TOKYO: Commerce and industry minister Piyush Goyal is set to step up the trade and investment engagement with Japan, a key strategic partner for India, especially in high-technology manufacturing and next-generation industries.Dedicated sessions are planned on semiconductors, artificial intelligence and startups, along with meetings with foreign institutional investors. In recent years, Japan has increased investment, especially in the financial services space where Mitsubishi UFJ Financial Group bought into Shriram Finance while Mizuho acquired a majority stake in Avendus.Japan and India have been seeking to strengthen their ties and take on China in areas such as lithium-ion batteries through collaborations. Last year, Japan slipped to the fifth place among global FDI investors in India, but the recent deals are expected to provide a boost.Goyal will lead a 200-member-strong industry delegation that will seek to build upon traditional ties in automobiles and steel. “The visit reflects the scale of ambition both nations bring to their special strategic and global partnership, and comes at a time when India and Japan are looking to significantly deepen trade and investment ties,” an official statement said.The India-Japan trade agreement is also expected to be discussed during bilateral meetings at the ministerial level. India’s bilateral trade with Japan was pegged at around $122 billion last year, with exports at $44 billion and a trade deficit of over $33 billion. Govt has been seeking a review of the trade agreement to make it more balanced in India’s favour.
