MVIRDC World Trade Center Mumbai organised a reception in honour of the Japanese trade mission in India. Mr. Fukahori Yasukata, Consul General of Japan in Mumbai graced the ocassion.

The event served as a platform to discuss the evolving bilateral economic relationship between India and Japan and identify the role of WTC Mumbai and Chambers of Commerce in facilitating trade, investment, technology and cultural exchange.

Mr. Yasukata highlighted the recent initiatives taken by both the countries to strengthen commercial cooperation. Both the countries are collaborating to enhance two-way trade and make their supply chain resilient. India and Japan are also partnering to support MSMEs by organizing skill training programs, networking sessions to identify potential business partners.

In his welcome remarks, Dr. Vijay Kalantri, Chairman, MVIRDC WTC Mumbai mentioned, “India is the fifth largest economy and Japan is the fourth largest economy. However, Japan is only the 15th largest trade partner of India. This reflects untapped potential to expand two-way trade and make Japan among the top five trade partners of India.”

Dr. Kalantri emphasized on the need to correct the imbalance in bilateral trade by increasing exports from India. He said, “Our bilateral trade stands at USD 21 billion, of which India exports USD 5.4 billion and it imports USD 16.5 billion. This leaves a trade deficit of USD 11 billion trade deficit with Japan. Both the countries can renegotiate existing free trade agreement (FTA) to promote India’s exports to Japan.”

India exports gem &Jewellery, electrical machinery, chemicals, pharma, automobiles, marine products, petroleum products etc. to Japan, while it imports machineries, copper, iron & steel, plastics, autocomponents, rubber and other products.

Japan is the fifth largest investor in Indiaand around 1,400 Japanese companies operate in India. Both countries are partnering in emerging areas such as semiconductor and digital technologies. Both countries have identified clean energy, healthcare, mobility, electric vehicles and aerospace as new areas of cooperation.

Dr. Kalantri suggested Japanese companies to invest in India and benefit from the large consumer market. India can also be a gateway for Japanese companies to UAE and Africa as India has a free trade agreement with UAE.

The event was organised jointly with All India Association of Industries (AIAI) and Indo-Japanese Association. Mr. Mehul Bhuva, President, Indo-Japanese Association highlighted the role of his organization in promoting bilateral trade and investment relations. The reception was attended by members of trade & industry, financial institutions, academia and consular corps.

(From left to right): Mr. Mehool Bhuva, President, Indo-Japan Association; Ms. Rupa Naik, Executive Director, MVIRDC WTC Mumbai; Ms. Sangeeta Jain, Senior Director, All India Association of Industries (AIAI); Mr. Vivek Phansalkar, Police Commissioner of Mumbai; Official from the Japanese Counsulate; Dr. Vijay Kalantri, Chairman, MVIRDC WTC Mumbai; Mrs. Megha Phansalkar; Mr. Fukahori Yasukata, Consul General of Japan in Mumbai; and Mr. Bipin Kumar Singh, IPS, DGl of Police & MD, Maharashtra State Security Corporation Mumbai.