Madhya Pradesh Chief Minister Mohan Yadav said that the state has exported goods spanning multiple industries worth USD 92.8 million to Japan in 2023-24 on Tuesday, while inviting business leaders to explore investment opportunities in the state.
He is on a four-day visit to Japan and will be visiting Tokyo, Osaka, and Kobe between January 28 and 31, 2025, as he aims to highlight MP's potential to investors and extend an invitation for the upcoming Global Investor Summit in the state.
He referred to the longstanding relations between MP and Japan, citing the USD 92.8 million worth of exports from the state, and expressed hope to receive significant investments from the country.
MP is one of the largest states in the country, with a population of 8.5 crore, and the state's economy has grown 3-fold in the past decade, Yadav said, adding that his government targets to double the growth of the economy in the next five years.
The state is continuously working towards enhancing its industrial capabilities, which will not only attract the country but the world to invest in MP. Moreover, the state will be open to considering any additional requirements on the part of investors, Yadav said.
The state is already attracting big-ticket investments across industries, and there is abundant availability of skilled youth, Yadav said, expressing hope for a future where MP and Japan walk hand-in-hand towards a bright future.
MP ideal location for Toyota to setup facility: Yadav
MP is an ideal location for Toyota to establish facilities and invest in enhancing youth training in technical jobs, the Chief Minister said, as the state made a high-octane pitch about its investor-friendly policies and availability of skilled manpower, inviting the Japanese carmaker to explore a slew of investment opportunities.
Toyota senior leadership, during a meeting with the Chief Minister, spotlighted the company's initiatives and operations in India and MP, and expressed intent to evaluate the potential of trade ties at the upcoming Global Investor Summit in the state.
Yadav held an interactive session with the delegation from Toyota Motor Corporation (counted among the world's biggest automakers) and discussed potential trade ties with Toshiyuki Nakahara, Department General Manager, Administration and Support Department, India and Middle East Division, and Masahiro Nogi, Project General Manager, Administration and Support Department, India and Middle East Division, Toyota Motor Corporation.
Large players like Volvo and Mahindra and Mahindra are already leveraging the benefits of setting their facilities in MP, and the Chief Minister invited Toyota to do the same. He also highlighted Pithampur Auto Cluster, which offers tremendous business prospects to companies.
Toyota officials said MP is an "important state" and expressed keen interest in working closely with the state government. They highlighted their operations, stockyard presence, dealer network, and sales volumes, and said the Toyota Technical Education Program is focused on skilling youth in the state.
Yadav said MP is an ideal destination for Toyota to set up their facilities, given the availability of ample land and a trained pool of skilled manpower.
MP is the second-largest manufacturer of trucks and buses and the third-largest manufacturer of cars in India. The state has excellent infrastructure and a supportive business plan that is beneficial for automotive players to set base in the state. MP is also positioned as a premier hub for commercial vehicles and farm equipment.
The state hosts manufacturing units of leading international OEMs, enabling direct exports to international markets. Its affordable land, low-cost skilled workforce, and robust domestic market make operations cost-effective.
The state also boasts a strong policy framework with up to 40% capital subsidy. MP exported automobiles and auto components worth USD 191 million in FY24 to over 200 countries, offering players a competitive edge in integrating with global supply chains.
The MP Global Investors Summit (GIS) 2025 is scheduled to be held in the state capital Bhopal on February 24-25, 2025. More than 15,000 investors from over 30 countries are expected to attend this two-day summit, which will serve as a major attraction for industrialists.
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