New Delhi [India], July 2 (ANI): Prime Minister Narendra Modi on Thursday announced a Japan Business Week to enhance ease of doing business in India and hailed the country's vehicle manufacturing and export ability.

At the India-Japan Joint Economic Forum, Prime Minister Narendra Modi and Japanese Prime Minister Sanae Takaichi inaugurated Maruti Suzuki's 4th Vehicle Manufacturing Facility at Kharkhoda in Haryana.

Addressing the India-Japan Joint Economic Forum, PM Modi said that the Centre is 'opening every sector to the private sector' by providing incentives; as a result, he said, India has been the Most Promising Destination for Japanese businesses as per the survey of the Japan Bank for International Cooperation.

The Prime Minister said, 'Recently, we did next-gen reforms in taxation, governance and ease of doing business. We are opening every sector to the private sector, and in many sectors, we are providing incentives, and I believe you too can benefit from them. For this very reason, for the last four years in a row, the survey of the Japan Bank for International Cooperation shows that India has been the Most Promising Destination for Japanese businesses.'

'Today, I want to share with all of you that my office, that is, the PMO, will organise a dedicated Japan Business Week. In this, senior officers of the PMO will engage in discussions with you. They will discuss openly with you to understand your problems and to enhance the ease of doing business,' he added.

Further, he hailed the growth in India's vehicle manufacturing, leading to improved economic ties with Japanese firms.

PM Narendra Modi said, 'Several companies here have had ties with India for a long time now, some for more than 100 years. I extend my heartiest greetings to the new friends joining this forum for being a part of the India-Japan success story. India and Japan share special ties. There are several bright examples of the success of our economic partnership. We inaugurated Maruti Suzuki's Vehicle Manufacturing Facility at Kharkhoda in Haryana. Today, two-thirds of Suzuki's cars worldwide are made in India and are being exported to over 100 countries.'

'I have been told that PM Takaichi is fond of motorbikes. We are delighted that Yamaha, Kawasaki and Honda bikes are exported across the globe from India. Similarly, air conditioners, power grid equipment, precision manufacturing or medical technology when Japan's expertise and investment combine with India's speed and scale, the entire world benefits,' the PM added.

He acknowledged the uncertainty in trade and hurdles to the global supply chains amid the West Asia crisis, and mentioned that India's GDP still touched 7.7 per cent growth.

'Today the economic world is suffering from hindrances in the supply chain, uncertainty in trade and a fall in global demand. But as it is said, 'When the going gets tough, the tough get going.' India is the world's fastest-growing major economy. India's GDP growth was 7.7 per cent in the last financial year. Besides, over the last 12 years, we have been transforming our economic DNA by pursuing the philosophy of Kaizen, i.e. continuous improvement in India,' he said.

On a lighter note, beginning his address, PM Modi referred to Japanese PM Takaichi as 'my younger sister.'

Takaichi is visiting India from July 1 to 3 at the invitation of Prime Minister Modi.

India and Japan on Thursday aimed to deepen their trade and strategic partnership by setting a target of mobilising 10 trillion yen in Japanese investment into India over the next decade, the Japanese PM said at the summit.

Earlier today, the leaders first held bilateral discussions before leading delegation-level talks.

The Indian delegation included External Affairs Minister S Jaishankar, National Security Adviser Ajit Doval and Foreign Secretary Vikram Misri, along with other senior officials.

During her visit, Takaichi received a ceremonial welcome at the forecourt of Rashtrapati Bhavan. (ANI)