Responding to an industry representative who raised the issue of increasing basmati rice exports to Japan, Goyal said India would need to engage with Japanese authorities as rice remains a sensitive sector in the country.
“We in the government will have to work on it and will have to talk to the Japanese government. There are several areas which are sensitive for each country, and to the best of my knowledge, rice is a sensitive area in Japan,” he said.
Goyal noted that Japan restricts the quantity of rice that can be imported, with duties imposed on imports beyond the permitted quantity.
“We will talk to the Japanese government when we review the CEPA (Comprehensive Economic Partnership Agreement) and see what more areas of mutual cooperation (can be explored)…and in the food sector,” Goyal said.
He said processed food could offer significant opportunities for Indian exporters, provided they comply with Japanese quality and safety standards.
“Good processed food offers a lot of opportunities. (Indian exporters) have to meet standards and export,” he said.India has been seeking to diversify and expand its agricultural and processed food exports to high-value markets, with the review of the CEPA offering an opportunity to identify areas for greater market access and bilateral cooperation.
Goyal also highlighted India’s manufacturing push, saying the country was focusing on building the entire manufacturing ecosystem rather than merely assembling products.
He said India had been investing USD 130 billion annually in infrastructure creation over the past three years and planned to maintain the pace for many more years.
“We have brought in new inland waterways, we have electrified the railways nearly 100 per cent, and we are modernising our rail infrastructure; we have high-speed trains, including setting up the first bullet train, in partnership with Japan; the Shinkansen is coming to India,” he said.
300,000 Indians
Goyal said Japanese Prime Minister Sanae Takaichi had indicated that Japan would welcome 300,000 Indians in different roles and areas of economic activity to support the country’s growth and industry.
Goyal concluded his four-day visit to Japan on August 27. His engagements focused on attracting investment, strengthening resilient supply chains, advancing technology partnerships and creating new opportunities for business-to-business collaboration between India and Japan.
Mobilising long-term Japanese institutional capital for India was a key focus of the visit.
The minister held discussions with leading Japanese financial institutions, including MUFG, Mizuho, Nomura, Nippon Life, Development Bank of Japan and Morgan Stanley MUFG Securities, besides other major investment and financial institutions, the commerce ministry said in a statement.
“The discussions explored opportunities to deepen capital flows into India and support the country’s expanding infrastructure, manufacturing, technology and financial ecosystem,” it said.
The discussions also covered infrastructure requirements such as reliable power, ultra-pure water, skilled manpower and social infrastructure in emerging semiconductor clusters, including Dholera and Sanand.