in Mumbai. He shared valuable insights into the current state of Indo-Japan relations and the significance of SME collaboration in furthering this strategic partnership. He also shared various initiatives from the Government of Japan to foster SME ties between both countries. Nonetheless, he also recognized and mentioned the Embassy of India's SME Cell in Tokyo, which is engaged in promoting SME collaboration between India and Japan.
India-Japan Bilingual Directory launch
The launch of the India-Japan Bilingual Directory by Consul-General Yagi and President of IJBC, Deshmukh marked a significant milestone. This will help Indian and Japanese Enterprises to find potential bi-lingual partners and navigate the complexities of cross-border collaboration.
Keynote Address
As the conference progressed the day featured insightful keynote addresses. Takamitsu Kajii and Prateek Gupta of Sumitomo Mitsui Financial Group shed light on leveraging India-Japan synergies for SME transformation. Also, their expertise in financial services and the Indian market provided valuable insights for companies seeking to expand their operations in India.
Presentations
* Kunro Hino, Representative JICA shared valuable insights into their initiatives for enhancing ties between Japanese and Indian SMEs. JICA's programs and resources shall provide significant support to aspiring entrepreneurs on both sides. JICA's commitment to fostering this crucial partnership is highly commendable.
* Archivist at the Tata Central Archives, Rajendra Prasad Narla, took the audience on a historical journey, of the long-standing contribution of TATA Sons in strengthening the economic ties between India and Japan.
* Vaibhav Mittal of Reliance MET City offered a glimpse into the Japan Industrial Township project, a dedicated space designed to foster the growth of Japanese companies in India. This presentation sparked the interest of many attendees, particularly those Japanese companies who are considering establishing or increasing their footprint in India.
* Bhupendra Singh, Chairman - IJBC Professional Advisory and Governance Committee introduced the committee, comprised of distinguished professionals, which signifies the IJBC's commitment to providing expert guidance to enterprises embarking on their cross-border journeys. Guidance from this committee will ensure the success of future collaborations.
* Shuhei Ito, Branch Manager, All Nippon Airways detailed the flight frequency from India and quality service offerings contributing to the growing bi lateral cooperation between India and Japan.
Panel Discussions
"Technology and Innovation: Bridging the Gap for SMEs" provided a platform for industry leaders to share their perspectives. Jitendra Divgi from Digvi Torq TS Ltd highlighted the importance of adopting cutting-edge technologies to enhance efficiency and productivity. Kenta Yoshida from MUFJ Ganesha Fund emphasized the role of financial institutions in supporting innovation-driven SMEs and Startups. Mehak Ahuja, a PhD student at the Indian Institute of Science, brought an academic perspective to the discussion, focusing on the need strong IP regime and push toward sustainability that encourage research and development in SMEs. Key areas of collaboration emerged out of this panel discussion were medical and healthcare, machine tooling and fintech.
"Cultural Adaptation and Business Etiquette" provided vital guidance for navigating cultural nuances in both India and Japan. Industry veterans Siddharth Deshmukh, Manabu Takahashi, Atul Parekh and Nupur Tiwari shared their practical experiences and best practices for successful cross-border collaboration. Their insights shed light on the importance of understanding cultural differences, effective communication strategies, being patient and compassionate and building trust in cross-cultural business settings.
Fireside chat
Sunil Kulkarni, CEO of Fiedel Softtech, offered practical guidance for Indian SMEs navigating market entry in Japan. He shared his entrepreneurial journey, highlighting the importance of cultural sensitivity, market understanding, and building strong relationships with local partners. The learnings from his experience were invaluable for aspiring Indian IT entrepreneurs looking to tap into the Japanese market.
Vivek Sidhu and Bijendra Kadyan co-founders of Kuruma Travels shared their journey about building a business with Japanese companies in India through their dedication, commitment, hard work and most importantly listening to the customer's voice and keep improving the service.
Success story
The conference wasn't just about theory. Inspiring success story of EF Polymer was informed by Puran Singh (Co founder). He showcased a real-life example of how an Indian agri-chemical startup got support from a Japanese incubator and created a multinational company run by Indians from Japan and employing 60 people across four countries.
The North East of India and Japan
Ranjit Barthakur, Chairman, Global Investors Summit 2024, Government of Assam emphasized the importance of integrating sustainable practices into future collaborations between Indian and Japanese SMEs. He demonstrated the tremendous potential of the North Eastern Region of India and why Japanese companies should look at NER for their next round of investments. These opening remarks set the stage for a day filled with knowledge-sharing and thought-provoking discussions.
The introduction of the IJBC North East Region Committee by Mr. Rajeev Gupta further strengthened the council's commitment to promoting cross-border collaboration across all regions of India. This committee will play a crucial role in identifying and nurturing potential partnerships between SMEs in the North Eastern states of India and their counterparts in Japan.
Academic Collaborations
During the introduction Chairman of IJBC Higher Education Research Committee Sudhir Jaiswal highlighted the importance of academic collaboration in building a strong foundation for future business partnerships. This committee will bridge the gap between academia and industry, fostering research and development that addresses both countries' specific societal and economic needs.
Sustainability
Sustainability is a key parameter for making a world that is livable for our future generations. Rushabh Guglale (Founder), House of RS explained how their company utilizes waste plastic and converts it into usable clothing for all. It is an excellent example of an Indian enterprise in the domain of sustainability that is a perfect candidate for successful collaboration with a potential Japanese counterpart.
Key Takeaways
* This conference witnessed not only high level dialogues but also multiple practical case studies that will be extremely helpful for the participants who are here to promote business collaboration between both India and Japan.
* Beyond the specific sectors discussed during the conference, there are vast opportunities for collaboration between Indian and Japanese SMEs in several key areas. Imagine Indian startups partnering with Japanese tech giants to develop next-generation agricultural solutions or smart city infrastructure or medical and healthcare solutions. This type of collaboration on cutting-edge technologies like artificial intelligence, IoT, and robotics can propel both nations forward in the global innovation race.
* India and Japan are both prone to natural calamities. Collaboration between organisations in these countries can lead to the development of innovative disaster preparedness and mitigation solutions. Sharing best practices and co-developing early warning systems can be mutually beneficial.
* With a shared focus on clean energy solutions, Indian and Japanese companies can collaborate on renewable energy technologies like solar, off shore wind, hydrogen as well as geothermal power. This joint effort can contribute to a sustainable future for both nations and mitigate the effects of climate change.
* It shall neither be an easy journey for India nor Japan. To realise the tremendous potential of India-Japan collaboration we will have to promote more bi-lateral dialogues at different levels. Govt. to Govt, Academia to Academia, Enterprises to Enterprise, Student to Student and so on.
* Stronger people to people connect, a better understanding of each other’s cultural sensitivity and mutual respect will ensure that we are creating greater ties between India and Japan which is extremely essential for a peaceful south east Asia.
* The philosophy of collaborate, co-innovate and co-create should be the guiding light for creating long term sustainable bi-lateral business ties that will shape future economies of both the democratic nations India and Japan.
Conclusion
In conclusion, the conference set a clear roadmap for Indo-Japan SME collaboration, promoting a philosophy of collaboration, innovation, and sustainable growth to shape the future economies of both India and Japan. In his concluding address Abhishek Choudhary, Vice President IJBC mentioned. "We have gained valuable insights, established connections, and identified potential partners. Now, it's time to translate these learnings into concrete action." He added, "The IJBC will continue to be a catalyst for fostering connections, providing resources, and advocating for policies that support the growth of Indo-Japan SME partnerships. IJBC encourages all to stay connected through its website and social media channels. We will share updates on upcoming events, industry insights, and success stories that will further inspire and empower you on your collaborative journey."
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