Japanese Prime Minister Fumio Kishida is set to announce a plan to invest 5 trillion yen ($42 billion) in India over the next five years during his maiden diplomatic visit to the country since assuming office. Kishida is likely to announce the public-private funding plan during the 14th India-Japan Annual Summit, Nikkei Asia reported.
During his two-day visit to India, the Japanese Prime Minister is also expected to approve an approximately 300 billion yen loan during his meeting with PM Narendra Modi, according to Nikkei. An energy cooperation document concerning carbon reduction is also likely to be signed.
Kishida’s 5 trillion yen investment will far surpass the 3.5 trillion yen in investments that former Japanese Prime Minister Shinzo Abe had promised during his visit to India in 2014.
The Ministry of External Affairs’ official spokesperson Arindam Bagchi said the Japanese PM would pay a two-day visit to India beginning Saturday for the 14th India-Japan summit. The summit between the Indian and Japanese PMs is taking place three and half years since the last Summit was held in Japan in 2018.
Kishida, who was sworn in as the Japan PM on October 4, 2021, will arrive on Saturday in the afternoon and depart on the morning of March 20 (Sunday).
During the summit, both leaders are likely to review their diplomatic relations and bilateral cooperation in diverse areas. The situation in Ukraine is also likely to figure in the Modi-Kishida talks.
The summit could not be held in 2020 as well as in 2021 primarily due to the Covid-19 pandemic. Japan is set to hold an in-person summit of Quad leaders this year and Modi is expected to attend it.
India and Japan have deepened their strategic ties as there is convergence on free, open and inclusive Indo-Pacific. There has also been progress in defence and security and in regional context.