• Friday, May 20, 2022

Business

Japan to invest £32 billion in India in five years

India’s Prime Minister Narendra Modi (R) and Japan’s Prime Minister Fumio Kishida wait to sign an agreement after their meeting in New Delhi on March 19, 2022. (Photo by PRAKASH SINGH/AFP via Getty Images)

By: Chandrashekar Bhat

JAPANESE prime minister Fumio Kishida has announced an investment target of Rs 3.2 trillion (£31.97 bn) in India over the next five years as the two sides concluded a raft of agreements to expand their special strategic partnership.

Following talks between Indian prime minister Narendra Modi and Kishida at the 14th India-Japan summit, the two sides inked six agreements including one that will facilitate a Rs 204 billion (£2.04 bn) loan by Japan International Cooperation Agency for development projects in India.

In their talks, the two prime ministers deliberated on pressing global issues including the Ukraine crisis, the situation in Afghanistan and Myanmar and developments in the South China Sea as well as the Indo-Pacific, particularly the growing Chinese assertiveness and economic coercion.

A joint statement on Saturday (19) said Modi and Kishida highlighted their commitment to working in tandem towards a peaceful, stable and prosperous world based on a rules-based order that respects the sovereignty and territorial integrity of nations.

The two leaders emphasised the need for all countries to seek peaceful resolution of disputes following international law without resorting to threat or use of force or any attempt to unilaterally change the status quo.

“The prime ministers expressed their serious concern about the ongoing conflict and humanitarian crisis in Ukraine and assessed its broader implications, particularly to the Indo-Pacific region,” the joint statement said.

Kishida said the situation in Ukraine figured in the talks and described the Russian attack on that country as a serious development that has shaken the roots of international order.

“We need to approach the matter with a strong resolve,” Kishida said

“I told Modi that one-sided efforts to change the status quo by force can’t be allowed in any sector. We both agreed on the need for a peaceful solution to all conflicts on the basis of international law,” he added.

After the talks, the two sides firmed up a clean energy partnership (CEP) for cooperation in areas such as electric vehicles, storage systems including batteries, electric vehicle charging infrastructure and development of solar energy.

A sustainable development initiative for the North Eastern Region was also firmed up under which Japan will assist in projects in areas of connectivity, healthcare, new and renewable energy, as well as an initiative to strengthen the “bamboo value chain”.

The two sides also resolved to continue expanding cooperation in defence and security including in the field of cybersecurity.

(PTI)

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