The India-Japan Special Strategic and Global Partnership gained fresh momentum, as the two countries vowed to step up efforts to deepen trade, investment, technology and industrial cooperation across strategic and emerging sectors during commerce and industry minister Piyush Goyal’s four-day visit to Japan.
Goyal’s visit to Tokyo, Nagoya and Osaka focused on accelerating Japanese investment in India, strengthening industrial partnerships and building resilient supply chains.
The minister held high-level engagements with senior Japanese government leaders and the leadership of more than 30 major Japanese companies, including financial institutions, with significant or growing interests in India.
A key focus of the visit was mobilizing long-term Japanese institutional capital for the country. Goyal held discussions with leading financial institutions, including MUFG, Mizuho, Nomura, Nippon Life, Development Bank of Japan and Morgan Stanley MUFG Securities, on opportunities to deepen capital flows into India’s infrastructure, manufacturing, technology and financial sectors.
The minister also chaired sector-specific roundtables on capital goods, machinery and automotive; semiconductors and artificial intelligence; startups; and foreign institutional investors. The discussions focused on identifying concrete investment, technology and commercial partnerships, particularly involving India’s tier-II and tier-III supplier ecosystem and micro, small, and medium enterprises (MSMEs).
Semiconductor push
At a and AI roundtable, Goyal highlighted India’s ambition to build a globally competitive semiconductor ecosystem, with domestic chip demand projected to reach $150 billion by 2032. He outlined the government’s six-pillar strategy spanning chip design, semiconductor machinery and materials, fabrication, ATMP/OSAT, research and development, and talent development.
Goyal said India’s large pool of skilled and young talent, combined with Japan’s technology, engineering expertise and manufacturing capabilities, could catalyse a world-class semiconductor and technology ecosystem.
He also highlighted India’s expanding renewable energy capacity and national power grid as important enablers for energy-intensive industries such as semiconductor manufacturing, AI and .
Japanese companies participating in the semiconductor and AI discussions expressed interest in expanding their presence in India across semiconductor materials and equipment, power semiconductors, electronics, artificial intelligence, logistics and related advanced technologies.
Discussions also covered supporting infrastructure, including reliable power, ultra-pure water, skilled manpower and social infrastructure in emerging semiconductor clusters such as Dholera and Sanand.
Trade and investment
Goyal held discussions with Japan’s minister of economy, trade and industry Akazawa Ryosei, as well as senior representatives of JETRO, JBIC and JICA. The discussions covered trade and investment, resilient supply chains, manufacturing cooperation, technology, infrastructure and greater participation of Japanese companies in India’s growth story.
In his interaction with Keidanren, the Japan Business Federation representing more than 1,500 leading Japanese companies, he underlined the widening scope of the India-Japan economic partnership, encompassing traditional trade as well as economic security, resilient supply chains, advanced technology, clean energy, defence-related manufacturing and people-to-people linkages.
He invited Japanese companies to scale up investments and expand their presence in India.
In Nagoya, Goyal addressed the “India-Japan Next Generation Economic Partnership” roadshow organized in collaboration with Chukeiren and other leading business organizations. More than 80 Japanese companies from the Chubu region participated, with discussions spanning automobiles, aerospace, machine tools, semiconductors, electronics, auto components and SMEs.
Goyal highlighted the potential for new manufacturing and technology partnerships by combining India’s youthful talent pool with the Chubu region’s technological and engineering strengths.
The minister also highlighted India’s 7.7% economic growth despite global headwinds and its ambition to become a $30 trillion economy by 2047. He pointed to the country’s large and increasingly aspirational middle class, expanding digital economy, robust banking sector, renewable energy capacity and improving business environment as factors creating opportunities for long-term investors.
The visit also advanced efforts of JPY 10 trillion in Japanese private investment in India over the next decade, agreed upon during Prime Minister Narendra Modi’s visit to Japan in 2025. Goyal called for greater participation of Japanese institutional investors and companies in India’s next phase of growth, particularly in manufacturing, infrastructure, financial services, semiconductors, AI, clean energy and other next-generation industries.
Goyal also participated in a fireside chat moderated by Nikkei Asia, engaging with the Japanese and Indian business and media communities on the evolving contours of the bilateral economic relationship.
The visit reaffirmed the strong momentum in the India-Japan Special Strategic and Global Partnership and provided fresh impetus to efforts to deepen trade, investment, technology and industrial cooperation.
It also strengthened the foundation for greater Japanese participation in India’s transformation into a globally competitive manufacturing, technology and investment hub, while opening new avenues for mutually beneficial growth and innovation.