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Tuesday, March 28, 2023

PM Modi Meets Top Business Leaders in Japan Ahead of the Quad Summit

Prime Minister Abe met Masayoshi Son, board director and founder of SoftBank Corporation, to express his gratitude for the company's contribution to the startup industry

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Transcontinental Times Staff
Transcontinental Times Staffhttps://www.transcontinentaltimes.com
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JAPAN: Prime Minister Narendra Modi met with executives from SoftBank, Suzuki, Fast Retailing, the parent company of Uniqlo, and NEC Corporation during his two-day visit to Japan for the Quad Summit.

In Tokyo, Prime Minister Abe met Masayoshi Son, board director and founder of SoftBank Corporation, to express his gratitude for the company’s contribution to the startup industry. They talked about the company’s future involvement in crucial areas like technology, energy, and finance.

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PM Modi and Son also talked about the various reforms that have been implemented to make doing business in India easier. SoftBank was given specific recommendations on how it may raise its investment.

The PM also met with Osamu Suzuki, Senior Advisor at Suzuki Motor Corporation. Suzuki’s involvement and accomplishments in the country and the company’s transformative role in the automobile sector was discussed by him.

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The applicants authorised under the Production Linked Incentives (PLI) scheme in the automobile and auto component industries included Suzuki Motor Gujarat Pvt Ltd and Maruti Suzuki India Ltd.

They also addressed future investment potential in India, such as the establishment of electric vehicle and battery manufacturing plants and recycling centres. Skills development through the Japan-India Institutes of Manufacturing (JIM) and Japanese Endowed Courses (JEC) were also explored as ways to strengthen the local innovation system.

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PM Modi also met with Dr. Nobuhiro Endo, Chairman of NEC Corporation, and praised the company’s contributions to India’s telecommunications industry, particularly the OFC projects between Chennai and the Andaman and Nicobar Islands (CANI) and Kochi and the Lakshadweep Islands (KLI). The Production Linked Incentive (PLI) scheme’s investment prospects were also explored.

Reforms to make it easier to do business in India, such as industrial development, taxation, and labour, as well as prospects in new and emerging technology, were also explored.

PM Modi also met with Tadashi Yanai, Chairman, President, and CEO of Fast Retailing, in Tokyo.

The rapidly expanding Indian textile and clothing sector was reviewed, and investment potential was under the Production Linked Incentive (PLI) plan.

Reforms in sectors such as industrial development, infrastructure, taxation, and labour were addressed in order to make it easier for foreign investors to do business.

Uniqlo’s increased involvement in India’s quest to become a textile manufacturing hub, notably the utilization of technology in textile manufacturing, was explored. PM Modi also invited Uniqlo to participate in the PM-Mitra textile-strengthening initiative.

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