Saturday 21 May 2022
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Japan to invest in India $ 42 billion

Japan and India will work on developing closer bilateral ties, with economic co-operation high on the agenda for the Japanese prime minister's meeting with his Indian counterpart

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Prime Minister of Japan Fumio Kishida will offer India $ 42 billion (5 trillion yen) as investment for a five-year period, Japanese newspaper Nikkei Asia reported. Kishida is in Delhi in his first visit since taking charge last year and his first meeting with Prime Minister Narendra Modi.

The prime minister of Japan is here for a two-day summit that begins later today.

The last India-Japan summit took place in 2018 in Tokyo. The year before the then-Japan prime minister, Shinzo Abe, visited India and Modi’s home state of Gujarat. Abe in 2014 announced 3.5 trillion yen in investment over five years.

It must be recalled in the given context that the two prime ministers since Abe follow the same ideology and national policy that Abe, who retired due to poor health, did.

Japan has been supporting India’s urban infrastructure development and a high-speed railway based on its bullet train technology.

In 2020 the two countries also signed an agreement to allow reciprocal exchange of food, fuel and supplies between defence forces.

During the Kishida visit, Japan and India are expected to work on developing closer ties, with economic co-operation high on the agenda for the Japanese prime minister’s meeting with Modi.

As part of that economic co-operation notes could be exchanged on expanding the bullet train project in India beyond the Mumbai-Ahmedabad corridor.

The two leaders will also discuss China and the Indo-Pacific. India and Japan are part of the Quad, a security framework that includes the US and Australia.

Also on the agenda will be the situation in Ukraine.

“Since the Russian invasion of Ukraine coincides with this trip, I’d like to emphasise the importance of international unity…,” Kishida said before the visit.

Japan has imposed sanctions on dozens of Russian individuals and organisations since the Ukraine invasion began on 24 February. It has also been receiving Ukrainian refugees.

India is the only one of the four Quad members that has not directly condemned Moscow for an invasion the rest of the world has denounced.

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