Nagoya [Japan], August 26 (ANI): Prime Minister Narendra Modi has set a target to double the number of Japanese companies operating in India to 3,000, as New Delhi seeks to attract greater Japanese investment, technology and manufacturing into the country, Union Commerce and Industry Minister Piyush Goyal said on Wednesday.
Speaking to ANI during his visit to Nagoya, Goyal said around 1,500 Japanese companies are currently operating in India.
"Around 1,500 Japanese companies are operating in India. Prime Minister Narendra Modi has set a target to increase this number to 3,000 Japanese companies establishing operations and manufacturing in India," Goyal said.
"The goal is to attract investment across various sectors, such as financial services, insurance, and pension funds, and to leverage Japanese technology and investment on a large scale," he added.
Goyal said progress was also being made towards the target of 10 trillion yen in Japanese private investment in India, which was set by the two countries last year.
"Last year, Japan made a commitment to invest 10 trillion yen, meaning approximately Rs 7 lakh crore. I am pleased to note that within the first ten months alone, Rs 1 lakh crore, meaning 10 billion dollars, of this amount has already been realised," he said.
"I am confident that the entire amount will be invested in India over the next three to four years," Goyal added.
Addressing the media separately in Nagoya, the minister said India and Japan are closely aligned on using Japanese technology and investment to develop India as a manufacturing base for the world, while also benefiting from India's large domestic market.
He said discussions during the visit had covered the semiconductor ecosystem in detail, including chemicals, equipment, raw materials, chip design, manufacturing and packaging. Cooperation in shipbuilding, ship repair and ship-breaking, as well as pharmaceuticals, was also discussed.
On textiles, Goyal said Indian manufacturers had in the past not sufficiently adapted to the specific requirements of the Japanese market, including differences in sizing, fabrics, styles and design preferences.
He said this was now changing, with Indian textile export promotion councils engaging more closely with Japanese buyers. Meetings with major Japanese textile importers and retailers had increased his confidence that Japan would both invest more in India's textile sector and source more products from Indian manufacturers.
Goyal is on a four-day visit to Japan from August 24 to 27, covering Tokyo, Nagoya and Osaka, and is leading a delegation of more than 200 business representatives, India's largest-ever business delegation to Japan.
India and Japan share a Special Strategic and Global Partnership. Bilateral trade stood at around USD 27.5 billion in 2025-26, while Japan is India's fifth-largest source of foreign direct investment.
At the 16th India-Japan Annual Summit in July, the two countries identified economic partnership, including economic security, energy resilience, technology and innovation, as one of the key areas for deepening bilateral cooperation. The summit also noted progress towards the 10 trillion yen private investment target set at the previous India-Japan Annual Summit in August 2025. (ANI)
PM Modi has set target to double Japanese companies in India to 3,000, says Goyal
