Japan Inc is betting big on India as China risks deepen
Summary
Japan is increasing its investments and business activities in India as it faces slowing growth and tensions in China. Japanese companies, including big retailers and banks, are expanding their presence in India, signing deals worth billions of dollars in sectors like finance, retail, and technology.Key Facts
- India’s commerce minister led the biggest Japanese business group visit to strengthen trade ties.
- Japanese brands like Uniqlo, Muji, and Onitsuka Tiger are rapidly expanding in Indian cities.
- Japanese banks are buying major stakes in Indian financial companies, with a $4.4bn deal for Shriram Finance and a large shareholding in Yes Bank.
- Over 100 Japanese firms run global capability centers in India, focusing on important jobs like research and AI development.
- Japan’s local market is shrinking due to population decline, making India a key growth market.
- Investment in China by Japanese firms has dropped because of political and economic problems.
- Indian Prime Minister Modi and Japan have a "special strategic and global partnership" aimed at boosting business ties.
- In July, Japanese companies announced $12.5bn in new investments in India across various sectors during the Japanese Prime Minister's visit.
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