Japanese Prime Minister Fumio Kishida's Visit to New Delhi
In a significant diplomatic stride, Japanese Prime Minister Fumio Kishida has embarked on a visit to New Delhi, setting the stage for an exploration of diverse avenues to enhance bilateral ties between Japan and India. This visit holds immense promise, encompassing crucial sectors such as trade and investment, high technology, defense, and security.
Anticipation in the Indian Startup Community
The Indian startup community is abuzz with anticipation, eagerly awaiting announcements from Prime Minister Kishida regarding strategies to bolster trade and investment ties between the two nations. The enthusiasm stems from a growing trend of interest exhibited by prominent Japanese corporations in investing in the Indian startup sector.
Japanese Corporate Giants and Their Indian Ventures
Leading Japanese conglomerates, including Suzuki, Toshiba, Toyota, and Denso, have already initiated collaborations with Indian startups. These partnerships span diverse domains, including health-tech, digital infrastructure, and renewable energy. Toyota Tsusho, a subsidiary of the Toyota Group, has made significant investments in India's largest new and used car marketplace, Droom Technology, as well as in Super Highway Lab, a medium to long-distance bus app.
Prime Minister Kishida's Agenda in New Delhi
During his visit, Prime Minister Kishida and his Indian counterpart, Prime Minister Narendra Modi, will engage in discussions regarding the priorities for India's presidency of the G20 Summit and Japan's presidency of the G7. The anticipated 27-hour visit will include the unveiling of Kishida's 'Free and Open Indo-Pacific Plan for Peace' during a lecture at a prominent think-tank.
India-Japan Relations: A Special Strategic and Global Partnership
The visit underscores the special and robust strategic partnership between India and Japan, which has evolved significantly over the years. From the elevation to a 'Global Partnership' in 2000, to a 'Strategic and Global Partnership' in 2006, and ultimately to a 'Special Strategic and Global Partnership' in 2014, the depth of collaboration is evident.
Trade Statistics Reflecting Bilateral Strength
Trade between India and Japan reached a substantial USD 20.57 billion during FY 2021-22. Notably, Japan's exports to India accounted for USD 14.39 billion, while imports stood at USD 6.18 billion. These figures highlight the substantial economic interdependence between the two nations, with Japan being a significant contributor to India's imports and vice versa.
Initiatives to Boost Startup Ecosystem
Recognizing the importance of fostering innovation, India and Japan have jointly undertaken initiatives to boost the startup ecosystem in both countries. A pivotal partnership agreement between the Ministry of Electronics and Information Technology (MeitY) and Jetro was inked in 2020, aiming to support Japanese tech startups in India through sector-specific tech assistance.
The Collaborative Thrust: India-Japan Startup Hub
In 2018, India and Japan collaboratively established a startup hub, fostering collaborations between startups, investors, incubators, and aspiring entrepreneurs from both nations. This initiative provides essential resources for market entry and global expansion, further solidifying the foundation of bilateral economic cooperation.
In conclusion, Prime Minister Kishida's visit marks a crucial juncture in the ongoing saga of the special relationship between India and Japan. As the leaders delve into discussions spanning economic, technological, and strategic realms, the prospect of enhanced cooperation and shared prosperity looms large on the horizon. The evolving landscape of India-Japan relations reflects not just a bilateral alliance but a beacon of stability and growth in the broader Indo-Pacific region.
