PM Modi to promote 'Make in India' during Japan visit; AI, chips, critical minerals on key agenda: Report

PM Modi

Prime Minister Narendra Modi is set to leave for Japan for a two-day official visit later today. During his visit, Japan is expected to double its investment target for India to 10 trillion yen, as the Indian PM promotes his government's 'Make in India, Make for the World' initiative, Business Standard reported citing people familiar with the matter.

This roughly translates to Rs 5.95 lakh crore investment target by the country for India. Japan's current investment target for India stands at 5 trillion yen (nearly Rs 3 lakh crore according to current exchange rates). Prime Minister Narendra Modi will highlight opportunities for Japanese companies to produce in India, a move which will likely act as a major boost for the manufacturing sector and government's 'Make in India' initiative, the report added citing sources.

Semiconductors, artificial intelligence and critical minerals are key areas where Japan and India seek stronger cooperation, the report added. During his visit, PM Modi will attend a business event and meet senior executives of top Japanese business groups like Sony, Hitachi, Nippon and Nomura, the report further said.

Moneycontrol couldn't independently verify the report.

This comes as trade tensions between India and US increased after the latter increased its tariffs on Indian imports to a whopping 50 percent, citing New Delhi's Russian oil imports.

Foreign Secretary Vikram Misri said, "Prime Minister Modi is embarking on an official visit to Japan on the evening of 28th August. He will be in Japan on 29th and 30th August to hold the 15th India-Japan Annual Summit with the Prime Minister of Japan, His Excellency Shigeru Ishiba."

PM Modi's upcoming visit to Japan holds significance as he will attend his first annual summit with his Japanese counterpart Ishiba. It is also his first standalone visit to Japan in nearly 7 years.

PM Modi last visited Japan for the annual summit in 2018. Since then, he has visited Japan, but that has been for multilateral engagements and other ceremonial events. This will be a visit that will be fully dedicated to the bilateral agenda between India and Japan, Vikram Misri said.

From Japan, PM Modi will travel to China to attend the annual summit of the Shanghai Cooperation Organisation (SCO).