Piyush Goyal urges Japanese firms to create ‘1,580 Suzukis’ out of India

Tokyo, Aug 24 (IANS) Commerce and Industry Minister Piyush Goyal on Monday urged Japanese companies to expand their operations in India and create success stories similar to Suzuki and said that the country would like to see 1,580 Suzukis emerge from the Japanese firms operating in India.

Addressing a round-table meeting with the Japan India Business Consultative Committee (JIBCC) of the Japan Chamber of Commerce and Industry (JCCI) and the Embassy of India, Goyal said India’s young workforce, expanding economy and long-term growth ambitions offer significant opportunities for Japanese businesses.

“Today, we see some of the largest and most profitable operations coming out of India,” Goyal said, citing Suzuki’s journey in the country over the last four decades.

“This is the journey we would like to see for the 1,580 companies you represent. We would like to see 1,580 Suzukis being created out of India,” the minister added.

Goyal said India and Japan should use the 75th anniversary of diplomatic relations to deepen business collaboration and shape their economic partnership for the coming decade.

“We already have a large number of Japanese companies working in India. I believe that this decade should see that number double from the current levels,” he said.

The minister said India’s average working-age population is below 30 years and is expected to remain young for several decades, offering Japanese companies access to a large talent pool and consumer market.

He also highlighted India’s ambition to grow from a $4 trillion economy currently to a $30 trillion economy by 2047, when the country marks 100 years of independence.

“It is an ambitious target, but 1.4 billion Indians are committed to making this happen,” Goyal said.

The minister is on a four-day visit to Japan between August 24 and August 27, leading an Indian business delegation of more than 200 representatives.

–IANS

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