Ahead of Quad summit, PM Modi meets top Japanese businessmen in Tokyo
23 May, 2022 | Pravina Srivastava
Prime Minister Narendra Modi asked Tadashi Yanai, the CEO of Fast Retailing, the parent company of Uniqlo, to join India's journey to become a textile manufacturing hub
Prime Minister Narendra Modi invited Tadashi Yanai, the CEO of Fast Retailing, the parent company of Uniqlo, to become a textile manufacturing hub, suggesting increased business & investment opportunities.
While Yanai praised Indians’ entrepreneurial spirit, PM Modi spoke with him about Uniqlo’s expanding footprint in India and investment potential in textile manufacturing through the Production Linked Incentive (PLI) plan.
They also talked about how different changes are being implemented to make it easier for foreign investors to do business in India, such as in the areas of industrial growth, infrastructure, taxation, and labour.
In a tweet, the Prime Minister’s Office (PMO) stated, “Mr. Tadashi Yanai, Chairman, President, and CEO of @UNIQLO JP, talked with PM @narendramodi. Mr. Yanai praised the Indian people’s business spirit. Mr. Yanai was invited to participate in the PM-Mitra project, which aims to improve the textiles sector.”
During the discussion, they addressed India’s fast-increasing textile and apparel market, as well as investment potential in the textile sector under the PLI scheme.
In a statement, the Ministry of External Affairs (MEA) said, “They also reviewed various reforms being done to allow ease of doing business for foreign investors in India, notably in the areas of industrial development, infrastructure, taxation, and labour.”
MEA further stated “Uniqlo’s increased participation in India’s quest to becoming a textile manufacturing hub, notably in the application of innovations in textile manufacturing, was invited by the Prime Minister. Uniqlo was also invited to participate in the PM-Mitra project, which aims to boost the textiles sector.”
PM Modi also met with Dr. Nobuhiro Endo, Chairman of NEC Corporation, prior to this meeting. The Prime Minister praised NEC’s contribution to India’s telecommunications industry, particularly its work on the OFC projects between Chennai and the Andaman and Nicobar Islands (CANI) and Kochi and the Lakshadweep Islands (KLI).
According to the MEA, they reviewed numerous reforms being implemented to make it easier to do business in India, notably in the areas of industrial growth, taxation, and labour. They also addressed new and developing technology prospects in India.
However, PM will meet with Japanese Prime Minister Fumio Kishida in a bilateral meeting. PM Modi is expected to attend the second Quad Leaders’ Summit in person, which will allow the leaders of the four Quad countries to assess the success of Quad programmes.
PM will attend a business event with Japanese business leaders and address and meet with the Indian community in Japan during his visit.
Meanwhile, Prime Minister Narendra Modi will also attend an Indo-Pacific economic framework meeting (IPEF) launched by Biden.