Journalism of Courage
India, Japan eye joint investments in Africa for critical mineral supply, says FICCI President
Other sectors that are in focus include AI, data centres, shipbuilding, steel, and semiconductors, said FICCI President Anant Goenka
Union Commerce and Industry Minister Piyush Goyal in a group photograph with Ambassador of India to Japan Nagma Mohamed Mallick, MoS Minoru Kiuchi, Deputy Chief Cabinet Secretary Masanao Ozaki, Japan Bank for International Cooperation (JBIC) Chairman Tadashi Maeda, Japan External Trade Organization (JETRO) Chairman Norihiko Ishiguro and other delegates at India House, in Tokyo on Monday. (@PiyushGoyal X/ANI Photo)
As India and Japan recognise the world’s growing dependency on China for critical minerals, business leaders across the two countries are deliberating on the possibility of investing jointly in Africa to secure their supply and expand mining capabilities, said Anant Goenka, FICCI President and Vice Chairman of RPG Group.
“I think we can work jointly, whether it is negotiating together, sharing an opportunity with each other of whatever supplies that each have. Critical minerals are going to be short, and it is a challenge in the world and has been very critical. My experience is that either they are physically located in a few countries, or they have been blocked by a few countries. So, it’s going to be an important area that we have to focus on, whether it is mining capabilities or securing them for supplies,” said Goenka.
Over 200 business leaders from India are currently travelling to Japan along with the Commerce and Industry Minister Piyush Goyal, to explore avenues for investment and partnership.
Speaking to the media, Goenka said that the business-to-business meetings in Tokyo have been looking to explore joint venture partnerships and investment opportunities in India. He said there is both opportunity and excitement, and while investments in the recent past have come within the targeted time, they are now looking at the next phase of investment.
“Few sectors that we are focusing on are AI, data centres, shipbuilding, critical minerals, steel, and semiconductors,” he said, adding that the other area they have discussed is how to evolve and focus on MSMEs, and how Indian MSMEs can learn from Japan’s high-quality MSME industry and build capacity.
Goenka expressed concern while speaking on the issue of the widening trade deficit with Japan since the signing of the economic partnership agreement in 2011.
“It has been an area of concern. I think that the trade deficit has widened during this period, and it has been raised by the minister as well over the course of various conversations — that while trade has grown, it has primarily grown one way. So, we need to work on how to access Japanese markets, how we can make products with quality that match the standards of Japan. So, even Indian manufacturing has to scale up,” he said.
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The correspondent is in Tokyo at the invitation of FICCI.
© The Indian Express Pvt Ltd
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