India plans deeper trade and investment engagement with Japan

Commerce and industry minister Piyush Goyal is set to step up trade and investment engagement with Japan, which the Indian government views as a key strategic partner, especially in high-technology manufacturing and next-generation industries, according to a report from Tokyo.

Dedicated sessions are planned on semiconductors, artificial intelligence and startups, along with meetings with foreign institutional investors. The report said Japan has increased investment in India in recent years, particularly in financial services, citing Mitsubishi UFJ Financial Group's purchase into Shriram Finance and Mizuho's acquisition of a majority stake in Avendus.

Japan and India have also been seeking to strengthen ties and take on China in areas such as lithium-ion batteries through collaborations. However, last year Japan slipped to fifth place among global foreign direct investors in India, the report said.