The Japan External Trade Organization, JETRO, an official promotion body for trade and investment with 73 overseas offices in 55 countries, has undertaken a major initiative to boost bilateral trade and investment between India and Japan. In order to promote Maharashtra as a major investment destination, JETRO Mumbai signed a memorandum of understanding (MoU) with Maharashtra Industrial Development Corporation (MIDC), supporting them to develop the new industrial zone in Pune exclusively for Japanese manufactures.
JETRO Mumbai believes that Pune, being home to large automobile companies such as Tata Motors, Bajaj Auto, Mahindra Two-Wheelers, Force Motors and international auto giants such as Mercedes-Benz, General Motors, Volkswagen and Fiat etc, is a potential area for auto components sourcing with huge consumer market.
Speaking on the occasion, Mr. Takehiko Furukawa, Director General, JETRO Mumbai, said,“Japanese companies are noticing huge business opportunities in Pune, and the flourishing automobile industry in this region provides a major investment opportunity for Japanese auto component manufacturers in the proposed industrial zone.”
JETRO expects automobile sales to remain strong going ahead and Japanese auto component companies can play a huge role by improving supplies in the Indian automobile market. With support from Mahratta Chamber of Commerce, Industries and Agriculture (MCCIA) and Automotive Component Manufacturers Association (ACMA), JETRO has organized this event for Indian and Japanese auto makers to expand their business in Pune.
A delegation comprising of 25 Japanese auto component companies and affiliates participated at the event to explore investment, trade and technical alliance related opportunities. Several auto part manufacturing companies, including, BEST Corporation, Yamaha Corporation, Panasonic Automotive Systems India, Toyo Ink India were part of the event to discuss market development of automobile parts.
These Japanese companies displayed cutting edge auto ancillary products such as original equipment manufacturers, oil pump body, fuel tube, wiring harness, turbine impeller nozzle, cushion, gasket, plastic colorant, drycoat, stainless steel pipe, glass tube, etc.
In addition, several Japanese auto companies such as Suzuki Motors, Honda Motor Company, Toyota India have sizeable presence in India, and establishment of Japanese auto component units in Pune will largely facilitate international auto majors to bring down import dependency and vastly help them source auto parts from the proposed industrial zone.