NEW DELHI, March 19: Japan has promised an investment of about five trillion yens (about Rs 3.2 lakh crores or $42 billion) in India in the next five years, prime minister Narendra Modi announced on Saturday after a bilateral meeting with his Japanese counterpart Fumio Kishida in Delhi. “Japan will raise its investment target in India to an ambitious 5 trillion yen or ₹ 3.2 lakh crore ($42 billion) over the next five years,” Modi announced
Kishida, accompanied by a high-level delegation, arrived in Delhi for the 14th India-Japan Annual Summit at around 3:40 pm on his first visit to India as the head of the Japanese government. Former Japanese Prime Minister Shinzo Abe in 2014 announced 3.5 trillion yen in investment and financing over five years during a visit to India. Japan has been supporting India’s urban infrastructure development and a high-speed railway based on its bullet train technology.
Earlier in the day, the two leaders met at the Hyderabad House in the national capital and discussed ways to boost economic and cultural linkages between the two countries, the Prime Minister’s Office said. Modi had spoken to Kishida on phone in October 2021 soon after he assumed office. Both sides expressed a desire to further strengthen the special strategic and global partnership. The current year also marks the 70th anniversary of the establishment of diplomatic relations between the two countries.
Later, Modi and Kishida also attended the 14th Indo-Japan annual summit. “During the last Summit in October 2018, PM Narendra Modi termed the progress in our relations as ‘limitless’. The Summit today is an opportunity to review & strengthen our special strategic & global partnership,” the external affairs ministry spokesperson Orinda Bagchi tweeted.
During the visit, the Japanese prime minister besides direct investment is also expected to pledge increase in Japanese companies expanding into India. The visit holds immense significance as it is taking place amid the ongoing Ukraine crisis. Japan and India are the members of the Quad alliance which also includes the United States and Australia. Unlike its other Quad allies, India has abstained from voting at the United Nations against Russia’s invasion of Ukraine while reiterating the call to end violence.
Ahead of Kishida’s visit, the first by a Japanese prime minister since 2017, a foreign ministry official had said Tokyo was “aware” of Delhi’s historical ties with Russia and its geographical location. “But at the same time we share fundamental values and strategic interests so naturally there will be candid discussions about how we view the Ukraine situation, and also expect to hear similar explanation from Prime Minister Modi,” the Japanese official had said.
(Manas Dasgupta)