Japan aims to invest $42 billion over the next five years in India, Prime Minister Narendra Modi said after a bilateral meeting with his Japanese counterpart Fumio Kishida in Delhi this evening.
“Japan will raise its investment target in India to an ambitious 5 trillion yen or Rs. 3.2 lakh crore ($42 billion) over the next five years,” announced PM Modi.
Kishida, accompanied by a high-level delegation, arrived in Delhi for the 14th India-Japan Annual Summit at around 3:40 pm on his first visit to India as the head of the Japanese government.
The two sides inked six agreements providing for the expansion of bilateral cooperation in a range of areas, besides firming a separate clean energy partnership.
At a joint briefing, PM 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.
Former Japanese Prime Minister Shinzo Abe in 2014 announced 3.5 trillion yen in investment and financing over five years during a visit to India.
Japan has been supporting India’s urban infrastructure development and a high-speed railway based on its bullet train technology.
Earlier in the day, the two leaders met at the Hyderabad House in the national capital and discussed ways to boost economic and cultural linkages between the two countries as per the Prime Minister’s Office.
Prime Minister Modi had spoken to PM Kishida on phone in October 2021 soon after he assumed office. Both sides expressed a desire to further strengthen the special strategic and global partnership.