Japanese knowledge, tech can aid India's quest to be developed nation: Japan's Consul-General

Addressing the Madhya Pradesh Global Investors Summit (MP GIS) 2025, Yagi Koji also noted that the state is transforming itself into a more investor-friendly destination.

Bhopal: Japan's knowledge, technology and investment will be of great use to India as it thrives to become a developed nation by 2047, Consul General of Japan in Mumbai Yagi Koji said on Monday.

Addressing the Madhya Pradesh Global Investors Summit (MP GIS) 2025 here, he also noted that the state is transforming itself into a more investor-friendly destination with the introduction of a new industrial promotion policy and the focus on ease of doing business.

"Our two leaders, Prime Minister Shigeru Ishiba and Prime Minister Narendra Modi met in Laos and confirmed that they would advance our cooperation and ... It is no doubt that our strong economic relations are the backbone of that partnership. As India strives to realise Viksit Bharat 2047, Japan's knowledge, technology and investment will be of great use to this country," Koji said.

He shared that Japan's direct investment in India jumped 284 per cent over the last 10 years, from 282 billion Yen to 1,082 billion Yen. The 5 trillion Yen target of public and private investment and financing into India in the next five years as concurred by the leaders in 2022 is also on track.

The Japanese Consul-General further said,"As such, there has been a significant increase in Japan's interest in India."

Citing the Japan Bank for International Cooperation survey report on promising investment destinations, he said,"India has ranked as the top investment destination for three consecutive years in FY 2022, FY 2023 and FY 2024."

Highlighting that 60 per cent of Japanese investments in India were in the manufacturing sector, he exuded confidence that this trend shall continue in the years to come.

Commenting on Madhya Pradesh, Koji said the state has an advantage of cheaper land compared to other states in India. Besides rich manpower resources, the state also has an upper hand for companies for ease of doing business.

"MP is making strides in infrastructure development such as Delhi-Nagpur Industrial Corridor ... The state has also introduced a new industrial promotion policy and focuses on the ease of doing business by simplifying procedures, offering a single-window clearance system, reducing bureaucratic hurdles and implementing online portals for approvals and permits. Madhya Pradesh is now transforming itself to be a more investor-friendly state," Koji said.

Speaking at the summit, Bridgestone India Managing Director Hiroshi Yoshizane said that any business chasing profit will not survive in the long run, but any business serving the country will live forever.

"So we want to serve the people with superior quality. There are three advantages of doing business in MP. Firstly, MP's strategic location is a huge plus, especially with the access to ports for international trade. Secondly, it is the support from the government with unending power supply and incentives," he stated.

Finally, it is the people of MP with their superb skillset and mindset along with their hearts, he added.

Sanjay Bhatia, of JETRO said the organisation helps in promoting two-way trade between India and Japan.

"We are already helping companies in Maharashtra, Gujarat and south India to set up and innovate. We are delighted that MP CM Mohan Yadav invited us to GIS 2025. We are in talks with various state governments such as MP's so that in future we are able to bring more companies to MP," he said.