Japan to Raise Investment Target in India to Rs 3.2 Lakh Crore Over Next 5 Years, Says PM Modi

Prime Minister Narendra Modi on Saturday said Japan will be raising the investment target in India to Rs 3.2 lakh crore or 5 trillion yen over the next five years. India and Japan inked six agreements following bilateral talks between Modi and his Japanese counterpart Fumio Kishida. At a joint media briefing, Modi said India was committed to providing all possible support to Japanese companies in the country.

The two leaders witnessed an exchange of agreements between their countries, in areas of cybersecurity, capacity building, information sharing, and cooperation.

Modi said deepening India-Japan ties will not only benefit the two countries but will also help in encouraging peace, prosperity, and stability in the Indo-Pacific region. “Progress, prosperity, and partnership are the basis of India-Japan relations,” Modi said at the India-Japan Economic Forum.

After the bilateral talks and the economic forum, PM Modi said, “Japan is one of the largest investors in India. India-Japan are working as ‘One team, one project’ on the Mumbai-Ahmedabad high-speed rail corridor,” adding, “Today, India presents immense possibilities through ‘Make in India’ for the world.”

In this context, Japanese companies have long been our brand ambassadors, PM Modi said, adding that the clean energy partnership between the two countries will prove to be a decisive step in this direction.

Modi also said that India and Japan understand the importance of a secure, trusted, predictable, and stable energy supply and that both sides are determined to expand overall cooperation. “Both India and Japan understand the importance of a secure, trusted, predictable and stable energy supply. It is essential to achieve the goal of sustainable economic growth and to tackle the problem of climate change,” Modi said.

Japan is currently supporting India’s urban infrastructure development as well as a high-speed railway based on Japan’s shinkansen bullet train technology.

Need peaceful solution to Ukraine war: Kishida

The two countries are partners in the Quadrilateral Security Dialogue, a security framework known as the Quad that includes the US and Australia.

PM Modi emphasised on the importance of deepening the India-Japan partnership. “This will encourage peace, prosperity and stability in the Indo-Pacific region and also at the global level,” he said.

The Quad leaders agreed that the world was still grappling with the Covid-19 pandemic and its side effects, as there were hurdles in the process of global economic recovery. Meanwhile, geopolitical events such as the Ukraine war had presented a new challenge.

On this count, Kishida said he was trying his best to conduct the next 2+2 talks soon. “We need a free and open Indo-Pacific for strategic partnership, he added.

Kishida said the situation in Ukraine following the Russian invasion figured in the talks and described Moscow’s actions against the eastern European country as a serious matter that has shaken the basis of international norms.

“The whole world has been shaken 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,” Kishida said.

(With PTI inputs)

Read all the Latest News India and Breaking News here