Japan is targeting to invest $ 42 billion over the next five years in India, Prime Minister Narendra Modi said after a bilateral meeting with his Japanese counterpart Fumio Kishida in Delhi this afternoon. “Japan will increase its investment target in India to 5 trillion yen or Rs 3.2 lakh crore ($ 42 billion) over the next five years,” PM Modi announced.
Mr Kishida, accompanied by a high-level delegation, arrived in Delhi for the 14th India-Japan Annual Summit around 3:40 pm on his first visit to India as head of the Japanese government.
Former Japanese Prime Minister Shinzo Abe in 2014 announced 3.5 trillion yen in investment and financing over five years during a visit to India.
Japan has supported the development of India’s urban infrastructure and high -speed rail based on its bullet rail technology.
Earlier in the day, the two leaders were at the Hyderabad House in the capital and discussed ways to enhance economic and cultural ties between the two countries according to the Prime Minister’s Office.
Prime Minister Modi spoke to PM Kishida by phone in October 2021 shortly after he took office. Both sides expressed a desire to further strengthen the special strategic and global partnership.
This year also marks the 70th anniversary of the establishment of diplomatic relations between the two countries.