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Japan Announces Investment Worth $42bn for India

Indian Prime Minister Narendra Modi and Japanese Prime Minister Fumio Kishida met in Delhi for the India-Japan summit. Post that meeting, the visiting Japanese leader Japan has announced a $5-trillion or Rs 3,20,000-crore investment in India for the next five years.

The Japanese Prime Minister visited arrived in India last week for the two-day visit. Kishida landed in Delhi on 19 March. The visit coincided with the 14th India-Japan summit. 

India and Japan signed six agreements, aimed at expanding bilateral cooperation in a series range of areas. They also agreed to work towards a separate clean energy partnership. The focus of the clean energy partnership will be on electric vehicles, storage systems including batteries, charging infrastructure, and hydrogen. MoUs signed included a Memorandum of Cooperation on cybersecurity, Sustainable Urban Development, and an agreement on decentralized wastewater management.

Prime Minister Modi speaking at the summit 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.

Prime Minister in his address said that India is a very important partner for Japan. The visiting leader invited Prime Minister Modi for the Quad Summit Meeting in Tokyo.

Prime Minister Modi also added that “There has been progress in the economic partnership between India- Japan economic partnership. Japan is one of the largest investors in India. India-Japan is working as ‘One team- One project’ on Mumbai-Ahmedabad high-speed rail corridor.”

The Japan International Cooperation Agency (JICA) approved loans worth Rs 20, 400 crores for cooperation infrastructure, connectivity, biodiversity, and healthcare.

Both sides also discussed amendments to the India Japan Comprehensive Economic Partnership Agreement. The sides also finalized a roadmap 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,” PM Modi said. 

The Japanese leader also announced a sustainable development initiative for the North-eastern region.

Kishida said that both, India and Japan will work towards an open and free Indo Pacific relationship. Regarding the Ukraine crisis, Kishida said, “Japan, along with India, will keep trying to end the war & keep providing support to Ukraine & its neighbouring countries”.