Japan Will Invest 42 Billion In India
Prime Minister Narendra Modi was listening as Japanese Prime Minister Fumio Kishida denounced Russia’s aggressive action against Ukraine as a “serious development” that has “shaken the foundations of international order”.
Kishida held discussions with Modi at Hyderabad House in New Delhi but did not mention Ukraine directly. They discussed “geopolitical developments”.
The emergence of geopolitical challenges has changed the nature of international relations. According to Modi, deepening the India-Japan partnership is significant not only for the two countries but also for the Indo-Pacific region, as well as contributing to world peace, prosperity and stability. Modi added that both countries exchanged views on regional and global issues.
Harsh Vardhan Shringla, China’s Foreign Secretary, told a press conference after the two leaders’ meeting that they also discussed the China-India border standoff in Ladakh.
India announced that Japan plans to invest more than 42 billion dollars ($5 trillion) over the next five years.
In 2014, the two sides entered into an Investment Promotion Partnership in which they agreed to invest 3.5 trillion yen from 2014 until 2019. Taking into account the aid from Japan and investment from that country, we have reached that goal. The new target will offer opportunities for greater involvement of Japanese companies in the Indian economy.
According to the joint statement, the Prime Ministers noted with appreciation the significant gain in economic cooperation that came from the enhancement of ties to a Special Strategic and Global Partnership.
Their satisfaction is evident from the full achievement of the JPY (Japanese Yen) 3.5 trillion investment target announced in 2014. As part of the measures India has taken to improve the business environment for Japanese investors in the country, they acknowledged the steps India has taken to boost economic growth and improve ease of doing business. During their meeting, they announced their intention to realize 5 trillion dollars in public and private investments and loans from Japan to India over the next five years to finance public and private projects of mutual benefit.
The signing of pacts on cyber security and a clean energy partnership took place between the two sides.
Immediately after their meeting, they agreed to arrange a two-plus-two meeting between their Foreign and Defence ministers.
Furthermore, they concluded loans to the tune of Rs 20,400 crore for investments in connectivity, water supply and sewerage, horticulture, healthcare, and biodiversity conservation in different states.
Kishida said that the Russian invasion of Ukraine is a very serious development that has shaken the foundations of international order on his first visit to India as leader of the Japanese government. During my conversation with Prime Minister Modi, I related my concerns to him. ” In all spheres, unilateral attempts to change the status quo through force should not be allowed.”
The comments from the Japan are in line with those made during the Quad Leaders’ Summit, during which they had joined hands with the United States and the Europe in criticizing the Russia’s actions and in imposing sanctions as well.
In his words, Narendra Modi and he agreed that “peaceful solutions are the best way to resolve all problems” following international law. Due to these developments, both countries should dedicate themselves to a free and open Indo-Pacific, he said.
Japanese Foreign Minister Fumio Kishida said Japan and India will keep appealing for a ceasefire and will prefer a diplomatic solution to the conflict.
Japanese Prime Minister Hikariko Ono’s spokesperson said: “most of the time” of the discussion was spent discussing the Ukraine situation. 110 minutes have passed since the leaders spoke.
Among other things, she discussed the nuclear threats posed by Russia. “Hiroshima, which was badly damaged at the end of World War II, is the hometown of Kishida, the Japanese Prime Minister, who has stated, “any nuclear threat relating to its use cannot be tolerated”.
The official stated that Kishida had called the Russian aggression “outrageous” and a clear violation of international law.
In a joint statement, Foreign Secretary Shringla pointed out that Ukraine was discussed during the bilateral meeting.
There was no mention of Russian aggression in the statement, but the statement said the Prime Ministers “expressed their serious concern about the ongoing conflict and humanitarian crisis in Ukraine, including the broader implications for Indo-Pacific countries.”.
The joint statement highlighted the fact that the current global order was built on the UN Charter, international law, as well as the respect for sovereignty and territorial integrity of states – language that is similar to India’s statements at the UN, where it has not specifically mentioned Russia but flagged issues of concern.
According to the joint statement, “they emphasized the importance of safety and security of nuclear facilities in Ukraine and recognized that the IAEA is working actively on that front.”
As stated in the statement, the leaders “reiterated their call for an immediate cessation of violence and noted that they had no alternative but to continue the dialogue and diplomacy which had led to the resolution of the conflict.” They added that they would take appropriate steps to address the humanitarian crisis in Ukraine.
During the summit, the Japanese and Indian PMs discussed bilateral relations after three and a half years – the last summit was held in Japan in 2018.
Due to protests over the amended citizenship laws, the 2019 summit between Modi and Shinzo Abe, his then Japanese counterpart, has been cancelled in Guwahati.
As part of his first formal diplomatic visit to India since taking office, Japanese Prime Minister Fumio Kishida is set to announce a plan to invest 5 trillion yen ($42 billion) in India over the next five years. The Indian and Japanese leaders will consider the public-private funding plan during the 14th India-Japan Annual Summit, Nikkei Asia reported.
According to Nikkei, during his two-day visit to India, the Japanese Prime Minister is expected to approve a loan of approximately 300 billion yen to Indian Prime Minister Narendra Modi. Additionally, a joint energy cooperation document for reducing carbon emissions is expected to be signed.
As a result of Kishida’s 5 trillion yen investment, the Japanese government will be able to bring in more money than former Japanese Prime Minister Shinzo Abe committed to during his visit to India in 2014.
Ministry of External Affairs spokesperson Arindam Bagchi confirmed the Japanese PM would be visiting India for three days starting Saturday to take part in the 14th India-Japan summit. There has been no summit between the Indian and Japanese Prime Ministers since the last one took place in Japan three and a half years ago.
As the new Prime Minister of Japan, Kishida was sworn in on October 4, 2021, and will arrive on Saturday afternoon. He will depart on March 20 (Sunday).
During the summit, both leaders are likely to review their diplomatic relations and bilateral cooperation in different areas. As well as the Ukraine situation, Modi and Kishida will probably discuss the international situation.
In 2020 as well as in 2021, the summit could not take place because of the Covid-19 pandemic. The Japanese government is planning to host an in-person summit between the Quad leaders this year. Indian Prime Minister Modi is likely to attend.
In the Indo-Pacific region, India and Japan have deepened their strategic ties as a result of a mutual interest in free, open and inclusive relations. There has also been progressing in the areas of defence and security and regional cooperation.
As reported by the Nikkei newspaper in Japan, Japan has set a 5 trillion yen goal, which exceeds the 3.5 trillion yen that then Japanese Prime Minister Shinzo Abe announced during his 2014 visit to India.
The Japanese government is currently offering support to India for the development of urban infrastructure and a high-speed railway based on Japan’s shinkansen bullet trains.
Mr Kishida, the prime minister, is scheduled to reveal the public-private funding during an economic forum. Several prominent business publications reported that he would pledge to grow investment and increase the number of Japanese companies expanding to India.
Additionally, Mr Kishida is expected to accept a loan worth about 300 billion yen during his meeting with Prime Minister Narendra Modi. It is anticipated that a document on energy cooperation concerning carbon reduction will be signed between the two countries.
As part of the public-private forum on Saturday, Mr Kishida is also expected to support India’s continued infrastructure development, which will help draw Japanese companies to build factories, the paper said.
In the first leg of his three-day trip, the Japanese prime minister visits India. His visit to Cambodia is scheduled for Sunday when he will meet with Prime Minister Hun Sen.
As members of the Quadrilateral Security Dialogue with the US and Australia, Japan and India have established their security framework known as the Quad. Cambodia holds the chair for the Association of Southeast Asian Nations for a second consecutive year.
Kishida plans to confirm the strengthening of security arrangements aimed at countering the Russian invasion of Ukraine.
A bilateral acquisition and cross-service agreement signed between Japan and India in 2020 provide food, fuel, and other supplies on a reciprocal basis between the Indian Army and the Japan Self-Defense Forces. Kishida and Modi are supposed to reiterate their commitment to pushing forward with the agreement, according to the paper.
At an early date, Mr Kishida and Prime Minister Narendra Modi are expected to convene a two-plus-two meeting between the diplomatic chiefs and the defence ministers of both countries.
In November, the Japanese prime minister visited Great Britain as prime minister. The Japanese prime minister will now travel to the United States.
President of the Liberal Democratic Party since 2021, Kishida is 64 years old.
edited and proofread by nikita sharma
