The 47th Japan-India Joint Economic Committee meeting was held in Tokyo on March 12th. At the meeting, Japanese committee member Yasunaga, along with 110 others including Mr. Cho, and 40 individuals including Mr. Kanwar, Chairman of the Indian side, participated, making a total of 150 attendees. The theme of the meeting was "Expanding Japan-India Economic Cooperation for the Pacific Ocean." Leading companies from both Japan and India engaged in lively discussions under the banner of "Free and Open India." At the conclusion of the meeting, a joint statement was adopted.

Prior to the joint committee meeting, Chairman Yasunaga, along with Co-chairman Relan and others, met with Minister of Economy, Trade, and Industry, Mr. Fuji. During this visit, they reviewed the progress of the Japan-India economic relationship to date and exchanged opinions regarding the direction of future cooperation, with a commitment to further expansion.

Date/Time: March 12, 2024, Tuesday, 13:30 - 18:00
Place: Tokyo Kaikan
Theme: "Expanding Japan-India Economic Cooperation for a Free and Open Indo-Pacific"
Attendees:
[Japan Side]
Tatsuo Yasunaga, Chairman, Japan-India Economic Committee (Chairman and Representative Director, Mitsui & Co., Ltd.)
Kazuo Koshi, Chairman of the Standing Committee of the Japan-India Economic Committee (Advisor, Mitsubishi UFJ Bank, Ltd.)
Other: A total of 110 people.
[Indian Side]
Onkar Kanwar, Chairman, India-Japan Economic Committee (Chairman, Apollo Tyres)
Rohit Relan, Co-Chairman, India-Japan Economic Committee (Chairman and President of Bharatsheet)
Other: A total of 40 people.
[Guests]
Sibi George, Ambassador of India to Japan
Ryo Nakamura, Director of Southern Asia, Ministry of Foreign Affairs
Takehiko Matsuo, Sandhya Brar, Director-General, Trade Policy Bureau, Ministry of Economy, Trade and Industry
Director-General, Industry Domestic Trade Promotion Bureau, Ministry of Commerce and Industry, India

Comments from President Hira at the Japan-India Joint Economic Committee meeting

Ryutora Hira, Chairman of the Indian Commerce and Industry Association in Japan and a hotel management intern, stated, 'In India, we have a rapidly expanding middle class. In recent years, the domestic consumer market has grown significantly, making it an increasingly attractive market for businesses, including those from Japan. This has led to Japanese companies expanding into India at an increasing rate. However, challenges such as poverty due to low wages, underdeveloped infrastructure, and a shortage of skilled workers are still being addressed.

Japan is India's foremost Official Development Assistance (ODA) donor and the fifth-largest foreign direct investor. The development of infrastructure, expansion of manufacturing, enhancement of domestic sales and exports by Japanese companies operating locally, creation of local employment, and human resource development are crucial. Furthermore, deepening mutual understanding between Japan and India through personnel exchanges, including tourism, and the employment and promotion of Indian personnel in Japan, is also a very important aspect.

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