An initiative to forge an Indo-Japanese SME association is underway, aimed at facilitating Japanese small and medium enterprises (SMEs) to enter the burgeoning Indian market with support from both governments. Mehool N. Bhuva, President of the 70-year-old Indo-Japanese Association in Mumbai, emphasized the urgent need for intensified efforts to elevate India-Japan business partnerships to new heights.
Speaking at a conference in Mumbai, Bhuva outlined the vision behind establishing an Indo-Japanese SMEs association based in Mumbai, with members from both countries’ SME sectors collaborating to form partnerships and penetrate the Indian market. However, he stressed that such an initiative requires robust support from the governments of India and Japan, particularly in overcoming language, cultural, and visa-related barriers.
Bhuva highlighted the complementarity between Japanese resources—wealth and advanced technology—and India’s growing market potential, underlining the substantial investments made by Japan in Indian infrastructure projects like the Mumbai Trans Harbour Link. He anticipates further Japanese investments in emerging sectors such as semiconductors, IT, healthcare, and fintech in India.
Currently, around 1,500 Japanese companies operate in India, primarily large corporations with global reach and banks. Bhuva noted that compared to China’s 20,000 Japanese businesses, India offers ample opportunities to attract more Japanese enterprises into its vibrant market landscape.
In his role as the President of Mumbai-based consultancy Nichi Insurance Services Pvt Ltd, Bhuva assists Japanese businesses in navigating the Indian market, facilitating deals and investments that strengthen bilateral business ties. He highlighted the growing demand for IT talent from countries like India, the Philippines, and Vietnam among Japanese firms, underscoring the mutual benefits of fostering closer business collaborations.
The international conference, organized by the US-based Entrepreneurs’ Organization (EO) and attended by delegates from 65 countries, served as a platform to promote entrepreneurship and foster global business connections. Bhuva’s efforts align with the broader vision of enhancing Indo-Japanese business synergies and leveraging each other’s strengths to drive economic growth and innovation.