India Japan Business Conference in Mumbai Highlights SME Collaboration for Growth  

MUMBAI: The 3^rd Edition of India Japan Business Conference at Mumbai. marked a significant milestone in exploring the collaborative potential between Indian and Japanese SMEs and startups. ,Organized by the Indo-Japan Business Council (IJBC) on 10^th of July, the event titled ‘Synergising Growth: Empowering Small and Medium Enterprises (SMEs) through Indo-Japan Collaboration’ embarked on a stimulating journey, exploring the immense potential for collaboration between Indian and Japanese SMEs and startups. .

Key takeaways of the conference included the importance of sustainable practices, technology adoption, and cultural sensitivity in cross-border partnerships, as well as practical guidance for SMEs looking to expand operations and foster innovation through collaborative efforts.

The conference opened with insightful addresses from esteemed guests, including Koji Yagi, Consul-General of Japan in Mumbai, and Rajendra Prasad Narla, Archivist at the Tata Central Archives. Their speeches highlighted the importance of SME collaboration in strengthening Indo-Japan relations and integrating sustainable practices. The launch of the India-Japan Bilingual Directory further underscored the commitment to fostering bilateral SME ties. The event featured keynote addresses, panel discussions, and practical case studies, emphasizing technology, innovation, and cultural adaptation as key areas for collaboration.

On the onset, Koji Yagi 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 Government of Japan to foster SME ties between both the countries. Nonetheless, he also recognized and mentioned the Embassy of India’s SME Cell in Tokyo, which is engaged in promoting SME collaboration between India and Japan. 

Rajendra Prasad Narla took the participants on a historical journey, highlighting the long-standing trade and economic ties between India and Japan and the contribution of TATA Sons in strengthening this tie is immense.

Ranjit Barthakur, Chairman, 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 tremendous potential of North Eastern Region of India and why Japanese companies should look at 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-san and President of IJBC, Deshmukh-san marked a significant milestone. This essential resource, a product of much collaboration, will serve as a valuable tool for SMEs on both sides. It will bridge the communication gap, making it easier for Indian and Japanese Enterprises to find potential bi-lingual partners and navigate the complexities of 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 on financial services and the Indian market provided valuable insights for companies seeking to expand their operations in India.

The participants were introduced to the IJBC Professional Advisory and Governance Committee by Bhupendra Singh, its Chairman. This committee, comprised of distinguished professionals, signifies the IJBC’s commitment to providing expert guidance to enterprises embarking on their cross-border journeys. Their guidance will be 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. Yoshida san emphasized the role of financial institutions in supporting innovation-driven SMEs and Startups. Ms. Mehak Ahuja, a PhD student at the Indian Institute of Science, brought an academic perspective to the discussion, focusing on the need strong IP regime and push towards sustainability that encourage research and development in SMEs. Key industrial areas of collaboration emerge out of this panel discussion are medical and healthcare, machine tooling and fintech. 

The conference was inspired by the success story shared by Puran Singh of EF Polymer Private Limited. He showcased a real-life example of how an Indian Agri Chemical startup got support from Japanese incubator and created a multinational company run by Indians from Japan and employing 60 people across four countries.

The incredible success story of Puran Singh and his partner Ankit Singh who found the space in the Forbes Under 30 Asia 30, was featured in the June 2024 edition of the Asian Community News (ACN) magazine also. The ACN magazine carried the photos of the duo on its front page.   

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 who are considering establishing or increasing their footprint in India.

The fireside chat with Sunil Kulkarni, CEO of Fiedel 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 will play 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 will provide significant support to aspiring entrepreneurs on both sides. We are grateful for their commitment to fostering this crucial partnership.

The introduction of the IJBC Higher Education Research Committee by Sudhir Jaiswal highlighted the importance of academic collaboration in building a strong foundation for future business partnerships. This committee will bridge the gap between academia and industry, fostering research and development that addresses 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 Mr. Siddharth Deshmukh, Manabu Takahashi, and 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, being patient and compassionate and building trust in cross-cultural business settings.

Sustainability is a key parameter for making a world that is livable for our future generations. Rushabh from House of RS showed us how his company uses waste plastic and convert them into useable clothing for all. It is an excellent example of an Indian enterprise in the domain of sustainability who is a perfect candidate for successful collaboration with a potential Japanese counterpart.

Finally, we listened to the inspiring journey of the duo Vivek Sudhu and Bijendra Singh of KURUMA Travels Pvt Ltd about conquering business with Japanese companies in India through their dedication, commitment, hard word and most importantly listening to customer voice and keep on improving the service.

This conference witnessed not only high level dialogues but also multiple practical case studies that will be extremely helpful for the participants who are here to promote business collaboration between both India and Japan.

Beyond the specific sectors discussed during the conference, there are 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 or smart city infrastructure or medical and healthcare solutions. This type of collaboration on cutting-edge technologies like artificial intelligence, IoT, and robotics can propel both nations forward in the global innovation race.

India and Japan are both prone to natural calamities. Collaboration between organisations in these countries can lead to the development of innovative disaster preparedness and mitigation solutions. Sharing best practices and co-developing early warning systems can be mutually beneficial.

With a shared focus on clean energy solutions, Indian and Japanese companies can collaborate on renewable energy technologies like solar, off shore wind, hydrogen as well as geothermal power. This joint effort can contribute to a sustainable future for both nations and mitigate the effects of climate change.

Having said this, it will neither be an easy journey for India nor Japan. To realise the tremendous potential of India-Japan collaboration we will have to promote more and more bi-lateral dialogues at different levels. Govt. to Govt, Academia to Academia, Enterprises to Enterprise, Student to Student and so on. Stronger people to people connect, better understanding of each other’s cultural sensitivity and mutual respect will ensure that we are creating greater ties between India and Japan which is extremely essential for a peaceful south east Asia.

The philosophy of collaborate, co-innovate and co-create should be the guiding light for creating a long term sustainable bi-lateral business ties that will shape future economies of both the democratic nations India and Japan.

In a press statement, the IJBC said, “As we conclude this conference, we carry forward the momentum it has generated. The roadmap for Indo-Japan SME collaboration has been clearly defined. We have gained valuable insights, established connections, and identified potential partners. Now, it’s time to translate these learnings into concrete action.”

It said that it would continue to be a catalyst for fostering connections, providing resources, and advocating for policies that support the growth of Indo-Japan SME partnerships. IJBC encourage all to stay connected with through its website and social media channels. “We will be sharing updates on upcoming events, industry insights, and success stories that will further inspire and empower you on your collaborative journey,” the statement added.