Piyush Goyal in Japan to deepen trade with largest-ever business team

Union Minister Piyush Goyal, leading India's largest business delegation to Japan, held talks to deepen trade and investment. Discussions with Japanese ministers and CEOs focused on expanding cooperation in manufacturing and high-growth sectors.

Union Commerce and Industry Minister Piyush Goyal on Tuesday held a series of meetings with Japanese ministers, lawmakers and business leaders as India sought to deepen trade, investment and industrial cooperation with Japan, with a focus on manufacturing, technology and high-growth sectors.

Goyal, who is leading India's largest-ever business delegation to Japan with more than 200 industry representatives, also addressed the Indian community in Tokyo, describing the nearly 60,000-strong diaspora as "Brand Ambassadors of India" and highlighting its role in strengthening economic and people-to-people ties between the two countries.

Deepening Economic and Industrial Cooperation

During a meeting with Japan's Minister of Economy, Trade and Industry Akazawa Ryosei, Goyal discussed ways to further expand bilateral trade, investment and industrial cooperation. "We discussed ways to further strengthen India-Japan trade, investment and industrial cooperation," Goyal said in a post on X, adding that the discussions built on the momentum from Japanese Prime Minister Sanae Takaichi's visit to India for the 16th India-Japan Annual Summit in July.

The two sides also discussed giving further impetus to the target of attracting 10 trillion yen in Japanese investment into India over the decade. The 10-trillion-yen target for private Japanese investment in India was originally set during Prime Minister Narendra Modi's visit to Japan for the 15th India-Japan Annual Summit in August 2025. At the 16th Annual Summit in New Delhi in July this year, Modi and Takaichi welcomed increasing Japanese private investment and noted the progress towards achieving the target.

Engagements with Lawmakers and Industry Leaders

Goyal separately met Yasutoshi Nishimura, Chairman of the Japan-India Parliamentary Friendship League, and discussed strengthening parliamentary exchanges and expanding economic ties between the two countries.

His industry engagements included a meeting with Eiji Hosoi, Representative Director, President and CEO of Toyo Engineering Corporation, where the two sides discussed collaboration in engineering and industrial infrastructure. "India's expanding industrial base offers new avenues for technology and engineering partnerships," Goyal said.

He also met Keita Ishii, President and Chief Operating Officer of ITOCHU Corporation, along with other senior company officials. The discussions explored cooperation across trade, machinery and emerging business sectors and ways to expand ITOCHU's engagement in India.

Addressing the Indian Diaspora

Addressing the Indian community at the Indian Embassy in Tokyo, Goyal said the participation of more than 200 Indian business representatives in his visit reflected growing interest on both sides in expanding business-to-business engagement and investment. He described it as the largest business delegation he had led to Japan and said the enthusiasm and confidence witnessed during the visit reflected the growing strength of India-Japan relations.

Goyal said India's expanding economy, young population, startup ecosystem, technological capabilities and entrepreneurship were creating opportunities for global companies and investors.

He also pointed to growing Japanese interest in advanced technologies, including semiconductors and artificial intelligence, saying his discussions with companies in these sectors showed that Japanese businesses were looking to expand their engagement with India.

Employment Opportunities in Japan

The minister also highlighted employment opportunities for Indians in Japan, saying there was demand for skilled professionals and workers across sectors including caregivers, nurses, welders, carpenters, electricians, plumbers, drivers, engineers, artificial intelligence professionals, chartered accountants and seafarers.

He urged Indian professionals seeking opportunities in Japan to understand local requirements and learn the Japanese language and culture, while encouraging the diaspora to strengthen economic and people-to-people links between the two countries.

Goyal told the Indian community that the diaspora remained an integral part of India's development journey, highlighting its contribution through professional engagement, investment and remittances. "Never forget India, and neither will we ever forget you," Goyal said.

Four-Day Itinerary and Key Engagements

Goyal is on a four-day visit to Japan from August 24 to 27, covering Tokyo, Nagoya and Osaka. The delegation accompanying him includes representatives from manufacturing, semiconductors, clean energy, steel, automotive, financial services, healthcare and startups.

During the Tokyo leg of the visit, Goyal has also engaged with the Japan Business Federation, or Keidanren, and held meetings with companies including Sumitomo Corporation, Meiji Seika Pharma, Mitsubishi Corporation, Tokyo Electron and MinebeaMitsumi. He has called on Japanese companies to deepen their presence in India and said the number of Japanese companies operating in the country should double during the decade.

The visit also includes dedicated engagements on semiconductors and artificial intelligence, startups, institutional investment, capital goods and manufacturing. In Nagoya, Goyal is scheduled to engage with the Central Japan Economic Federation, the Nagoya Chamber of Commerce and Industry and companies in the automotive and steel sectors, while the Osaka leg will include an investors and business roadshow and meetings with companies in electronics, industrial and consumer sectors.

Bilateral Trade and Investment Figures

Bilateral merchandise trade rose to about USD 27.48 billion in 2025-26 from USD 25.17 billion in the previous financial year. India's exports to Japan stood at USD 6.04 billion, while imports from Japan were USD 21.44 billion, according to official data published by the Indian Embassy in Tokyo.

Japan is also India's fifth-largest source of foreign direct investment, with cumulative FDI equity inflows of about USD 48.14 billion between April 2000 and March 2026. Around 1,500 Japanese companies are registered in India.

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