New Delhi [India], August 18 (ANI): Union Commerce and Industry Minister Piyush Goyal on Tuesday said bilateral trade between India and Japan stood at around USD 27.5 billion in 2025-26 but remained only a fraction of the potential between the two countries.
Addressing a Japanese delegation at the UP-Japan Investment Meet 2026, Goyal said the bilateral relationship was backed by a target of 10 trillion yen in Japanese investment in India over the next decade.
"Our bilateral trade stands at around USD 27.5 billion in FY 2025-26, still fraction of our potential," Goyal said.
"It is indeed a great honour to welcome our friends from Japan this evening - a country that is not only admired for its culture of excellence and harmony but also cherished as one of India's closest partners in our shared journey of peace, progress and prosperity in the Indo-Pacific with institutional depth few bilateral relationships in the world can claim. Our friendship is reflected in the simplest of traditions, sharing of tea, ancient India shared chai with the world, Japan transformed this ocha into sadou - the tea ceremony where every encounter is treasured and every moment is valued," he said.
Highlighting the future areas of cooperation, the minister said the proposed investments would cover technologies and industries such as artificial intelligence, semiconductors, critical minerals, batteries, energy and next-generation mobility.
"Warmth and trust are at the heart of our relationship, and it is matched by strategic ambition with a clear number: 10 trillion yen of Japanese investment in India over the next decade, in technologies and industries that will shape our future, from AI & semicons to critical minerals, batteries, energy & next-generation mobility." he said.
Goyal said the India-Japan partnership already had a visible presence through projects such as the Mumbai-Ahmedabad High-Speed Rail and Japanese-assisted metro systems in Delhi, Ahmedabad, Bengaluru and Chennai.
He also pointed to the presence of 11 Japanese industrial townships across eight states.
Japan is currently India's fifth-largest source of foreign direct investment, with more than 1,400 Japanese companies operating in the country. These include companies such as Suzuki, Toyota and Honda in mobility, Sony in electronics, and Hitachi and Mitsubishi in engineering, the minister said.
Goyal said the strengths of India and Japan complement each other across manufacturing, agriculture, technology, infrastructure, energy, defence, green and blue economy, and civilisational soft power.
"This is not only a growth story but our pledge to become a trusted partner in global progress," he said.
The minister also pitched Uttar Pradesh as a priority destination for deeper Japanese investment, citing its ambition to become a USD 1 trillion economy, large consumer market, improving connectivity, industrial momentum and skilled workforce.
"UP offers a unique platform for Japan's technological strength and experienced mature demographic to meet India's young workforce and growing market," Goyal said.
Goyal said Uttar Pradesh is India's third-largest state economy, has more than nine million micro, small and medium enterprises and is the fifth-largest state exporter.
"Just three days ago, on 15th August, India celebrated its 80th Independence Day - a day that honours our past and inspires our future. PM Narendra Modi shared our vision of a developed India by 2047 through seven streams of national strength, 'Saptadhara'. 1) Manufacturing, 2) Agriculture, 3) Technology, 4) Infrastructure, 5) Energy and Defence, 6) Green and Blue Economy, 7) Our civilisational soft power. These very pillars of transformation are where the strengths of India and Japan complement each other," he said.
"This is not only a growth story but our pledge to become a trusted partner in global progress. As India targets the next level of global growth, Uttar Pradesh will be at the heart and under the strong and decisive visionary leadership of CM Yogi Adityanath, we have full confidence that the 1 Trillion Dollar economy that Uttar Pradesh aspires to be in the coming years will be at the centre point of our journey towards a developed India," he added.
The UP-Japan Investment Meet 2026, being held from August 18 to 23, is attended by more than 200 industrialists, chief executives, business leaders and policymakers from Japan. The Japanese delegation is led by Yamanashi Prefecture Governor Kotaro Nagasaki. (ANI)
India-Japan trade at USD 27.5 billion still a fraction of potential: Piyush Goyal
