Executive summary
Cross-border partnerships often begin with a memorandum of understanding (MOU). MOUs are useful for signalling intent, but many never become operating businesses. This playbook sets out how companies can move from signed intent to a working operation, using government-level India–Japan frameworks as context.
The opportunity and supporting evidence
Government frameworks show the same gap between ambition and execution. According to the India–Japan Joint Vision for the Next Decade (August 2025), published by the Prime Minister of India's office, the two countries built on a 2022–2026 target of JPY 5 trillion of public and private investment and financing from Japan to India, and set a new target of JPY 10 trillion of private investment. The vision also refers to strengthening industrial cooperation for Make in India through the India–Japan Industrial Competitiveness Partnership (IJICP).
According to Japan's Ministry of Economy, Trade and Industry (METI), the IJICP is a vice-ministerial framework agreed in December 2019, with working groups by industry, including on Japanese industrial townships and SMEs. METI reported that the sixth meeting took place in Delhi in June 2024 – the first in four years – with participation from many ministries and agencies including JETRO, NEDO, JBIC and JICA.
Nirji's interpretation. Targets and frameworks create attention and access, but companies still have to do the commercial work. The four-year gap between IJICP meetings shows that even government processes need sustained follow-through.
Countries, sectors and participants
Potential collaboration models
An MOU can lead to:
Operating considerations and constraints
The execution playbook:
Common risks include cultural differences in decision-making, currency exposure, and changes in the partner's leadership or strategy.
Practical next steps
What remains uncertain
Government targets are aspirations. Progress toward the JPY 10 trillion target, and how it is measured, will become clearer through future official updates.