Japan pledged Friday to invest $68 billion in India during a visit by Prime Minister Narendra Modi to Tokyo, as the two countries agreed to deepen security ties.<\/p>\n
“India’s massive market is so full of potential that incorporating its vibrancy will help drive the growth of Japan’s economy,” Japanese Prime Minister Shigeru Ishiba told reporters.<\/p>\n
Bilateral trade is currently worth over $20 billion annually, heavily favouring Japan.<\/p>\n
Speaking during Modi’s two-day stopover before he visits China, Ishiba said Japan would boost investment in India to 10 trillion yen ($68 billion) and would establish a cooperation initiative focusing on semiconductors and AI.<\/p>\n
The two sides also pledged to bolster security cooperation, with Kyodo news agency reporting that the two had agreed to expand drills between Japan’s Self-Defense Forces and the Indian Armed Forces.<\/p>\n
The nations also expressed “serious concern” over the situation in the East China Sea and the South China Sea, in a separate joint statement, according to Kyodo.<\/p>\n
“As the international situation grows more and more uncertain, Japan and India must join hands for the sake of peace and stability of the region,” Ishiba told reporters.<\/p>\n
Modi said that “India and Japan are fully committed to a free, open, peaceful, prosperous and rules-based Indo-Pacific”.<\/p>\n
Earlier Modi told a business forum in Tokyo that India and Japan will “shape the Asian Century”, with India “the springboard for Japanese businesses to the Global South”.<\/p>\n
Both countries have been hit by tariffs imposed by US President Donald Trump, with levies of 50 percent on many Indian imports into the United States taking effect this week.<\/p>\n
Japan’s vital auto sector still faces 25 percent tariffs as a July trade deal cutting them — as well as additional “reciprocal” levies — is yet to come into force.<\/p>\n
Modi and Ishiba are set to tour a chip facility on Saturday.<\/p>\n
They will also visit a factory making “shinkansen” bullet trains, with a view to Japan assisting in a planned 7,000-kilometre (4,350-mile) high-speed rail network by the centenary of Indian independence in 2047.<\/p>\n
A joint project aimed at building a first high-speed link between the western Indian cities of Mumbai and Ahmedabad has been plagued for years with delays and cost overruns.<\/p>\n
Modi is due at a Shanghai Cooperation Organisation summit in China on Sunday and Monday, hosted by President Xi Jinping and also attended by Russian leader Vladimir Putin.<\/p>\n
The visit will be Modi’s first to China since 2018.<\/p>\n
The two most populous nations are intense rivals competing for influence across South Asia and fought a deadly border clash in 2020.<\/p>\n
But relations began to thaw last October when Modi met with Xi for the first time in five years at a summit in Russia.<\/p>\n
burs-aph\/dhw<\/p>\n
\u00a9 Agence France-Presse<\/p>\n","protected":false},"excerpt":{"rendered":"
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