Japanese businessmen will invest 2.5 billion USD in India: PM Narendra Modi

Prime Minister Narendra Modi on Monday said that he has been assured by Japanese businessmen that they will be investing 2.5 billion US dollars in India. Modi is in Japan to attend the 13th India-Japan annual summit.

"We both agree that from digital partnership to cyberspace, health, defence, ocean to space, in every field we will strengthen our partnership. I have been told that today Japan investors have announced that they will invest 2.5 billion US dollars in India," PM Modi said.

The PM asked Japan's medium, small and micro enterprises to explore business opportunities in India. "There are ample possibilities for Japan's [micro] SMEs in India. It's not only big companies but Micro, Small & Medium Enterprises (MSMEs) that are welcome to India. Through MSMEs, too, Japanese entrepreneurs can take their businesses to new highs," he said.

He also assured the investors of a more conducive environment to consolidate bilateral trade ties and added that ease of doing business was his top priority.

He said that when he became the PM in 2014, India was at 140th position in the 'ease of doing business' ranking of the World Bank. "Now India has reached 100th position and we are working towards better ranking," he said. He added that the Indian government was making all efforts to change the country's business environment and ensure that there is ease of doing business and ease of living. 

"Some years ago, I spoke about making a mini-Japan in India. It's a matter of great happiness for me that today, you are working in an even larger number in India," Modi said while addressing 'Make in India: India-Japan Partnership in Africa and Digital Partnership' seminar in Tokyo on Monday. 

Earlier in the day, Modi asked Japanese businessmen to engage more with India as he interacted with top business leaders from the two countries at a forum. He said that the inputs offered at the Business Leaders Forum will propel India to achieve global benchmarking.

"He urged Japanese businessmen to engage more with India," External Affairs Ministry spokesperson Raveesh Kumar tweeted.

He also met and interacted with some Japanese venture capitalists. "Participants gave a thumbs up to reform measures initiated by the government and offered suggestions on further improving the start up and innovation ecosystem in India," Kumar said. 

The bilateral trade during April - August 2017 was USD 6.1834 billion. India's export to Japan for 2016-17 was USD 3.86 billion; whereas India's Import from Japan for 2016-17 was USD 9.76 billion, according to official data.