Prime Minister Narendra Modi recently expressed his encouragement and appreciation for Japan's commitment to the 'Make in India, Make for the World' initiative. This came after a meeting with a Japanese business delegation led by Tatsuo Yasunaga, where discussions focused on deepening economic collaboration between India and Japan.

PM Modi highlighted the potential for mutual growth and the importance of enhanced cooperation in skill development, a key pillar of India-Japan bilateral ties.

The meeting underscored the strong India-Japan Special Strategic and Global Partnership, emphasizing economic collaboration and bilateral ties. Japan's increasing interest in India is driven by factors such as India's large and growing market, skilled workforce, and expanding economic landscape.

The two nations have a long history of commercial engagement, dating back to 1972 when Panasonic established its first manufacturing facility in India. Other notable Japanese companies like Suzuki and Denso have also strengthened Japan's industrial footprint in India.

The India-Japan Comprehensive Economic Partnership Agreement (CEPA), implemented in 2011, has accelerated trade and investment between the two countries. In recent years, Japan's bilateral trade with India reached USD 22.85 billion in FY 2023-24, with exports from Japan to India amounting to USD 17.69 billion and imports from India to Japan totalling USD 5.15 billion.

Both nations are committed to realizing significant investments, including a target of JPY 5 trillion (approximately USD 35 billion) in public and private investment over five years.

The upcoming 48th Joint meeting of the Japan-India Business Cooperation Committee is set to further enhance these economic ties.

ANI