In a communication to Commerce and Industry Minister Suresh Prabhu, the Ambassador said there was a significant increase in the number of companies in metal manufacturing and services.
“We have completed the annual survey of Japanese business establishments in India…the number of Japanese companies in India has reached 1,441 as of October 2018, which is an increase of 72 companies or 5 per cent as compared to the previous year,” Hiramatsu said.
He added that manufacturing sector accounts for half of the total Japanese companies.
The Ambassador said he would like the Indian leadership to resolve issues related to tax, customs, financial and capital regulations and infrastructure as it would help in achieving “our mutual goal of doubling the number of Japanese companies in India and foreign direct investment to India in five years”.
India has received USD 28.16 billion during April 2000 and June 2018.
The bilateral trade between the countries has increased to USD 15.7 billion in 2017-18 from USD 13.6 billion in 2016-17. Trade gap is in favour of Japan.
Both countries have also implemented a free trade agreement (FTA) in August 2012.
Under an FTA, duties on most of the products, traded between the countries, are either eliminated or reduced sharply.