Japan has declared Rs 3.2 Lakh Crores investment target in India for the next five years, after the talks between PM Narendra Modi and Japanese PM Fumio Kishida. The Japanese PM came to India on March 19 for his two-day visit, which included addressing the 14th India-Japan Annual Summit. Both sides signed six agreements to expand bilateral talks in many other areas like the clean energy partnership. The six agreements also include a Memorandum of Cooperation on cybersecurity, a Memorandum on Sustainable Urban Development and an agreement on decentralised wastewater management.

“There has been progress in the economic partnership between India and Japan. Japan is one of the largest investors in India. India and Japan are working as ‘One team- One project’ on Mumbai-Ahmedabad high-speed rail corridor,” PM Modi said. Loans worth Rs 20,400 Crores from Japan International Cooperation Agency (JICA) was also approved for cooperation infrastructure, connectivity, biodiversity and healthcare.

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“India and Japan understand the necessity of a secure, trusted, predictable and stable energy supply. This is essential to achieve sustainable economic growth and deal with climate change,” PM Modi added. Kishida said that “Both countries should expand for an open and free Indo-Pacific. Japan and India will keep trying to end the war and support Ukraine and its neighbouring countries.”