Prime Minister Narendra Modi arrived in Tokyo on Friday for a two-day official visit to Japan from August 29 to 30. He was warmly welcomed with Gujarati greetings and the Gayatri Mantra recited by Japanese citizens. He will attend the 15th India-Japan Annual Summit and hold talks with Japanese Prime Minister Shigeru Ishiba. The discussions are expected to focus on doubling Japanese investments in India and enhancing cooperation in trade, defence, technology, and investment. PM Modi will also meet Japanese industrialists and political leaders. On the second day, both leaders will visit a semiconductor facility in Sendai.
Prime Minister Shri Narendra Modi’s address at the India-Japan Economic Forum
Your Excellency, Prime Minister Ishiba,
business leaders of India and Japan,
ladies and gentlemen,
Namaskar.
Konnichiwa!
I have just arrived in Tokyo this morning. I am very happy that my visit is starting with the giants of the business world.
And in that way, there are many people with whom I have personal acquaintance. Even when I was in Gujarat, and even when I came from Gujarat to Delhi. I have had close acquaintances with many of you. I am happy that I have got the opportunity to meet all of you today.
I especially thank Prime Minister Ishiba for being associated with this forum. I congratulate him for his valuable speeches.
Friends,
Japan has always been an important partner in India’s development journey. From metro to manufacturing, from semiconductors to start-ups, our partnership in every field has become a symbol of mutual trust.
Japanese companies have invested more than 40 billion dollars in India. In the last two years alone, private investment of 13 billion dollars has been made. JBIC says that India is the most promising destination. JETRO says that 80 percent of companies want to expand in India, and 75 percent are already profitable.
That is, in India, capital does not just grow, it multiplies!
Friends, you all are well aware of the unprecedented transformation of India in the last eleven years. Today, there is political stability in India. There is economic stability. There is transparency in policies, there is predictability. Today, India is the fastest growing major economy in the world. And, very soon, it is going to become the third largest economy in the world.
India is contributing 18% to global growth. India’s capital markets are giving good returns. There is also a strong banking sector. There is low inflation and low interest rates. There are forex reserves of about 700 billion dollars. Behind this change is our approach of “reform, perform and transform”. In 2017, we started one nation-one tax. Now work is underway to bring new and major reforms in it.
A few weeks ago, our Parliament also approved the new and simplified Income Tax Code.
Our reforms are not limited to the tax system only. We have emphasized the ease of doing business. We have made a provision of single digital window approval for business. We have rationalized 45,000 compliances. A high-level committee has been formed on de-regulation to speed up this process.
Sensitive sectors like defense and space have been opened for the private sector. Now we are also opening the nuclear energy sector.
Friends, behind these reforms is our resolve to build a developed India. We have commitment, conviction, and strategy. And the world has not only recognized it but also appreciated it.
S&P Global has upgraded India’s credit rating after two decades.
The world is not just watching India, it is counting on India.
Friends, the report of the India-Japan Business Forum was just presented. The business deals between the companies were described in great detail. I congratulate all of you for this progress.
For our partnership, I would also like to humbly put forward some suggestions before you.
The first is manufacturing. Our partnership in the auto sector has been very successful. And the Prime Minister described it in great detail. Together, we can repeat the same magic in batteries, robotics, semi-conductors, ship-building and nuclear energy. Together, we can make a significant contribution to the development of the Global South, especially Africa.
I urge all of you – Come, Make in India, Make for the world. The success stories of Suzuki and Daikin can become your success stories too.
The second is technology and innovation. Japan is a “tech powerhouse”. And India is a “talent powerhouse”. India has taken bold and ambitious initiatives in AI, semiconductors, quantum computing, biotech and space. Japan’s technology and India’s talent together can lead the tech revolution of this century.
The third area is Green Energy Transition. India is rapidly moving towards the target of 500 gigawatts of renewable energy by 2030. We have also set a target of 100 gigawatts of nuclear power by 2047. Be it solar cells or green hydrogen, there are immense possibilities for partnership.
An agreement has been signed between India and Japan on Joint Credit Mechanism. Using this, cooperation can be done in building a clean and green future.
Fourth is Next-Gen Infrastructure. In the last decade, India has made unprecedented progress in next generation mobility and logistics infrastructure. The capacity of our ports has doubled. There are more than 160 airports. A 1000 kilometer long metro line has been built. Work is going on on Mumbai and Ahmedabad high speed rail with the cooperation of Japan.
But our journey does not stop here. Japan’s excellence and India’s scale can create a perfect partnership.
Fifth is Skill Development and People-to-People Ties. India’s skilled young talent has the capability to meet global needs. Japan can also benefit from this. You train Indian talent in Japanese language and soft skills, and together prepare a “Japan-ready” workforce. A shared workforce will lead to shared prosperity.
In the end I would like to say this – India and Japan’s partnership is strategic and smart. Powered by economic logic, we have turned shared interests into shared prosperity.
India is the springboard for Japanese businesses to the Global South. Together, we will shape the Asian Century for stability, growth, and prosperity.
With these words, I express my gratitude to Prime Minister Ishiba ji and all of you.
Arigatou Gozaimasu!
Thank you very much.
