Japan’s Prime Minister, Fumio Kishida, on Saturday said his country will invest $42 billion in India over the next five years in a deal that is expected to boost bilateral trade.
Kishida met his counterpart, Narendra Modi, in New Delhi during his first visit to India since assuming office. The two leaders held talks ranging from the economy to security cooperation.
In a televised press statement, Kishida said the investment plan will bring huge benefits for several industries, from the development of urban infrastructure to green energy.
Kishida also said the two sides reaffirmed Japan and India’s commitment to strengthening security ties across the Indo-Pacific region, AP reported.
Japanese investments in India touched $32 billion between 2000 and 2019, mainly in the automobile, electrical equipment, telecommunications, chemicals, insurance and pharmaceutical sectors. Japan has also been supporting infrastructure development in India, including a high-speed rail project.
According to government data, the bilateral trade between India and Japan for 2019–20 crossed $11.87 billion. India’s exports from Japan amounted to $3.94 billion, while India’s imports from Japan stood at $7.93 billion.
In September, the Quad leaders announced Japan would work with India on a $100 million investment in COVID-19 vaccines and treatment drugs.
Kishida will end his India visit on Sunday.
