Japan to offer $42 billion investment to India during Kishida’s visit: Report
Tokyo:
Japanese Prime Minister Fumio Kishida is expected to announce plans to invest 5 trillion yen ($42 billion) in India over the next five years during his visit to the country on Saturday, according to a media report.
Japan’s Nikkei newspaper reported that the 5 trillion yen target exceeds the 3.5 trillion yen in investment and financing over five years, which was announced by then-Japanese Prime Minister Shinzo Abe during his 2014 visit to India.
Japan is currently supporting the development of India’s urban infrastructure and a high-speed railway based on Japan’s Shinkansen bullet train technology.
Prime Minister Mr. Kishida is about to unveil public-private funding during an economic forum. The leading business newspaper said they are expected to pledge investment growth in value and increase in Japanese companies expanding in India.
Mr. Kishida is also set to agree to a loan of about 300 billion yen during his meeting with Prime Minister Narendra Modi. An energy cooperation document related to carbon reduction is expected to be signed between the two sides.
During Saturday’s public-private forum, Mr. Kishida is also expected to express his support for the development of infrastructure in India for Japanese companies to build factories, the newspaper said.
India represents the first leg of the Japanese PM’s three-day visit. He is scheduled to visit Cambodia on Sunday to meet Prime Minister Hun Sen.
Japan and India are parties to the Quadrilateral Security Dialogue, a security framework known as the Quad that includes the US and Australia. Cambodia serves as the president of the Association of Southeast Asian Nations this year.
Mr. Kishida plans to reaffirm the strengthening of security arrangements in view of Russia’s invasion of Ukraine.
In 2020, Japan and India signed an acquisition and cross-servicing agreement that allows mutual provisions of food, fuel and other supplies between the Indian Army and Japan’s Self-Defense Forces. The paper said Mr. Kishida and Mr. Modi have to reaffirm that they will pursue that deal.
Mr. Kishida and Mr. Modi are expected to agree to convene a two-plus-two meeting between the diplomatic and defense chiefs of the two countries at the earliest.
This will be the Japanese prime minister’s first overseas visit as prime minister since his visit to Great Britain in November.
Mr Kishida, 64, has been the chairman of the Liberal Democratic Party since 2021.