Looking for opportunity in adversity
Many companies in China are relocating or setting up plants in other countries to cover geopolitical risks and the auto and components sector must bring those investments or tie up with them to produce in India, Kenichi Ayukawa, newly elected president of the Society of Indian Automobile Manufacturers (Siam), said on Saturday.
Speaking at the annual Acma convention, Ayukawa, who is the managing director and CEO of Maruti Suzuki India, said he would make efforts to organise some business exploration meetings with firms in Japan to push manufacturing in India.
Similar steps could also be taken up with South Korea, the US and European countries, while asking components makers to go for “maximum localisation of inner parts and raw material.
“There is opportunity in adversity. Many companies in China are setting up plants in other countries... We should bring those investments to India or tie up with them to produce in India,” he said.