Indo-Japanese SME Association under consideration

An Indo-Japanese SME Association is under consideration to help small businesses from Japan enter the Indian market in collaboration with the governments of both the countries. Speaking at a conference here, Mehul N Bhuva, president of the 70-year-old Indo-Japanese Association in Mumbai, said Japanese SMEs should come to the Indian market and intensive efforts to take India-Japan trade forward are the need of the hour. Partnership to the next level. “My aim is to create an Indo-Japanese SME Association in Mumbai, involving members from the SME sectors of both countries, helping them build partnerships with each other and enter the Indian market. “But such an initiative needs strong support from the governments of both the countries to progress, especially on issues of languages, cultures and visa issues,” Bhuva told PTI on the sidelines of an international conference organized by the US-based NGO. “Entrepreneurial for-profit organizations (EOs).”

He said the Japanese have a lot of money and technology but no market, while India is a growing market with low access to cash and lack of technology. He said an investment of JPY 5 trillion (2019-24) in infrastructure, bullet train and the recently opened 21.8 km long Mumbai Trans Harbor Link is nearing completion. He expects more Japanese investment in India, especially after Japan’s SMEs operating in new sectors like semiconductor, IT and healthcare as well as emerging fintechs in India. According to Bhuva, Japanese financial institutions like MUFG Bank and Mizuho Bank are also advising their clients to enter the Indian market.

As of now, 1,500 Japanese companies are operating in India, most of which are large corporations with global operations and banks, while China has the largest concentration of Japanese businesses, estimated at 20,000. Certainly, there is scope to bring more Japanese businesses into the vibrant Indian market. Right now, the 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 in the Indian market. He has facilitated several deals, including last year’s US$100 million investment by Mizuho Leasing Company in Rent Alpha, India’s leading leasing company. Bhuva was one of 143 Indian delegates to the conference, which was attended by 1,800 delegates from 65 countries. The event was held here from 22-24 April. EO has 19,000 members. It connects and inspires entrepreneurs in their leadership journey.