Goyal in Japan uses Jack Ma's example to tell Japanese investors why they should pick India and not China; all you need to know
By invoking Ma"s experience, Goyal was making the case to Japanese companies to expand their investments in India, particularly in areas like semiconductors, artificial intelligence, clean energy, and advanced manufacturing.
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On Tuesday, August 25, Union Commerce and Industry Minister Piyush Goyal held a bilateral meeting with Japan's Economy, Trade and Industry Minister Akazawa Ryosei and focused on strengthening bilateral engagement across emerging industries. The duo also talked about expanding trade ties and monitoring progress toward the targeted 10 trillion Japanese yen investment roadmap agreed upon during the earlier meeting between Prime Minister Narendra Modi and Prime Minister Sanae Takaichi.
Goyal also noted that India is fast becoming a preferred destination for digital infrastructure investment, with global hyperscalers having already pledged USD 200 billion toward data center projects in the country. He further identified sectors like ship breaking, textiles, and engineering, procurement, and construction (EPC) as areas offering near-term opportunities for closer technical and industrial collaboration.
"Entrepreneurship is celebrated in India. You don't have to worry that if you make money in India, if you are a successful businessman, you may disappear one day, and end up coming out as a professor in a Japanese University. That risk doesn't happen in India," Goyal said.
Though he stopped short of naming China directly, the implication was unmistakable.
Alibaba founder Jack Ma's case and its reference here
In the aftermath, Ma stepped back from active involvement in his businesses, maintaining a notably low public profile and spending much of his time abroad, particularly in Japan. Speculation swirled that he may have faced house arrest or brief detention. He resurfaced publicly in 2023, delivering his first lecture as a visiting professor at the University of Tokyo, and has since also taken on a role with the University of Hong Kong's business school.
The bilateral meeting wrapped up with both sides renewing their pledge to deepen economic cooperation as the two countries mark the 75th anniversary of diplomatic relations. Goyal's visit to Japan runs from August 24 to 27, during which he is leading a business delegation of around 200 members. Over the course of the four-day trip, the delegation will travel across Tokyo, Nagoya, and Osaka, with representation from key industries such as manufacturing, semiconductors, clean energy, steel, automobiles, financial services, healthcare, and start-ups.
Japan's bilateral trade with India totaled USD 27.47 billion during FY 2025-26. Exports from Japan to India during this period were USD 21.43 billion, and imports were USD 6.04 billion. Today, India ranks 14th in Japan's total trade with a 1.75 per cent share, while Japan ranks 10th in India's total trade with a 2.26 per cent share. India ranks 8th in Japan's total exports with a 2.61 per cent share, and Japan ranks 21st in India's total exports with a 1.37 per cent share. India ranks 22nd in Japan's total imports with a 0.98 per cent share, and Japan ranks 10th in India's total imports with a 2.76 per cent share.
"We discussed several areas both in Delhi last month and during this visit where I can see a clear advantage of working together, whether it's artificial intelligence, whether it's semiconductors and the whole ecosystem around semiconductors, chemicals, equipment. India itself has a very big domestic demand; it is estimated to be about a USD 150 billion market just for India alone. And then the world will become a market when we work together," Goyal said.
Minister Piyush Goyal with its counterpart in Japan (ANI)
Goyal also noted that India is fast becoming a preferred destination for digital infrastructure investment, with global hyperscalers having already pledged USD 200 billion toward data center projects in the country. He further identified sectors like ship breaking, textiles, and engineering, procurement, and construction (EPC) as areas offering near-term opportunities for closer technical and industrial collaboration.
"I think we can summarize this partnership in four pillars: Increased trade, technology cooperation, greater investments, and tourism," Goyal stated.
Meanwhile, while pushing for greater Japanese investment in India, Goyal delivered a pointed message to investors in Tokyo earlier the day, taking what appeared to be an indirect dig at China. Positioning India as a reliable investment destination, Goyal stressed that investors need not fear vanishing one day only to resurface later as, say, a professor at a university.
Piyush Goyal uses Jack Ma's example to tell Japanese investors why they should pick India (and not China)
— Shashank Mattoo (@MattooShashank) August 25, 2026
"In India, you don't have to worry that you will disappear if you become a successful businessman and then land up as a professor at a Japanese university." pic.twitter.com/D0sJNnub2w
"Entrepreneurship is celebrated in India. You don't have to worry that if you make money in India, if you are a successful businessman, you may disappear one day, and end up coming out as a professor in a Japanese University. That risk doesn't happen in India," Goyal said.
Though he stopped short of naming China directly, the implication was unmistakable.
Alibaba founder Jack Ma's case and its reference here
The Union Commerce Minister appeared to be referencing Alibaba founder Jack Ma. The outspoken, high-profile entrepreneur vanished from public life for several months after criticizing Chinese regulators back in 2020.
That period coincided with a broader crackdown by Beijing on Ma's business empire; the much-anticipated IPO of his Ant Group, expected to be the largest stock listing in history, was abruptly scrapped, and Alibaba Group was hit with a USD 2.8 billion fine for antitrust violations. This proved to be just the opening chapter of a sweeping regulatory clampdown on China's private sector.
Piyush Goyal uses Jack Ma's example to tell Japanese investors why they should pick India (and not China)
— Shashank Mattoo (@MattooShashank) August 25, 2026
"In India, you don't have to worry that you will disappear if you become a successful businessman and then land up as a professor at a Japanese university." pic.twitter.com/D0sJNnub2w
In the aftermath, Ma stepped back from active involvement in his businesses, maintaining a notably low public profile and spending much of his time abroad, particularly in Japan. Speculation swirled that he may have faced house arrest or brief detention. He resurfaced publicly in 2023, delivering his first lecture as a visiting professor at the University of Tokyo, and has since also taken on a role with the University of Hong Kong's business school.
By invoking Ma's experience, Goyal was making the case to Japanese companies to expand their investments in India, particularly in areas like semiconductors, artificial intelligence, clean energy, and advanced manufacturing. The Union Minister, currently on a four-day trip to Japan, is heading a delegation of more than 200 Indian business leaders.
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The bilateral meeting wrapped up with both sides renewing their pledge to deepen economic cooperation as the two countries mark the 75th anniversary of diplomatic relations. Goyal's visit to Japan runs from August 24 to 27, during which he is leading a business delegation of around 200 members. Over the course of the four-day trip, the delegation will travel across Tokyo, Nagoya, and Osaka, with representation from key industries such as manufacturing, semiconductors, clean energy, steel, automobiles, financial services, healthcare, and start-ups.
Japan's bilateral trade with India totaled USD 27.47 billion during FY 2025-26. Exports from Japan to India during this period were USD 21.43 billion, and imports were USD 6.04 billion. Today, India ranks 14th in Japan's total trade with a 1.75 per cent share, while Japan ranks 10th in India's total trade with a 2.26 per cent share. India ranks 8th in Japan's total exports with a 2.61 per cent share, and Japan ranks 21st in India's total exports with a 1.37 per cent share. India ranks 22nd in Japan's total imports with a 0.98 per cent share, and Japan ranks 10th in India's total imports with a 2.76 per cent share.