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.
"Progress, prosperity and partnership are the basis of India-Japan relations. We are committed to providing all possible support to Japanese companies in India," he said in his address.
PM Kishida, echoing these thoughts, noted that India is a very important partner for Japan. He invited PM Narendra Modi for the Quad Summit Meeting in Tokyo.
The six agreements that both nations signed include a Memorandum of Cooperation on cybersecurity, a Memorandum on Sustainable Urban Development and an agreement on decentralised wastewater management.
"There has been progress in the economic partnership between India- Japan economic partnership. Japan is one of the largest investors in India. India-Japan are working as 'One team- One project' on Mumbai-Ahmedabad high-speed rail corridor", noted PM Modi.
Loans worth Rs 20, 400 crore from Japan International Cooperation Agency (JICA) was also agreed upon for cooperation infrastructure, connectivity, biodiversity and healthcare.
Amendments were also discussed to the India Japan Comprehensive Economic Partnership Agreement, while a roadmap was laid down for the India Japan Competitiveness partnership.
"India and Japan understand the importance of a secure, trusted, predictable & stable energy supply. This is essential to achieve sustainable economic growth and to deal with climate change," said PM Modi at the Summit. Japan also announced a sustainable development initiative for the Northeastern region.
Kishida said that both countries will work towards an open and free Indo Pacific relationship. "Both our countries should increase efforts for an open & free Indo-Pacific. Japan, along with India, will keep trying to end the war & keep providing support to Ukraine & its neighbouring countries".
Elaborating on the ongoing Russian invasion of Ukraine, he noted that unilateral attempts to change status quo using force should not be allowed.
"The whole world has been shaken today due to many disturbances, it's very imp for India & Japan to have a close partnership. We expressed our views, talked about the serious invasion of Russia into Ukraine. We need a peaceful solution on the basis of international law," he added.
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