More Japanese firms may invest

Vijay C Roy

Mohali, February 23

If everything goes well, Punjab will have more diversified Japanese businesses in the near future. Japan’s apex industrial body Japan External Trade Organisation (JETRO) today said it would work on strengthening investment promotional activities to encourage further investments in Punjab.

The assurance

In Punjab, we have around 70 Japanese businesses. We need to promote and bring more Japanese MSMEs to the state. Takashi Suzuki, Chief Director General, Jetro India

“In Punjab, we have around 70 Japanese businesses. The number is much less than that for Rajasthan, Haryana and Delhi. So, we need to have more diversified business in the state. We also need to promote and bring more Japanese MSMEs to Punjab,” said Takashi Suzuki, chief director general, JETRO India.

The organisation would advise the Japanese companies to explore possibilities in Punjab because of incentives and opportunities.

He was speaking during the Japan Partner Country session held on the first day of the summit. The broad contours of discussion included the investor friendly climate in Punjab that includes beneficial government policies, excellent connectivity, logistics infrastructure and facilitation by the Punjab Bureau of Investment Promotion.

Meanwhile, Aman Arora, who was presiding over the session, said ensuring the ease of doing business, creating suitable employment opportunities, providing access to quality infrastructure and ensuring transparency in governance are the top priorities of the state government. Arora said Punjab-based industrial units had already entered into many successful collaborations with Japanese enterprises, including Aichi Steels (Steel Arm of Toyota), Yanmar, SML ISUZU, Toppan, Mitsui Co., Gunma Seiko and Koyo.

Yanmar Holding owns over 30 per cent stake in International Tractors Limited, which markets its tractors under the brand name Sonalika.

Japanese company Oji Holding Corporation, a global leader in paper and packaging, acquired 80 per cent shares in Punjab-based Empire Packages Private Limited in 2021, which provides services to several Fortune-500 companies and large FMCG companies in North India.

Meanwhile, Mitsui & Co Ltd on Wednesday said it would invest more in Punjab Renewable Energy Systems (P) Limited (PRESPL), one of the leading biomass supply-chain management companies in India. It has already invested $5 million in the facility.