PM Modi paves way for Japan’s 10 trillion yen investment in India

Prime Minister Narendra Modi said on Friday that India and Japan have laid a roadmap for their relations in the next decade with a focus on investment, economic security, innovation, and technology as key areas. 

Addressing the media after a meeting with his Japanese counterpart, Shigeru Ishiba, PM Modi said: "We have laid a roadmap for the next decade. At the core of our vision are investment, innovation, economic security, environment, technology, health, mobility, people-to-people exchanges, and state-prefecture partnership."

"We have set a target of 10 trillion yen investment from Japan in India over the next ten years. Special emphasis will be laid on connecting small and medium enterprises and startups of India and Japan," he said.

"Our Joint Credit Mechanism is a big win for energy. It shows that our green partnership is as strong as our economic partnership. In this direction, we are also launching the Sustainable Fuels Initiative and Battery Supply Chain Partnership."

PM Modi also said that the two countries are launching the Economic Security Cooperation Initiative to move ahead with a comprehensive approach in critical and strategic areas.

Terming his discussions with Prime Minister Ishiba today as both productive and purposeful, PM Modi said: "We are both of the same opinion that as the world's two largest economies and vibrant democracies, our partnership is of vital importance not only for our two countries but also for global peace and stability. Strong democracies are natural partners in shaping a better world."

He further stated that cooperation in the field of high technology is a priority for both countries. In this context, Digital Partnership 2.0 and the AI cooperation initiative are being taken. Semiconductors and rare earth minerals will remain at the top of the agenda.

"We believe that Japanese technology and Indian talent are a winning combination. While we are working on high-speed rail, we will also make rapid progress in areas like ports, aviation and shipbuilding under the Next Generation Mobility Partnership," PM Modi further stated.

He also welcomed the agreement reached between India's ISRO and Japan's JAXA for cooperation in the Chandrayaan-5 mission.

"Our active participation will become a symbol of humanity's progress beyond the boundaries of the earth and in space as well!" the Prime Minister remarked.

PM Modi also said that under the human resource action plan, the exchange of 5 lakh people from both sides will be encouraged in different fields in the next five years. In this, 50,000 skilled Indians will actively contribute to Japan's economy.

India and Japan's participation will not be limited to Delhi and Tokyo. Now the connection between Indian States and Japanese prefectures will deepen through institutional cooperation. This will open new doors for trade, tourism, education, and cultural exchanges, the PM said.

He also said that India and Japan share common concerns on terrorism and cybersecurity, and defence and maritime security are shared interests. "We have decided to further strengthen our cooperation in the field of defence industry and innovation,” the Prime Minister further stated.

"The India-Japan partnership is rooted in mutual trust, reflects our national priorities, and is shaped by our shared values and beliefs. Together, we carry a common dream of peace, progress and prosperity of our peoples and for the world," he added.

Picture Courtesy: X/ Narendra Modi