Japan to invest $42B in India to strengthen economic ties

Mar 19, 2022, 8:12 AM | Updated: Mar 21, 2022, 3:54 am
Indian Prime Minister Narendra Modi walks with his Japanese counterpart Fumio Kishida in New Delhi,...

Indian Prime Minister Narendra Modi walks with his Japanese counterpart Fumio Kishida in New Delhi, Saturday, March 19, 2022. Kishida is meeting with Modi to strengthen their partnership in the Indo-Pacific and beyond in view of China’s growing footprint in the region, an Indian official said Thursday. (AP Photo/Manish Swarup)

(AP Photo/Manish Swarup)

NEW DELHI (AP) — Japan’s Prime Minister Fumio Kishida on Saturday said his country will invest $42 billion in India over the next five years in a deal that is expected to boost bilateral trade.

Kishida met his counterpart, Narendra Modi, in New Delhi during his maiden visit to India since assuming office. The two leaders held talks ranging from economy to security cooperation.

In a televised press statement, Kishida said the investment plan will bring huge benefits for several industries, from the development of urban infrastructure to green energy.

Kishida also said the two sides reaffirmed Japan and India’s commitment to strengthen security ties across the Indo-Pacific region and held discussions over the ongoing crisis in Ukraine.

“We discussed the situation in Ukraine. (The) Russian attack is a serious matter as it has shaken international norms,” he said.

India says ties with Japan are key to stability in the region. The two nations, along with the United States and Australia, are members of the Indo-Pacific alliance known as “the Quad” that is countering China’s rising influence in Asia.

India is the only Quad member that has not condemned Russia’s invasion of Ukraine. It has refrained from taking sides and abstained from voting against Russia at the U.N. or criticizing President Vladimir Putin.

Japan, meanwhile, has imposed financial sanctions to isolate Russia, including export controls on high-tech products.

The Japanese investments in India touched $32 billion between 2000 and 2019, mainly in the automobile, electrical equipment, telecommunications, chemical, insurance and pharmaceutical sectors. Japan has also been supporting infrastructure development in India, including a high-speed rail project.

The bilateral trade between India and Japan for 2019-20 crossed $11.87 billion, according to government data. India’s exports from Japan amounted to $3.94 billion while India’s imports from Japan stood at $7.93 billion.

In September, the Quad leaders announced Japan would work with India on a $100 million investment in COVID-19 vaccines and treatment drugs.

Kishida will end his India visit on Sunday.

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              Indian Prime Minister Narendra Modi greets his Japanese counterpart Fumio Kishida in New Delhi, Saturday, March 19, 2022. Kishida is meeting with Modi to strengthen their partnership in the Indo-Pacific and beyond in view of China’s growing footprint in the region, an Indian official said Thursday. (AP Photo/Manish Swarup)
            
              Indian Prime Minister Narendra Modi walks with his Japanese counterpart Fumio Kishida in New Delhi, Saturday, March 19, 2022. Kishida is meeting with Modi to strengthen their partnership in the Indo-Pacific and beyond in view of China’s growing footprint in the region, an Indian official said Thursday. (AP Photo/Manish Swarup)
            
              Indian Prime Minister Narendra Modi walks with his Japanese counterpart Fumio Kishida in New Delhi, Saturday, March 19, 2022. Kishida is meeting with Modi to strengthen their partnership in the Indo-Pacific and beyond in view of China’s growing footprint in the region, an Indian official said Thursday. (AP Photo/Manish Swarup)
            
              Indian Prime Minister Narendra Modi waits for the arrival of his Japanese counterpart Fumio Kishida in New Delhi, Saturday, March 19, 2022. Kishida is meeting with Modi to strengthen their partnership in the Indo-Pacific and beyond in view of China’s growing footprint in the region, an Indian official said Thursday. (AP Photo/Manish Swarup)
            
              Indian Prime Minister Narendra Modi and his Japanese counterpart Fumio Kishida walk during a signing of agreements and joint press conference in New Delhi, Saturday, March 19, 2022. Kishida Saturday said his country will invest $42 billion in India over the next five years in a deal that is expected to boost bilateral trade between New Delhi and Tokyo. (AP Photo/Manish Swarup)
            
              Indian Prime Minister Narendra Modi sits his Japanese counterpart Fumio Kishida during a signing of agreements in New Delhi, Saturday, March 19, 2022. Kishida Saturday said his country will invest $42 billion in India over the next five years in a deal that is expected to boost bilateral trade between New Delhi and Tokyo. (AP Photo/Manish Swarup)
            
              Indian Prime Minister Narendra Modi shakes hand with his Japanese counterpart Fumio Kishida during a signing of agreements in New Delhi, Saturday, March 19, 2022. Kishida Saturday said his country will invest $42 billion in India over the next five years in a deal that is expected to boost bilateral trade between New Delhi and Tokyo. (AP Photo/Manish Swarup)
            
              Indian Prime Minister Narendra Modi and his Japanese counterpart Fumio Kishida sign agreements in New Delhi, Saturday, March 19, 2022. Kishida Saturday said his country will invest $42 billion in India over the next five years in a deal that is expected to boost bilateral trade between New Delhi and Tokyo. (AP Photo/Manish Swarup)
            
              Indian Prime Minister Narendra Modi shakes hand with his Japanese counterpart Fumio Kishida during a signing of agreements in New Delhi, Saturday, March 19, 2022. Kishida is meeting with Modi to strengthen their partnership in the Indo-Pacific and beyond in view of China’s growing footprint in the region, an Indian official said Thursday. (AP Photo/Manish Swarup)
            
              Indian Prime Minister Narendra Modi walks with his Japanese counterpart Fumio Kishida in New Delhi, Saturday, March 19, 2022. Kishida is meeting with Modi to strengthen their partnership in the Indo-Pacific and beyond in view of China's growing footprint in the region, an Indian official said Thursday. (AP Photo/Manish Swarup)
            
              Indian Prime Minister Narendra Modi greets his Japanese counterpart Fumio Kishida  before their meeting in New Delhi, Saturday, March 19, 2022. Kishida is meeting with Modi to strengthen their partnership in the Indo-Pacific and beyond in view of China’s growing footprint in the region, an Indian official said Thursday. (AP Photo/Manish Swarup)
            
              Indian Prime Minister Narendra Modi walks with his Japanese counterpart Fumio Kishida in New Delhi, Saturday, March 19, 2022. Kishida is meeting with Modi to strengthen their partnership in the Indo-Pacific and beyond in view of China’s growing footprint in the region, an Indian official said Thursday. (AP Photo/Manish Swarup)
            This handout photograph released by India's Ministry of External Affairs shows Indian Prime Minister Narendra Modi and his Japanese counterpart Fumio Kishida  in New Delhi, Saturday, March 19, 2022. 
India says ties with Japan are key to stability in the Indo-Pacific region. The two nations, along with the United States and Australia, are members of the Indo-Pacific alliance known as "the Quad" that is grappling with a rising China's coercive economic practices and military maneuvering. (Ministry of External Affairs via AP)

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Japan to invest $42B in India to strengthen economic ties