Japan stays fully committed to the ‘Make in India’ initiative

Japan stays fully committed to the ‘Make in India’ initiative

To help India become a $5 trillion economy by 2025 says Satoshi Suzuki, Ambassador of Japan to India

New Delhi, 1st April 2022: Delivering the keynote address during the ICRIER webinar on “India-Japan Partnership towards Resilient Supply Chains”, H.E. Satoshi Suzuki, Ambassador of Japan to India stated that Japan and India have always achieved economic prosperity together on the back of strong supply chains. Japan has invested a 3.5 trillion yen in the last five years and going by the success of this investment, Japan has decided to set a more ambitious target of 5 trillion yen. He also stated that this new target, combined with the Production Linked Incentive (PLI) schemes of the Government of India, will help fully realize the “Make in India” initiative and facilitate the nation’s journey to become a 5 trillion dollars economy by 2025.

Speaking on the occasion, H.E. Sanjay Kumar Verma, Ambassador of India to Japan, emphasized the need to further enhance the strategic partnership of both the countries. He said, “While Japan is looking forward to India for supply chain diversification, India is looking forward to Japanese efforts for capacity building for regional, domestic and global markets.”

Dr. Deepak Mishra, Director, and Chief Executive, ICRIER talked about how the global financial crisis in 2008-2009, the US-China conflict since 2016 followed by the ongoing Covid-19 pandemic, and the Russia-Ukraine war have impacted the global supply chain and shaken the confidence of investors and policymakers around the world. He further added that geopolitical happenings have raised uncomfortable questions about excessive reliance on one or few countries in the global supply chain.

The webinar was part of the commemorative events being organised to mark the 70th Anniversary of the Establishment of Diplomatic Relations between India and Japan. The webinar also included notable speakers like Badri Narayanan Gopalakrishnan, Head, Trade and Commerce, NITI Aayog, Govt. of India, Mona KC Khandhar, Minister (Economic) Embassy of India, Tokyo, Noriyoshi Fukuoka, Director, Southwest Asia Office, Trade Policy Bureau, Ministry of Economy, Trade & Industry (METI), Japan, Fukunari Kimura, Professor, Faculty of Economics, Keio University & Chief Economist, Economic Research Institute for ASEAN and East Asia (ERIA), and Elisabetta Gentile, Economist, ADB & Co-Lead Value Chain Development Report 2021.

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