Piyush Goyal pitches India as a trusted investment destination for Japanese companies, with an apparent reference to Jack Ma’s experience in China
Union Commerce and Industry Minister Piyush Goyal appeared to allude to Alibaba founder Jack Ma while pitching India as an investment destination to Japanese businesses in Tokyo.
“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 while addressing Japanese business leaders.
Goyal did not name Ma or China. But his remarks about a successful businessman disappearing and later emerging as a professor at a Japanese university appeared to draw a comparison with Ma’s experience.
The comments came as Goyal sought to attract more Japanese investment into India, particularly in sectors such as semiconductors, artificial intelligence, clean energy and advanced manufacturing.
Goyal’s pitch to Japanese investors
Goyal said that India offers Japanese companies a trusted environment for investment, with strong protection for intellectual property and data.
“Your data will never be stolen. You can trust that your intellectual property will never be compromised. IPR is respected in India. Entrepreneurship is celebrated in India,” he said.
More from BusinessGoyal also sought to position India as more than an alternative manufacturing destination for companies looking to reduce their dependence on China.
“India is not a plus one country,” he said.
The comment comes as companies globally seek to diversify their supply chains beyond China. India has been positioning itself as a major manufacturing and investment hub, offering access to a large domestic market alongside its growing production capabilities.
Why the Jack Ma reference matters
Ma, one of China’s most prominent entrepreneurs, largely disappeared from public view after he criticised Chinese financial regulators in a speech in October 2020.
Days later, regulators suspended the planned listing of Ant Group. The IPO had been expected to become the world’s largest.
China subsequently launched a broad regulatory crackdown on its technology sector. Alibaba was later fined $2.8 billion for violating antitrust rules.
Ma kept a low public profile for several years and spent considerable time outside China, including in Japan. In 2023, he resurfaced publicly as a visiting professor at the University of Tokyo.
Goyal’s description of a successful businessman who could “disappear” and later emerge as a professor at a Japanese university closely echoes that sequence of events. However, the minister did not explicitly identify the businessman he had in mind.
Japan steps up India investment
Goyal is on a four-day visit to Japan and is leading a delegation of more than 200 Indian business leaders.
Japan is already one of India’s major sources of foreign direct investment. Between 2000 and 2026, Japanese companies invested $48.14 billion in India, according to figures cited during the visit.
Japan has also set an investment target of around Rs 60,000 crore in India over the next decade.
New Delhi is seeking to deepen this relationship as it looks to attract capital and technology into strategic industries. Semiconductors, artificial intelligence, clean energy and advanced manufacturing are among the areas where India wants greater Japanese participation.
The investment push comes alongside efforts to address the trade imbalance between the two countries. India continues to run a significant trade deficit with Japan.
