New Delhi [India], March 19: Japanese Prime Minister Fumio Kishida is likely to announce a plan to invest USD 42 billion (5 trillion yen) in India over five years, during his visit to the country on Saturday, according to a media report.
Kishida arrived in New Delhi today on a two-day visit, reported Nikkei Asia.
During his meeting with Prime Minister Narendra Modi, the Japanese Prime Minister is also poised to agree to an approximately 300 billion yen loan and an energy cooperation document concerning carbon reduction is expected to be signed.
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.
During Saturday’s public-private forum, the Japanese Prime Minister is also expected to express his support for infrastructure development in India, with an aim to draw Japanese companies here.
In his first visit to India after assuming office and also amid the ongoing Ukrainian crisis, Kishida will take part in the 14th India-Japan Annual Summit, besides holding bilateral talks with PM Modi.
According to the media outlet, Kishida plans to confirm the strengthening of security arrangements with Russia’s invasion of Ukraine in mind.
The India-Japan Annual Summit had last taken place in Tokyo in October 2018.
Kishida’s visit to India gains significance amid the western countries slapping sanctions against Russia for its military operation in Ukraine while the major oil-consuming countries are keeping a close watch on the impact of the Ukrainian crisis on oil prices.
India and Japan have multi-faceted cooperation as partners within the ambit of their “Special Strategic and Global Partnership”.
The Summit will provide an opportunity for both sides to review and strengthen the bilateral cooperation in diverse areas as well as exchange views on regional and global issues of mutual interest so as to advance their partnership for peace, stability and prosperity in the Indo-Pacific region and beyond.
Since PM Modi’s visit to Japan in 2014, tremendous progress has been made with the implementation of several important decisions taken by both countries. Shinzo Abe was then the Japanese PM.
Japan had announced an investment of Yen 3.5 trillion for India, which included public and private participation in various projects. (ANI)