Karnataka keen on furthering trade relations with Japan: Minister

PTI, Feb 24, 2024, 8:23 AM IST

Karnataka Large and Medium Industries Minister M B Patil on Friday said that the state government intends to strengthen its collaboration with Japan in auto & auto components, engineering & machine tools, chemicals, innovation and R&D sectors, among others.

Participating in the Japanese National Day celebrations organised by the Japanese embassy on the occasion of the birthday of Emperor Naruhito, the minister stated that Karnataka proudly stands as India’s premier investment destination.

Patil said that Karnataka and Japan continue to foster a strong relationship, especially in the areas of trade and FDI. Japan is the fifth largest investor in the Indian economy. Karnataka is home to over 525 Japanese companies operating across industry sectors, with around 70 companies having an active manufacturing presence in the state. Japanese presence in Karnataka includes Toyota, Hitachi, Makita, Makino, Mitsubishi Heavy Industries, and Honda, among many others, he said.

Noting that Karnataka has set up a dedicated Japanese Industrial Township in Tumakuru district, the minister said the township, which is a testimony to evolved bilateral trade relations, provides world-class infrastructure facilities for industries. ”Furthermore, we also have the Japan India Startup Hub, an online platform to bridge the gap between Indian and Japanese startup ecosystems to ensure enabling meaningful synergies for promoting joint innovation in both economies,” he added.