Japan will invest 42 42 billion in India to strengthen economic ties

NEW DELHI – Japanese Prime Minister Fumio Kishida said on Saturday that his country would invest 42 42 billion in India over the next five years in a deal that is expected to boost bilateral trade.

During her first visit to India since taking office, Kishida met her rival Narendra Modi in New Delhi. The two leaders discussed everything from economics to security cooperation.

In a televised press statement, Kishida said the investment plan would bring huge benefits to a variety of industries, from urban infrastructure development to green energy.

Kishida added that the two sides reiterated Japan and India’s commitment to strengthening security ties across the Indo-Pacific region and discussed the ongoing crisis in Ukraine.

“We have discussed the situation in Ukraine. (R) The Russian attack is a serious matter because it violates international law, “he said.

India says relations with Japan are key to stability in the region. The two countries, along with the United States and Australia, are members of the Indo-Pacific Alliance, known as the “quadrilateral,” which is dealing with China’s growing influence in Asia.

India is the only quad member who has not condemned Russia’s aggression in Ukraine. It refrains from taking sides and refrains from voting against Russia at the UN or criticizing President Vladimir Putin.

Japan, meanwhile, has imposed financial sanctions to isolate Russia, including controlling the export of high-tech products.

Between 2000 and 2019, Japanese investment in India reached $ 32 billion, mainly in the automobile, electrical equipment, telecommunications, chemical, insurance and pharmaceutical sectors. Japan is helping to develop infrastructure in India, including a high-speed rail project.

According to official data, bilateral trade between India and Japan has crossed $ 11.87 billion for 2019-20. India’s exports from Japan amounted to $ 3.94 billion and India’s imports from Japan amounted to $ 7.93 billion.

In September, Quad leaders announced that Japan would work with India to invest CO 100 million in COVID-19 vaccines and therapeutic drugs.

Kishida will end her tour of India on Sunday.