Indo-Japanese SME association on the anvil
Japanese have a lot of money and technology but no market, while India is a growing market with less access to cash and lack of technology.
An Indo-Japanese SME association is on the anvil to help small businesses from Japan enter the Indian market with support of governments from both countries. Speaking at a conference here, Mehool N. Bhuva, President of 70-year-old Indo-Japanese Association in Mumbai said, Japanese SMEs must get into the Indian market and intensified efforts are the need of the hour to take the India-Japan business partnerships to the next level. “My goal is to form an Indo-Japanese SMEs association in Mumbai, taking in members from both countries' SME sectors, helping them deal with each other to form partnerships and enter the Indian market. “But progress of such an initiative needs strong support from the governments of both countries, especially help in overcoming barriers such as languages, cultures and visa issues,” Bhuva told PTI on the sidelines of the international conference organized by the US-based not-for-profit Entrepreneurs' Organization (EO).
Japanese have a lot of money and technology but no market, while India is a growing market with less access to cash and lack of technology, he added. He pointed out that Japanese Yen5 trillion (2019-24) investment is nearing completion in infrastructure, bullet train and the recently opened 21.8 km Mumbai Trans Harbour Link. He expects more Japanese investment in India especially following Japan's SMEs working in India in new sectors such as semiconductors, IT and healthcare as well as sprouting fintechs. Japanese financial institutions such as MUFG Bank and Mizuho Bank are also advising their clients on how to enter the Indian market, according to Bhuva.
As of now, 1,500 Japanese companies are working in India, mostly large corporations with global operations and banks, while China has the largest concentration of Japanese businesses, estimated at 20,000. Certainly, there is room to get more Japanese businesses into the vibrant Indian market. Right now, Japanese are also recruiting 51,000 IT engineers from India, the Philippines and Vietnam, said Bhuva who runs Mumbai-based consultancy Nichi Insurance Services Pvt Ltd and advises Japanese businesses on the Indian market. He has facilitated several deals including last year's USD 100 million investment by Mizuho Leasing Company in India's leading leasing company Rent Alpha. Bhuva was one of the 143 Indian delegates at the conference attended by 1,800 delegates from 65 countries. The event was held from April 22-24 here. The EO has 19,000 members. It connects and inspires entrepreneurs in their leadership journeys.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
11:09 AM IST