Japanese Textile Companies Look to Boost Investment, Sourcing from India: Goyal

New Delhi, Aug 27 (KNN) Commerce and Industry Minister Piyush Goyal said Japanese textile companies, including Uniqlo, are looking to increase investment in India and source more products from the country for their markets.

Goyal made the remarks after meeting Tadashi Yanai, Chairman, President and CEO of Fast Retailing Co Ltd and Uniqlo, in Tokyo. The discussions covered potential cooperation in retail, manufacturing and sustainable business practices, according to PTI

"My meetings today with some of the largest importers and marketing companies of textiles, gives me the confidence that we will see a larger presence in India both as investment to expand their business in India and to source from India for Japan and for the 3,500 or 4,000 stores that one company has with a USD 25 billion turnover or USD 4 trillion yen turnover, one company has - Uniqlo," Goyal told reporters.

He said Indian textile companies are showing greater interest in understanding Japanese requirements related to materials, clothing styles and sizing, while noting that the Japanese market has high quality standards.

Uniqlo, which entered India in October 2019, operates more than 20 stores in the country and became profitable in FY22.

Goyal also said Indian businesses need to meet stringent quality and hygiene standards to expand exports to Japan, particularly in the food sector.

"Every country has the right to have strong regulations, including on food items. After all, Maharashtra Food and Drug Administration (FDA) Commissioner and senior IAS officer Tukaram Munde is also implementing our regulations in Maharashtra, and we are very happy that ultimately, as consumers, we want hygienic food and high-quality food," Goyal said.

(KNN Bureau)