Japanese PM talks with PM Modi, announces investment target of $ 42 billion in India India News – Times of India

New Delhi: Prime Minister of Japan fumio kishida announced on Saturday that his country will increase its investment target in India to 5 trillion yen ($42 billion) over the next five years. He made this announcement after extensive discussions with the Prime Minister. Narendra Modi,
Kishida, who is on her first visit to India as Prime Minister, met PM Modi at Hyderabad House in New Delhi and held wide-ranging discussions on a range of issues, including ways to further boost bilateral economic and cultural ties.

Following their talks, the leaders jointly addressed the 14th annual India-Japan summit.
At the summit, the countries signed six agreements in the areas of cyber security, capacity building, information sharing and cooperation.
Speaking at the summit, Prime Minister Narendra Modi said that progress, prosperity and partnership form the basis of India-Japan relations in the Indo-Pacific region and globally as well.
Noting the growing Japanese investment in India, he said that New Delhi is committed to provide all possible assistance to Japanese companies.

PM Modi said, “There has been progress in the economic partnership between India and Japan. Japan is one of the biggest investors in India. The country will work on the Mumbai-Ahmedabad High-Speed ​​Rail Corridor as a ‘One Team-One Project’ are doing.” ,
Calling his Japanese counterpart “an old friend of India”, PM Modi said he had the opportunity to exchange views with Kishida when he served as Japan’s foreign minister.
At the summit, the Japanese Prime Minister announced TokyoIt plans to increase its investment target in India to 5 trillion yen or Rs 3.20 lakh crore ($42 billion) in the next five years. The plans follow the Investment Promotion Partnership of 2014.
Japan is currently supporting the development of India’s urban infrastructure as well as a high-speed railway based on Japan’s Shinkansen bullet train technology.
The Japanese Prime Minister spoke about the ongoing conflict between Russia and UkraineHe said that the whole world has been shaken by the unrest in the region.
He said that during this time it has become very important to have a close partnership between India and Japan.
Kishida said that India and Japan should continue to work together for an “open and free Indo-Pacific”.
Both India and Japan are part of the Quad Security Dialogue with the US and Australia. The 4-nation grouping is seen as a regional antidote to Chinese dominance in the Indo-Pacific region.
Kishida arrived in New Delhi at around 3:40 pm on a two-day visit accompanied by a high-level delegation.
According to a media advisory issued by the Ministry of External Affairs, the Japanese Prime Minister is scheduled to leave India at 8 am on Sunday. Kishida is visiting Cambodia after the conclusion of his visit to India.
(with inputs from agencies)