India-Japan Business Collaborations To Boost State’s $1 Trillion Economy Dream

India-Japan Business Summit organised by Bangalore Chamber of Industry and Commerce (BCIC) in collaboration with knowledge partner PWC and conceptualised by The Indo-Japan Business Council (IJBC), suggested that collaboration between Indian and Japanese companies could largely enhance the state's vision of a one trillion-dollar economy by 2032. Themed “Make in India with Japan for the Globe,” the Summit featured prominent speakers who opined that there were several industry verticals such as defence, aerospace, manufacturing, information technology and chemical industry where both countries could collaborate to further trade and investments.

In his keynote address, Tsutomu Nakane, Consul General of Japan in Bengaluru, said “Through this summit we aim to explore the abundant range of opportunities in both nations, enabling businesses to flourish and grow. As of October 2022, 228 companies have set up 537 offices all over Karnataka and the number of Japanese companies expanding into Karnataka is also steadily increasing. Cooperation between Japan and Karnataka portrays that business is not only important for the development of bilateral relations but is also of great importance to the world. By investing in or setting up an industry in India, Japanese companies can expand their exports to Middle East countries and Africa through India. Japan-India business cooperation will bring synergy to both economies by combining Japanese manufacturing know-how with India’s information technology capabilities and its abundant talented workforce. To promote such cooperation, it is necessary for Japan to recognize available business opportunities and for India to further improve amenities and infrastructure in and around industrial parks.”  

While in her keynote address, Geetanjali Kirloskar, Chairperson & MD, Kirloskar Systems Pvt. Ltd and Chairperson, Toyota Tsusho Insurance Broker India Pvt. Ltd, Bengaluru, said, “India has a relatively stable economy, which represents huge growth potential for Japanese companies to set up a very strong, competitive manufacturing supply chain. There is a huge potential for the two countries to develop lighthouse projects in industries which present potential for collaboration such as the chemical industry, which is a multi-billion-dollar opportunity. The defence and aero industry which is looking to indigenize sub-assemblies with newer and more autonomous manufacturing processes is another big opportunity. Also, Japanese startups are now looking at Bangalore very seriously."

Apart from this, the event was graced by the presence of  L Ravindran, President BCIC, Mukesh Agarwal, Partner, PwC India and A Murali, Advisor, BCIC and Vice President, Toyota Tsusho India. Thematic sessions at the summit included panel discussions on Unlocking the Secrets of Japanese Manufacturing Excellence, Revolutionizing Global Mobility and Electronics Manufacturing: Collaborative Strategies for India and Japan, Building World-Class Infrastructure for Make in India: A Collaborative Effort between India and Japan and Unleashing India's Talent Pool in IT, Healthcare, and Technology for Japan. The day-long summit was attended by over 200 delegates representing government, Industry, and academia.