India Japan Business Partners to Boost state's 1 Trillion Dollar Economy Dream

The India-Japan Business Summit, organised by the 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 significantly improve the state's vision of a trillion-dollar economy by 2032.

The Summit, themed "Make in India with Japan for the World," 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.

“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.

“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 Bengaluru very seriously.

“It is essential to prioritize specific sectors such as infrastructure, advanced manufacturing, global mobility, information technology and healthcare as they play a pivotal role in shaping their collective future and achieving investment targets. “BCIC has set up an office in Japan with a three-pronged strategy to promote Karnataka as an investment destination, take a delegation of industrialists from Karnataka to Japan and host a delegation of industrialists from Japan to Karnataka.” he added.

“Setting the context of the summit, A Murali, Advisor, BCIC and Vice President, Toyota Tsusho India Private Limited, said: “The diplomatic relationship between Government of India and Government of Japan is of very high order. This summit offers a unique platform for business leaders, policy makers and academicians to come together and discuss various aspects of economic ties between the two countries and share best business practices.

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.