Japan to invest Rs 3.2 lakh crore in India in next 5 years

Japan aims to invest $42 billion over the next five years in India. This landmark decision was reached during Prime Minister Narendra Modi's bilateral meeting with his Japanese counterpart Fumio Kishida in New Delhi on Saturday.

Addressing the media during a joint briefing along with his Japanese counterpart, Prime Minister Modi said, "Japan will raise its investment target in India to an ambitious 5 trillion yen or Rs 3.2 lakh crore over the next five years to finance appropriate public and private projects of mutual interest."

The two sides agreed to work closely towards resilient, efficient and reliable supply chains in the region and emphasized the importance of collaboration to address illicit technology transfers and strengthen the protection of critical infrastructure, including through the Quad. 

Welcoming the renewal of their bilateral currency swap agreement of $75 billion, the two leaders recognized the need for enhancing bilateral trade and welcomed the amendment promoting trade of fish surimi between India and Japan under the India-Japan Comprehensive Economic Partnership Agreement. The two countries also recognized the need for enhancing bilateral trade. India has approved the import of Japanese apples while Japan has relaxed procedures for Indian mango exports to the country. 

Pakistan and terror funding

During their interaction, the Prime Ministers expressed deep concern at the growing threat of terrorism and underlined the need to strengthen international cooperation to combat terrorism. 

Calling upon all countries to work together for rooting out terrorist safe havens and infrastructure, disrupting terrorist networks and their financing channels, and halting cross-border movement of terrorists, the two Prime Ministers sought all countries to ensure that territory under their control is not used to launch terror attacks, to expeditiously bring to justice the perpetrators of such attacks. 

Calling out Pakistan-sponsored terrorism, India and Japanese leaders called upon Islamabad to take resolute and irreversible action against terrorist networks operating out of its territory and comply fully with international commitments including FATF. 

Prime Minister Modi and Kishida also agreed to strengthen counter-terrorism efforts in multilateral fora and to work together on the early adoption of the Comprehensive Convention on International Terrorism in the United Nations.

Also Read: PM Modi, Japan counterpart Kishida discuss ways to boost economic and cultural ties

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• Fumio Kishida
• India
• Japan
• Narendra Modi
• Prime Minister