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India-Japan Annual Summit: Japan announces investment target of Rs 3.2 lakh crore, launches clean energy partnership

The clean energy partnership will focus on electric vehicles, storage systems including batteries, charging infrastructure and hydrogen.

March 20, 2022 / 10:59 AM IST
Japan PM Fumio Kishida

Japan PM Fumio Kishida

Japan has announced $5-trillion or Rs 3,20,000-crore investment target in India for the next five years, following talks between Prime Minister Narendra Modi and his Japanese counterpart Fumio Kishida.

The Japanese Prime Minister arrived in India on March 19 for his two-day visit, which entailed addressing the 14th India-Japan Annual Summit.

The two sides inked six agreements providing for the expansion of bilateral cooperation in a range of areas, besides firming a separate clean energy partnership. The clean energy partnership will focus on electric vehicles, storage systems including batteries, charging infrastructure and hydrogen.

While speaking at the summit, Prime Minister Narendra Modi said that deepening the India-Japan partnership will encourage peace, prosperity and stability in the Indo-Pacific region and also at the global level.