India Japan Summit 2022: Japan to invest 5 trillion Yen in India in next five years, says PM Modi

Japan will invest 5 trillion Yen or Rs 3.2 lakh crores in the next five years in India, informed Prime Minister Narendra Modi during the 14th India-Japan Annual Summit.

Created On: Mar 20, 2022 16:20 IST
Japanese PM Fumio Kishida and PM Modi at 14th India-Japan Annual Summit
Japanese PM Fumio Kishida and PM Modi at 14th India-Japan Annual Summit

India Japan Summit 2022: The 14th India-Japan Annual Summit was held in New Delhi, India on March 19, 2022. Indian Prime Minister Narendra Modi and visiting Japanese Prime Minister Fumio Kishida participated in the summit along with a group of senior officials.  

Speaking at the India-Japan Economic Forum, PM Modi said, " Progress, prosperity and partnership are the basis of India-Japan relations. We are committed to providing all possible support to Japanese companies in India."

The two leaders also witnessed exchanging of three MoUs between India and Japan in the areas of capacity building, cybersecurity and information sharing and cooperation. 

The Japanese Prime Minister welcomed the MoUs saying that India is a very important partner for Japan and said that they will be holding the next India-Japan talks as soon as possible. 

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Japan to invest 5 trillion Yen in India

Japan will invest 5 trillion Yen or Rs 3.2 lakh crores in the next five years in India, informed Prime Minister Narendra Modi during the summit. 

PM Modi emphasised that there has been progress in the economic partnership between India- Japan economic partnership and that Japan is one of the largest investors in India. 

He said while delivering a press statement after the summit that India-Japan are working as 'One team- One project' on Mumbai-Ahmedabad high-speed rail corridor.

PM Modi also reiterated that India and Japan understand the importance of a secure, trusted, predictable & stable energy supply and this is essential to achieve sustainable economic growth and to deal with climate change.

He stated that PM Kishida has been an old friend of India and he had the opportunity to exchange views with him when he was the foreign Minister of Japan.

Read India-Japan Summit 2022 Joint Statement Below: 

On Ukraine

Japanese PM Kishida highlighted that the whole world has been shaken today due to many disturbances and it is very important for India & Japan to have a close partnership. 

He said, "We expressed our views, talked about the serious invasion of Russia into Ukraine. We need a peaceful solution on the basis of international law."

Indian Foreign Secretary Harsh Vardhan Shringla said after the talks that PM Modi & Japanese PM Kishida exchanged perspectives on Ukraine and expressed the seriousness about the ongoing conflict & humanitarian crisis and assessed broader implications for Indo-Pacific.

The two leaders further emphasised on the importance of the safety & security of nuclear facilities in Ukraine and reiterated their call for an immediate cessation of violence & noted that there was no other path than dialogue for resolving the Ukraine crisis, informed FS Shringla.

On Indo-Pacific

The two leaders expressed their commitment to promoting peace, security and prosperity in the Indo-Pacific region. 

The Japanese Prime Minister emphasised that both India and Japan should increase efforts to ensure an open & free Indo-Pacific. He said, "Japan, along with India, will keep trying to end the war & keep providing support to Ukraine & its neighbouring countries."

Quad

The two PMs affirmed the importance of bilateral and plurilateral partnerships among like-minded countries in the region including the QUAD grouping between India-Australia-Japan and the United States. 

They further welcomed the QUAD Leaders' Summit in March and September 2021 and renewed their commitment to delivering tangible outcomes to QUAD's positive agenda. They also looked forward to advancing QUAD cooperation during the next QUAD Leader's Summit in Japan in the upcoming months. 

The Japanese Prime Minister also invited PM Modi for the Quad Summit Meeting in Tokyo.

On China

Foreign Secy Harsh V Shringla also informed that both the Prime Ministers discussed the situation regarding China and that India informed Japan about the situation in Ladakh, about the attempts of amassing of troops and India's talks with China over border-related issues. Japanese PM also briefed India about his perspective of the East and South China sea. 

India also made it clear during the talks that unless we have a resolution of the border issues with peace & tranquility, we could not consider the relationship with China to be business as usual.

India-Japan MoUs

India and Japan also signed six agreements in the areas of cybersecurity, sustainable urban development, wastewater management, water supply and connectivity and India-Japan Industrial Competitiveness Partnership Roadmap. 

Below are the six agreements exchanged during the summit:  

S.No. Agreements Details

1

Memorandum of Cooperation (MoC) in the field of Cybersecurity

For information sharing, capacity building programs and cooperation in the area of cybersecurity.

2

7 JICA Loans (INR 20400 crores) for projects in connectivity, water supply and sewerage, horticulture, healthcare, and biodiversity conservation in various States.

a) Dedicated Freight Corridor Project (Phase 2) (III)

b) North East Road Network Connectivity Improvement Project (NH208 (Khowai - Sabroom)) Phase 6

c) Bengaluru Water Supply and Sewerage Project (Phase 3) (II)

d) Uttarakhand Integrated Horticulture Development Project

e) Strengthening Health Systems and Excellence of Medical Education in Assam

f) Tamil Nadu Biodiversity Conservation and Greening Project Phase –II

g) Chennai Metro (Phase 2) (II)

3

 Amendment in Comprehensive Economic Partnership Agreement (CEPA) signed between India and Japan

i) Amendment of Article 7 (Exchange of Information) of Implementing Agreement (IA) signed between India and Japan as per Article 13 of India-Japan Comprehensive Economic Partnership Agreement (CEPA)

ii) Amend Annex 2 (Product Specific rules) of CEPA to allow the fish surimi product of India with the non-originating additive to be considered as an originating good of India.

4

Memorandum of Cooperation (MoC) on Decentralized Domestic Wastewater Management

 

To introduce Johkasou technology in India by Japanese companies for decentralized waste water treatment. It is used in areas where sewage infrastructure has not yet been developed.

5

India-Japan Industrial Competitiveness Partnership Roadmap

 

To implement the Memorandum of Cooperation (MoC) on India-Japan Industrial Competitiveness Partnershipthat was signed in November 2021. It seeks to seeks to address issues that Japanese companies currently face in India through a fast-track mechanism. Working Groups on logistics and textiles have been established and in other sectors as needed. It includes cooperation in Micro, Small and Medium Enterprises (MSME) sector and supply chain matters.

6

Memorandum of Cooperation on Sustainable Urban Development

 

Builds on the 2007 Memorandum of Understanding (MoU) on Urban Development to include smart cities development, affordable housing, urban flood management, wastewater management, Intelligent Transport Management System etc.

The two countries also concluded 7 loan agreements for official development assistance in areas of healthcare, connectivity, healthcare, sewage and water supply. The two sides also agreed on work plans with the import of Japanese apples to India & export of Indian mangoes to Japan.

Background

Japanese Prime Minister Fumio Kishida was on an official visit to India from March 19-20, 2022 for the 14th India-Japan Annual Summit with Prime Minister Narendra Modi. 

The Summit was taking place at a time when the two countries were celebrating the 70th anniversary of the establishment of diplomatic relations and India was celebrating its 75th anniversary of Independence. 

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