Japan trade boost
India plans to increase shipments of pharmaceuticals, gems and jewellery and marine products to Japan.
“The current exports do not reflect the true potential of trade between India and Japan. The untapped export potential for Japan is more than $3 billion,” Fieo president S.K. Saraf said at a session on trade between India and Japan.
He said there was potential in sectors such as pharmaceuticals, gems and jewellery, marine products, rice, bovine meat, knitted t-shirts, ferro silicon, aluminium, which can be harnessed. At present, two-way trade between the two countries is around $17.6 billion in 2018-19 with India’s exports constituting $4.8 billion and imports amounting to $12.7 billion.
FIEO said Indian exporters should look into value added segment of exports which account for major imports into Japan. In many of the products, the share of India is extremely low.
FIEO launched India-Japan Business Group, an online platform, to promote interaction between business communities of India and Japan for promoting exports, imports and investment between the two countries.
It also signed an MoU with Japan-India Industry Promotion Association (JIIPA), a Tokyo based NPO affiliated to Tokyo Metropolitan Government, to promote trade between India & Japan. The MoU shall pave the way for greater cooperation and interaction between the two premier institutions.
Ajay Sahai, DG & CEO of FIEO said Indian exporters should look into value added segment of exports which account for major imports into Japan.
“In many of the products, the share of India is extremely low. India’s share in electric and electronic components (0.09%), machinery (0.36%), pharmaceutical (0.24%) and medical & surgical equipment (0.38%) requires massive improvement as combined imports of these products in Japan is over $250 billion,” he said.