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Mumbai, India - On July 10, 2024, the Indo-Japan Business Council (IJBC) hosted its 3rd Edition of the India Japan Business Conference in Mumbai. The theme of the event was “Synergizing Growth: Empowering Small and Medium Enterprises (SMEs) through Indo-Japan Collaboration.”
The conference commenced with inspiring addresses from the esteemed Guest of Honor, Koji Yagi, Consul-General, Consulate of Japan in Mumbai. He provided valuable insights into the current state of Indo-Japan relations and the significance of SME collaboration in furthering this strategic partnership. He also shared various initiatives from the Government of Japan to foster SME ties between both countries and recognized the Embassy of India's SME Cell in Tokyo, which is engaged in promoting SME collaboration between India and Japan.
Rajendra Prasad Narla, Archivist at the Tata Central Archives, took the audience on a historical journey, highlighting the long-standing trade and economic ties between India and Japan. He emphasized the immense contribution of Tata Sons in strengthening these ties.
Ranjit Barthakur, Chairman of the Global Investor’s Summit 2024, Government of Assam, emphasized the importance of integrating sustainable practices into future collaborations between Indian and Japanese SMEs. He demonstrated the tremendous potential of the North Eastern Region of India and why Japanese companies should consider NER for their next round of investments.
These opening remarks set the stage for a day filled with knowledge sharing and thought-provoking discussions.
The launch of the India-Japan Bilingual Directory by Consul-General Yagi and IJBC President Deshmukh marked a significant milestone. This essential resource, a product of much collaboration, served as a valuable tool for SMEs on both sides, bridging the communication gap and facilitating cross-border collaboration.
The conference featured insightful keynote addresses. Takamitsu Kajii and Prateek Gupta of Sumitomo Mitsui Financial Group shed light on leveraging India-Japan synergies for SME transformation. Their expertise in financial services and the Indian market provided valuable insights for companies seeking to expand their operations in India.
Bhupendra Singh, Chairman of the IJBC Professional Advisory and Governance Committee, introduced the committee, comprised of distinguished professionals committed to providing expert guidance to enterprises embarking on their cross-border journeys. Their guidance was instrumental in ensuring the success of future collaborations.
The panel discussion on "Technology and Innovation: Bridging the Gap for SMEs" provided a platform for industry leaders to share their perspectives. Jitendra Divgi highlighted the importance of adopting cutting-edge technologies to enhance efficiency and productivity.
Kenta Yoshida from Ganesha Fund MUFJ emphasized the role of financial institutions in supporting innovation-driven SMEs and startups. Mehak Ahuja, a PhD student at the Indian Institute of Science, brought an academic perspective to the discussion, focusing on the need for a strong Intellectual Property (IP) regime and a push towards sustainability that encourages research and development in SMEs. Key industrial areas of collaboration that emerged from this panel discussion included medical and healthcare, machine tooling, and fintech.
The conference wasn't just about theory. The success story shared by Puran Singh of EF Polymer Private Limited showcased a real-life example of how an Indian Agri Chemical startup received support from a Japanese incubator and created a multinational company run by Indians from Japan, employing 60 people across four countries.
Vaibhav Mittal of Reliance MET City offered a glimpse into the Japan Industrial Township project, a dedicated space designed to foster the growth of Japanese companies in India. This presentation sparked the interest of many attendees, particularly those Japanese companies considering establishing or increasing their footprint in India.
The fireside chat with Sunil Kulkarni, CEO of Fidel Softtech, offered practical guidance for Indian SMEs navigating market entry in Japan. He shared his entrepreneurial journey, highlighting the importance of cultural sensitivity, market understanding, and building strong relationships with local partners. The learnings from his experience were invaluable for aspiring Indian IT entrepreneurs looking to tap into the Japanese market.
The introduction of the IJBC North East Region Committee by Rajeev Gupta further strengthened the council's commitment to promoting cross-border collaboration across all regions of India. This committee played a crucial role in identifying and nurturing potential partnerships between SMEs in the North Eastern states of India and their counterparts in Japan.
Kunro Hino of JICA shared valuable insights into their initiatives for enhancing ties between Japanese and Indian SMEs. JICA's programs and resources provided significant support to aspiring entrepreneurs on both sides. The commitment to fostering this crucial partnership was greatly appreciated.
Sudhir Jaiswal introduced the IJBC Higher Education Research Committee, highlighting the importance of academic collaboration in building a strong foundation for future business partnerships. This committee bridged the gap between academia and industry, fostering research and development that addressed the specific societal and economic needs of both countries.
The insightful panel discussion on "Cultural Adaptation and Business Etiquette" provided vital guidance for navigating cultural nuances in both India and Japan. Industry veterans like Siddharth Deshmukh, Manabu Takahashi, Atul Parekh, and Nupur Tiwari shared their practical experiences and best practices for successful cross-border collaboration. Their insights shed light on the importance of understanding cultural differences, effective communication strategies, patience, compassion, and building trust in cross-cultural business settings.
Sustainability was a key parameter for making a world that was livable for future generations. Rushabh (founder) House of RS showed how his company used waste plastic to convert it into usable clothing. It exemplified an Indian enterprise in sustainability, perfect for collaboration with a Japanese counterpart.
Finally, the inspiring journey of Vivek Sidhu and Bijendra Kadyan, Co-founder Kuruma Travels about conquering business with Japanese companies in India through their dedication, commitment, hard work, and most importantly, listening to customer voices and continuously improving their services was shared.
This conference witnessed not only high-level dialogues but also multiple practical case studies that were extremely helpful for participants promoting business collaboration between India and Japan.
Beyond the specific sectors discussed during the conference, there were vast opportunities for collaboration between Indian and Japanese SMEs in several key areas. Imagine Indian startups partnering with Japanese tech giants to develop next-generation agricultural solutions, smart city infrastructure, or medical and healthcare solutions. Collaboration on cutting-edge technologies like artificial intelligence, IoT, and robotics could propel both nations forward in the global innovation race.
India and Japan were both prone to natural calamities. Collaboration between organizations in these countries could lead to the development of innovative disaster preparedness and mitigation solutions. Sharing best practices and co-developing early warning systems could be mutually beneficial.
With a shared focus on clean energy solutions, Indian and Japanese companies could collaborate on renewable energy technologies like solar, offshore wind, hydrogen, and geothermal power. This joint effort could contribute to a sustainable future for both nations and mitigate the effects of climate change.
However, this journey would not be easy for either India or Japan. To realize the tremendous potential of India-Japan collaboration, more bilateral dialogues at different levels were necessary: government to government, academia to academia, enterprise to enterprise, student to student, and so on. Stronger people-to-people connections, better understanding of each other’s cultural sensitivities, and mutual respect would ensure that greater ties between India and Japan were created, which was essential for a peaceful Southeast Asia.
The philosophy of collaborating, co-innovating, and co-creating should guide in establishing long-term sustainable bilateral business ties that would shape the future economies of both democratic nations, India and Japan.
Abhishek Chaudhary, Vice President - IJBC, in his concluding statement urged to carry the successful momentum created by the conference forward. The roadmap for Indo-Japan SME collaboration had been clearly defined. Valuable insights were gained, connections established, and potential partners identified. Now, it was time to translate these learnings into concrete action.
The IJBC would continue to be a catalyst for fostering connections, providing resources, and advocating for policies that supported the growth of Indo-Japan SME partnerships. Everyone was encouraged to stay connected through the IJBC website and social media channels. Updates on upcoming events, industry insights, and success stories that would further inspire and empower on the collaborative journey would be shared.
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