‘Japanese companies to invest 5 trillion yen in India by 2027’

Ahmedabad: Japanese companies are all set to invest 5 trillion yen in India by 2027, according to the Consul General of Japan in Mumbai, Dr Yasukata Fukahori, said. He was in Ahmedabad on Friday to inaugurate the Japan Cultural Centre at the Ahmedabad Management Association (AMA). “Being Prime Minister Narendra Modi’s home state and the birthplace of corporate giants like Adani and Reliance Group, Gujarat will certainly be a preferred destination in India for Japanese companies to make investments. It is the second largest exporting state after Maharashtra and better port connectivity will only aid manufacturing companies from Japan,” Fukahori said.According to him, at least 150 Japanese companies are present in Gujarat, of which 50 are in Ahmedabad. “Several Japanese manufacturing units are looking to shift base out of China as it is difficult to sustain operations there. In such a situation, India is the next best option available to Japanese firms to set up their manufacturing facilities. As far as Gujarat is concerned, automobiles, chemicals and electric appliance manufacturing will be the key sectors which will attract investments from Japan,” he further explained. “We are also looking at GIFT-IFSC for investments in the fintech sector. GIFT City already has the presence of Japanese banks which are operating their IFSC banking units from there,” he added. Speaking about the Japan Cultural Centre, Mukesh Patel, president, Indo Japan Friendship Association (IJFA), said, “Over the years, the Japan Centre at AMA has enjoyed widespread recognition and goodwill for their vision and mission of making Gujarat the mini-Japan of India. The Japan Cultural Centre is expected to serve as a catalyst in further strengthening the bond between Japan and India, particularly Gujarat.” An exhibition of selected photos from ‘The Indo-Japan Foto-Fest Contest’ was also launched at the centre by the consul general. Ajay Patel, chairman of Gujarat State Co-operative Bank and Ahmedabad District Co-Operative Bank, and Takehiko Furukawa, Director General of JETRO Ahmedabad, attended the event, a release said.