Tokyo [Japan], August 25 (ANI): During a bilateral meeting with Japan's Economy, Trade and Industry Minister Akazawa Ryosei in Tokyo, Union Commerce and Industry Minister Piyush Goyal focused on strengthening bilateral engagement across emerging industries, expanding trade ties, and monitoring progress toward the targeted 10 trillion Japanese yen investment roadmap agreed upon during the earlier meeting between Prime Minister Narendra Modi and Prime Minister Sanae Takaichi.
"We discussed several areas both in Delhi last month and during this visit where I can see a clear advantage of working together, whether it's artificial intelligence, whether it's semiconductors and the whole ecosystem around semiconductors, chemicals, equipment. Where India itself has a very big domestic demand, it is estimated to be about a USD 150 billion market just for India alone. And then the world will become a market when we work together," Goyal said.
Goyal pointed out that India is also emerging as an attractive destination for digital infrastructure, having already secured USD 200 billion in commitments from global hyperscalers for data centers. He noted that additional sectors such as ship breaking, textiles, and engineering, procurement, and construction (EPC) present immediate avenues for technical and industrial alignment.
"I think we can summarize this partnership in four pillars: Increased trade, technology cooperation, greater investments, and tourism," Goyal stated.
The meeting served as a platform to review cooperation across sectors including artificial intelligence, semiconductor ecosystems, data infrastructure, shipbuilding, green ammonia, and high-precision engineering.
Addressing the Japanese delegation, Goyal highlighted the mutual strengths of the two economies and the shared potential in critical technologies.
"Japan and India complement each other. We have certain strengths that will support the Japanese technological advancements and I'm confident that if we work in that spirit of mutual benefit for both economies and the prosperity of the people of Japan and India, we have a very bright future ahead," Goyal said.
Japan's Economy, Trade and Industry Minister Akazawa Ryosei also noted the consensus reached between both heads of government to broaden strategic and economic security ties.
"The deepening of strategic cooperation between the two countries, and not only those areas, but also the economic cooperation and economic security and also energy security areas, and together with investment innovation, that's something that the two leaders [PM Modi and PM Takaichi ] agreed," Ryosei said.
Ryosei acknowledged the large Indian business delegation and referenced ongoing cooperation in high-speed rail, describing the export of Japanese bullet train technology to the Indian market as a major milestone for bilateral infrastructure engagement.
The bilateral meeting concluded with both sides reaffirming their commitment to advance economic collaboration as the two nations approach the 75th anniversary of their diplomatic relations.
The Commerce Minister is on a visit to Japan from August 24 to 27, leading a business delegation of approximately 200 members. The four-day visit will cover Tokyo, Nagoya and Osaka, with representatives from key sectors including manufacturing, semiconductors, clean energy, steel, automobiles, financial services, healthcare and start-ups.
Japan's bilateral trade with India totaled USD 27.47 billion during FY 2025-26. Exports from Japan to India during this period were USD 21.43 billion and imports were USD 6.04 billion. Today, India ranks 14th in Japan's total trade with 1.75 per cent share while Japan ranks 10th in India's total trade with 2.26 per cent share.
India ranks 8th in Japan's total exports with 2.61 per cent share and Japan ranks 21st in India's total exports with 1.37 per cent share.
India ranks 22th in Japan's total imports with 0.98 per cent share and Japan ranks 10th in India's total imports with 2.76 per cent share. (ANI)
Piyush Goyal highlights India's growing semiconductor, AI, and data center markets at Japan bilateral meeting
