'You won't disappear and become a professor': Piyush Goyal invokes Jack Ma to woo Japanese investors

Union Commerce Minister Piyush Goyal on Monday said India is emerging as an attractive destination for investors not only because of its strong economic growth and expanding domestic market, but also because of its network of free trade agreements (FTAs).

Goyal is leading a 200-member Indian business delegation to Japan as New Delhi seeks to deepen trade and investment ties between the two countries. Addressing a business gathering in Japan, Goyal highlighted the possibility of Japanese companies using preferential tariffs available under India's trade agreements to establish a base in the country and access global markets.

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Why Goyal says India is a safe bet for Japanese investors

Goyal said India offers Japanese companies a secure business environment, with protections for data and intellectual property rights. Taking a dig at the risks faced by entrepreneurs in some countries such as China, he said successful businessmen in India do not simply disappear.

He said, "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."

Did Piyush Goyal refer to Jack Ma?

The minister's remarks appeared to be a reference to concerns over the treatment of entrepreneurs and businesses in China, particularly Alibaba's Jack Ma. The billionaire co-founder of Alibaba stepped back from public view after he criticised Chinese financial regulators in a late 2020 speech. 

This led to a severe crackdown on his tech empire, with the Chinese markets regulator suspending Ant Group's massive IPO, imposing heavy antitrust fines, and a multi-year low profile abroad. In May 2023, Ma joined the Tokyo College as a visiting professor as MA Yun. 

He was last seen in public in February 2025 at a major government and tech sector meeting in China, wherein he shook hands with President Xi Jinping. 

Goyal attacks 'plus one' strategy, says India stands on its own

Goyal also rejected the idea of India being viewed merely as a "plus one country" — an alternative manufacturing base to China.

"India stands on its own merits as a trusted partner. We don't steal anybody's technology; we don't copy anyone's intellectual property products and bring it into the market. In India, you have a growing middle class, the fastest-growing major economy in the globe, and most importantly, youthful talent."

He said India was willing to make it easier for businesses to operate, but cautioned that any relaxation of rules should not result in a surge of imports from "one country".

According to Goyal, such imports could undermine fair trade practices, particularly when goods are supplied at predatory prices. Besides this, the Union Minister made a watertight case for India as a strong partner to address issues faced by Japan.

"One can clearly see that for an economy like Japan, which has very good technologies but not enough people, which has excellent business practices but not enough market, India can be an excellent partner, which provides economies of scale with a large domestic market and India, which has opened its doors to international engagement with several FTAs. We are a trusted partner in major global supply chains, and for Japan to enjoy a competitive advantage over other countries, working with India will give it a natural edge." 

Japan is India's fifth-largest FDI source

Japan is currently India's fifth-largest investor. Between April 2000 and March 2026, India received $48.14 billion in foreign direct investment (FDI) from Japan, accounting for around 6% of the total FDI attracted by India during the period. Japan had last year set an investment target of 10 trillion yen, or around ₹60,000 crore, in India over a decade, underlining the growing economic partnership between the two countries.