Prime Minister Narendra Modi said on Saturday 19th March 2022 that Japan will invest Rs 3.2 lakh crore in India in coming 5 years. He also said that the two countries have achieved the targets that were set in 2014. He was giving a joint press statement with the Japanese prime minister Fumio Kishida who is on his visit to India for the 14th summit between India and Japan.
PM Modi said, “I am happy that we have crossed the investment target of 3.5 trillion Yen set in 2014 and we have decided to increase our aspirations. In the coming five years, we have set a new target of 5 trillion Yen investment i.e. about 3.20 lakh crore.”
He further said, “the world is still coping with the ill effects of COVID-19. “There are obstacles in the global economic recovery process. The geopolitical developments are also posing new challenges. In this context, it is not only important for India and Japan to strengthen their bilateral partnership but it will encourage peace, prosperity, and stability in the Indo-Pacific region and in the world.”
Underlining the friendly relations with the Japanese prime minister, PM Modi said, “PM Kishida has been an old friend of India. I have had the opportunity to exchange views with him when he was the Foreign Minister of Japan. Japan is one of the largest investors in India.”
Taking cognizance of the high-speed rail corridor development work between Mumbai and Ahmedabad, the project that is being completed with the help of Japan, PM Modi said, “Japan has made a notable contribution in the flagship projects like Dedicated Freight Corridor and Mumbai-Ahmedabad High-Speed Rail project. Good progress is being made on Mumbai-Ahmedabad High-Speed Rail.”
The two countries also signed six agreements including one for cyber security cooperation. A sustainable development initiative was also launched for India’s northeast and clean energy partnership.
The previous India-Japan Annual Summit took place in Tokyo in October 2018.
In 2014, Japan had announced investment of USD 33 million in India.