Japan will invest ₹3.2 lakh crore over the next five years in India, Prime Minister Narendra Modi announced after a bilateral meeting with Japanese counterpart Fumio Kishida in which the two sides discussed various bilateral matters and agreed that secure, stable and predictable energy supplies are vital for economic growth.
"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 after the 14th India-Japan annual summit. He added that cooperation with Japan on key projects like the dedicated freight corridor is highly appreciated and said the Ahmedabad-Mumbai high speed rail project is progressing well.
His Japanese counterpart Kishida spoke on the ‘serious invasion of Russia into Ukraine’ and said that in today’s world that has been shaken up due to many disturbances, it is important for India and Japan to have a close partnership.
“Both our countries should increase efforts for an open and free Indo-Pacific. Japan, along with India, will keep trying to end the war and keep providing support to Ukraine and its neighbouring countries,” the Japanese PM said.
Speaking on the close relations between the two nations, PM Modi said that the strongest aspect of the special and strategic partnership has been the robust economic ties. Referring to recent reforms and initiatives like Production Linked Incentive schemes, the PM said that a positive ecosystem is ready in India.
This is the first meeting of the two leaders since PM Kishida took charge last year. It is also the Japanese PM’s first ever visit abroad as the head of state. Japan will also hold the next Quad leaders summit expected to take place in the coming months.