Update: March 19, 2022 4:28 p.m. STI
New Delhi [India]Mar. 19 (ANI): Japanese Prime Minister Fumio Kishida is expected to announce a $42 billion (5 trillion yen) investment plan in India over five years during his visit to the country on Saturday, according to a news outlet.
Kishida arrived in New Delhi today for a two-day visit, Nikkei Asia reported.
During his meeting with Prime Minister Narendra Modi, the Japanese Prime Minister is also set to accept a loan of around 300 billion yen and an energy cooperation document on carbon reduction is expected to be signed.
Kishida, who will reveal public-private financing at an economic forum, is expected to promise growth in direct investment in terms of value, as well as an increase in Japanese companies expanding into India, according to the outlet.
At Saturday’s public-private forum, the Japanese prime minister is also expected to voice support for India’s infrastructure development, with the aim of attracting Japanese companies there.
During his first visit to India after taking office and also amid the ongoing Ukraine crisis, Kishida will attend the 14th annual India-Japan Summit, in addition to holding bilateral talks with Prime Minister Modi.
According to the outlet, Kishida plans to confirm the tightening of security arrangements bearing in mind Russia’s invasion of Ukraine.
The last annual India-Japan summit was held in Tokyo in October 2018.
Kishida’s visit to India gains significance as Western nations impose sanctions on Russia over its military operation in Ukraine, while major oil-consuming countries closely monitor the impact of the Ukraine crisis on prices petrol.
India and Japan have multifaceted cooperation as partners under their “Special Strategic and Global Partnership”.
The summit will provide an opportunity for the two sides to review and strengthen bilateral cooperation in various fields as well as exchange views on regional and global issues of mutual concern in order to advance their partnership for peace, stability and prosperity in the Indo-Pacific region. and beyond.
Since Prime Minister Modi’s visit to Japan in 2014, tremendous progress has been made in implementing several important decisions taken by the two countries. Shinzo Abe was then Japanese Prime Minister.
Japan had announced a 3.5 trillion yen investment for India, which included public and private participation in various projects. (ANI)