Tuesday, November 28, 2023

Japanese PM likely to announce $42 bn investment plan for India

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Prime Minister of Japan, Fumio Kishida, is likely to announce an investment plan of USD 42 billion (5 trillion yen) for India, as per a media report. The report suggests that the amount will be invested over the next five years. Kishida is expected to make the announcement during his visit to the country on Saturday, according to the report. Kishida landed in New Delhi today for a two-day visit during which he will attend the 14th India-Japan Annual Summit and hold bilateral talks with PM Modi.

Kishida, who will reveal the public-private funding during an economic forum, is expected to pledge growth in direct investment in terms of value, as well as an increase in Japanese companies expanding into India, according to the media outlet. Earlier in 2014, Japan had announced an investment of Yen 3.5 trillion for India, which included public and private participation in various projects under the ‘Special Strategic and Global Partnership.’ Currently, there is a presence of 1455 Japanese companies in India. Eleven Japan Industrial Townships (JIT) have also been established in India.

Kishida’s first visit to India after assuming the office of Japanese PM holds much significance as this time the bilateral meeting will take place in the backdrop of a major conflict in the form of the Russia-Ukraine war. The summit will give both countries a platform to discuss the situation between Russia and Ukraine.

India and Japan are cooperating as partners in multiple areas within the ambit of their ‘Special Strategic and Global Partnership.’ These areas include skill development, technology sharing, cultural exchange, infrastructure development and investments under FDI. 

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