Prime Minister Narendra Modi is currently on a 3-day trip to Japan in his second visit to the country to help boost bilateral ties. On Friday, PM Modi met with Japanese Emperor Akihito before interacting with members of the India-Japan Business Leaders’ Forum (IJBLF) in Tokyo.
At the IJBLF meeting, PM Modi aimed to encourage further trade between the two nations and said that “India has conducive business environment which Japan can take advantage of” and that “India’s prowess in software is complemented by Japan’s strength in hardware”. PM Modi also stressed on innovation and technology transfer by inviting Japanese technology and experience to India.
After the IJBLF meet, PM Modi spoke at a CII-KEIDANREN business luncheon in Tokyo where he said that Asia has emerged as the new centre of global growth because of its competitive manufacturing, and expanding markets and that both India and Japan will have to continue to play an imp role in Asia’s emergence.
PM Modi spoke about how a strong India and strong Japan will act as a stabilising factor in Asia and the world and how Japan has emerged as the 4th largest source of FDI and that too in various fields.
PM Modi highlighted the benefits of FDI in India, noting that in 2015, the Indian economy grew faster than other major economies, but the goal is to make India the most open economy in the world. “Lower labour costs, large domestic market and macro-economic stability combine to make India a very attractive investment destination” he added.
“Japan has emerged as the 4th largest source of FDI in a variety of fields and has important role as India needs scale, speed and skill; Involvement in our mega projects signifies scale and speed” said PM Modi.
“In 2 yrs, India is up by 32 places in global competitiveness index of world economic forum and FDI equity inflows have gone up by 52% in last 2 yrs; We have done substantial improvement on ease of doing business
“Combo of your hardware & our software is fantastic; Let’s march forward & explore bigger potentials and brighter prospects,” concluded Modi in Tokyo.