New Delhi: Prime Minister Narendra Modi, who held a meeting with his Japanese counterpart Fumio Kishida on Saturday, said Japan will invest 5 trillion Yen or Rs 3.2 lakh crore in the next five years in India. Prime Minister Modi addressed the India-Japan Economic Forum in New Delhi along with Kishida, who is on a two-day visit to India.
Hailing India’s economic ties with Japan, PM Modi said, “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.”
This is Prime Minister Fumio Kishida’s first visit to India after assuming office and also amid the ongoing Ukrainian crisis. “PM Kishida has been an old friend of India. I have had the opportunity to exchange views with him when he was the Foreign Minister of Japan,” said PM Modi delivering a press statement following 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 up a separate clean energy partnership. The announcement follows the investment promotion partnership of 2014 when both sides had agreed for Japanese investment of 3.5 trillion yen from 2014 to 2019.
The two leaders also held discussions over sustainable economic growth and climate change. “India and Japan understand the importance of a secure, trusted, predictable and stable energy supply. This is essential to achieve sustainable economic growth and to deal with climate change,” said PM Modi.
Discussing strategic ties, the two nations called for increased cooperation in the Indo-Pacific region. “Both our countries should increase efforts for an open and free Indo-Pacific,” said Kishida.
On the ongoing tensions between former Soviet states Russia and Ukraine, the Japanese Prime Minister said, “The whole world has been shaken today due to many disturbances, it’s very important for India and 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.”
“Japan, along with India, will keep trying to end the war and keep providing support to Ukraine and its neighbouring countries,” said Kishida.
The India-Japan Annual Summit had last taken place in Tokyo in October 2018.
Kishida’s visit to India gains significance amid the western countries slapping sanctions against Russia for its military operation in Ukraine while the major oil-consuming countries are keeping a close watch on the impact of the Ukrainian crisis on oil prices.
India and Japan have multi-faceted cooperation as partners within the ambit of their “Special Strategic and Global Partnership”.
Concluding the address, Kishida said, “We’ll hold the next India-Japan talks as soon as possible. We also welcome the agreement of cooperation in cyber security. India’s a very important partner for Japan.”
The Japanese Prime Minister also invited PM Modi for the Quad Summit Meeting in Tokyo. The Quadrilateral Security Dialogue or Quad is a strategic security dialogue between Australia, India, Japan, and United States to counter China’s influence in the Indo-Pacific region.