Japan to invest 10 trillion yen in India over the next decade

Prime Minister Narendra Modi with his Japanese counterpart Shigeru Ishiba during the 15th India-Japan Annual Summit. Pic/PTI

Japan on Friday set an investment target of 10 trillion yen in India over a decade, reported news agency PTI. The two sides firmed up a mega roadmap to bolster cooperation in several key areas, such as critical minerals, defence and technology. Japan made the announcement amid the global economic turbulence caused by the Trump administration's policies on trade and tariffs.

The announcements on expanding the India-Japan special strategic and global partnership were made following summit talks between Prime Minister Narendra Modi and his Japanese counterpart, Shigeru Ishiba.

In a media statement, Prime Minister Modi said, "We have set a target of 10 trillion yen investment in India from Japan in the next 10 years.

"India-Japan cooperation is crucial for global peace and stability, and both sides have laid a strong foundation for a 'new and golden chapter' in the partnership," he had said, soon after landing in Tokyo. The Prime Minister is on a two-day visit to Japan.

Furthermore, the Prime Minister also asserted, "We have created a 10-year roadmap for cooperation in a range of areas, including investment, innovation, and economic security."

In his remarks, Modi that India and Japan are fully committed to a free, open, peaceful, prosperous and rules-based Indo-Pacific, reported PTI.

"Both sides also decided to further strengthen cooperation in the field of the defence industry and innovation," stated Modi.

Concerns of India and Japan regarding terrorism and cybersecurity are the same, Modi said, adding that both sides have shared interests in boosting defence and maritime security.

Praising Japan and India's friendship over the years, Prime Minister Modi said, "The India-Japan partnership is rooted in mutual trust, reflects our national priorities and is shaped by our shared values and beliefs."

Meanwhile, Japanese Prime Minister Shigeru Ishiba stated that "both sides need to take advantage of each other's strengths to deal with next-generation challenges".

During his meeting with Ishiba, Modi also expressed that both countries have common concerns against terrorism, cyber security and other activities. He further added that India and Japan have shared interests which are linked to defence and maritime security, reported PTI.

(With inputs from PTI)