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

 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)

Fumio Kishida, Japan's prime minister, said on Saturday that his nation will spend $42 billion in India over the next five years as part of a pact that is anticipated to improve bilateral commerce.

 

During his first visit to India since taking office, Kishida met with his counterpart, Narendra Modi, in New Delhi. The two presidents discussed a variety of topics, including the economy and security cooperation.

 

Kishida said the investment plan will assist a variety of businesses, from urban infrastructure development to green energy, in a televised press statement.

 

Kishida also stated that the two countries reiterated their resolve to expand security relations in the Indo-Pacific region and discussed the ongoing Ukraine problem.

 

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

India claims that relations with Japan are critical to regional stability. The two countries, together with the US and Australia, make up the Indo-Pacific alliance known as "the Quad," which is aimed at combating China's growing influence in Asia.

 

The only member of the Quad who has not criticized Russia's invasion of Ukraine is India. It has avoided taking sides, voting against Russia at the United Nations and condemning President Vladimir Putin.