Japan to offer India $42 billion in investment over five years: Report

Japan prime minister Fumio Kishida will offer India $42 billion (5 trillion yen) in investment over a five-year period. Kishida is in Delhi – his first visit to India since he took charge last year and his first meeting with Prime Minister Narendra Modi – and will take part in 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.

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.

On this visit Japan and India are expected to work on developing closer bilateral ties during Kishida’s visit, with economic co-operation high on the agenda for the 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 are also expected to discuss China and the Indo-Pacific region. India and Japan are party to the Quad, a security framework that also 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 ahead of his visit.

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

India is the only one of the four Quad members that has not condemned the invasion.

News Credit:- Hindustan Times