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Prime Minister Modi announces Japan’s plans to invest $42B in India, boost bilateral cooperation

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Japan aims to invest more than $40 billion in India. Indian Prime Minister Narendra Modi said this after he met  Japanese Premier Fumio Kishida recently.

Prime Minister Narendra Modi has announced that  the Japanese government plans to invest $42 billion in India  over the next five years. PM Modi said this on March 19 after a bilateral meeting with his Japanese counterpart, Fumio Kishida, in Delhi.

The Indian PM stated,”Japan will increase its investment aim in India to an ambitious 5 trillion yen or 3.2 lakh crore ($42 billion) over the next five years.”

Mr Kishida arrived in Delhi at around 3:40 p.m., accompanied by a high-level team, for the 14th India-Japan Annual Summit, his first visit to India as the head of the Japanese government.

The two sides signed six agreements aimed at expanding bilateral collaboration in a variety of fields, as well as establishing a distinct renewable energy relationship.

PM Modi stated at a joint press conference that strengthening India-Japan ties will not only benefit the two nations but will also contribute to the Indo-Pacific region’s peace, prosperity, and stability.

When former Japanese PM Shinzo Abe visited India in 2014, he offered an investment and financing of 3.5 trillion yen over five years.

Japan has been assisting India in the building of urban infrastructure and a high-speed railway based on their bullet train technology.

According to the Prime Minister’s Office, the two leaders met earlier in the day at Hyderabad House in the national capital and discussed ways to strengthen economic and cultural ties between the two countries.

This year marks the 70th anniversary of the two countries’ establishing of diplomatic relations.

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