Japanese PM visits India
Japanese Prime Minister Yukio Hatoyama visited India in last week of December 2009. During his visit he discussed bilateral as well as regional and global issues. Japan has always been a close friend of India. Its economic ties with India are time tested.
The two Prime Ministers reaffirmed that India and Japan as partners which share common values and strategic interests, will develop the Strategic and Global Partnership further for the deepening of their bilateral ties as well as peace and prosperity of the region and the world.Two Prime Ministers expressed their satisfaction at the finalisation of the Action plan with specific measures to advance security cooperation based on the Joint declaration on Security Cooperation between India and Japan issued in October 2008. The two Prime Ministers committed to enhancing the security cooperation between India and Japan according to the action plan. The action plan also includes joint exercise and meeting between the Coast Guards of both nations. Both nations will hold annual bilateral exercise alternately off India and Japan, and if possible hold multi-lateral cooperation too. The Malabar 2007 exercise involves five nations- India, Japan, the United States, Australia and Singapore. The plan also envisages participation as observers in major army and air force exercises and passing exercises during ship visits.
The two Prime Ministers also talked about the current status of the Comprehensive Economic Partnership Agreement negotiations and assured towards resolving the remaining issues with a view to concluding a mutually beneficial agreement at the earliest.
Both countries ink pact for DMIC project
Both countries also signed two important agreements for implementation of the Rs 3,60,000-crore (US$ 77.14 billion) Delhi- Mumbai Industrial Corridor (DMIC) project which seeks to create integrated investment regions and industrial areas across six states.
Indo-Japan relationship on a high trajectory
Indo-Japan relationship has seen steady rise in recent years despite some roadblocks like nuclear issue. Both countries have centuries of old relationship with Buddhism as common bond. Buddhism spread from India to Japan. Now the relations are mainly economic and social. With the new government in place, Japan is likely to break away from old style of economy and
diplomacy. As far as direct investment is concerned, Japan’s investment towards India has grown manifold to $8 billion.
Robust 8-9 percent growth rate has made India a favourite investment destination worldwide. India’s performance during the global economic crisis has been exampelary and raised her stature as robust economy. Japan is also eying India. The number of Japanese companies has grown in India across sectors including consumer durable and automobile. Though Indian companies are yet to tap the Japanese market. Even today most of the Indian companies apart from TCS and Wipro are dealing with the US. This is one area which needs special focus.