Japan to invest Rs 3.2 lakh crore in India over next 5 years: PM Modi

Prime Minister Narendra Modi on Saturday said that Japan has decided to invest 5 trillion yen or Rs 3.2 lakh crore in India over the next five years.

Addressing a joint press meet after meeting Japanese PM Fumio Kishida, who is on a vist to India, Modi said both the countries understand the importance of a secure, trusted, predictable and stable energy supply.

"This is essential to achieve sustainable economic growth and to deal with climate change," the prime minister said.

The two sides signed six agreements providing for the expansion of bilateral cooperation in a range of areas, besides firming a separate clean energy partnership.

Kishida said that the situation in Ukraine was also discussed during his meeting with Modi. He called Russia's attack on Ukraine a serious matter as it has shaken international norms.

Kishida also said that unilateral attempts to change status quo using force should not be allowed. He called for India and Japan to keep working together for an open and free Indo-Pacific.

Referring to bilateral trade ties, he said Japan has an investment target of five trillion yen (Rs 3,20,000 crore) in India over the next five years.

"We have announced that in the next five years, we will invest five trillion yen in India and we will further strengthen our cooperation," Kishida said.

The announcement follows the investment promotion partnership of 2014 when both sides had agreed for Japanese investment of 3.5 trillion yen from 2014 to 2019.

At a media briefing, Foreign Secretary Harsh Vardhan Shringla said Modi and Kishida have "substantive discussions and outcomes" commensurate with the depths and expanse of India's engagement with Japan.

Kishida said there is a need to work for a new world order, pitched for reforms at the UN Security Council and called for making the world free of nuclear weapons.

The Japanese prime minister, accompanied by a high-level delegation, arrived in Delhi at around 3:40 pm on his first visit to India as the head of the Japanese government.

He will depart for Cambodia on Sunday morning.

(With PTI inputs)

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