Now Reading: Uniqlo, Japanese textile firms eye more India investment: Goyal
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Uniqlo, Japanese textile firms eye more India investment: Goyal
Commerce Minister Piyush Goyal said on Wednesday that Japanese textile companies, including Uniqlo, are looking to increase investments in India and source more products from the country for their global markets. Goyal…
Commerce Minister Piyush Goyal said on Wednesday that Japanese textile companies, including Uniqlo, are looking to increase investments in India and source more products from the country for their global markets. Goyal met Tadashi Yanai, Chairman of Fast Retailing Co Ltd and Uniqlo, in Tokyo to discuss collaborations in retail, manufacturing, and sustainable business practices.
Goyal said Yanai, nearly 80 years old, showed great excitement about starting immediately. Uniqlo, which opened its first Indian store in October 2019, now has over 20 outlets and became profitable by FY22. The minister noted that Indian firms, previously focused on European standards, are now learning Japanese quality and sizing requirements.
Indian Opinion Analysis
Uniqlo's expansion signals deepening India-Japan economic ties beyond auto and electronics, where Japanese investment is already substantial. The retail and textile sector, which employs lakhs directly and indirectly, stands to gain from Japan's exacting quality standards, forcing Indian suppliers to upgrade processes. Goyal's reference to Maharashtra FDA commissioner Tukaram Mundhe links textile quality to a broader regulatory push on food and consumer goods. The key number to watch is Uniqlo's store count: if it accelerates from the current 20-plus outlets toward the 100-store mark typical for serious India commitments, actual investment will match the minister's optimism.
Source: retail.economictimes.indiatimes.com
This brief was synthesised by AI from the source linked above.
