March 22, 2023
2 mins read

Kishida’s visit boosts India-Japan economic cooperation

PM Modi and his Japanese counterpart spoke about the newly established India-Japan Industrial Competitiveness Partnership, and they acknowledged its success…reports Asian Lite News

On Monday, Indian Prime Minister Narendra Modi and his Japanese counterpart Fumio Kishida, pledged to expand their countries’ global strategic partnership, citing its significance in promoting a peaceful, stable, and prosperous Indo-Pacific region, as well as benefiting both nations in various areas.

They met in New Delhi after Japanese Prime Minister Kishida arrived in India on Monday for a two-day visit aimed at boosting bilateral ties in multiple fields, besides exploring the convergence between India’s G20 presidency and Japan’s G7 presidency to tackle global issues. During the meeting, the two leaders discussed trade, defence, health, digital partnership, and the importance of reliable supply chains for critical technologies like semiconductors.

The meeting holds tremendous importance for India-Japan Economic Cooperation, as the partnership between both countries has made remarkable progress in recent years, covering all aspects of mutual engagement, including the growing convergence of political, strategic, and economic interests.

During the meeting, PM Modi emphasized that the India-Japan relationship is one of the most natural partnerships in the region, built on shared values of democracy, freedom, and respect for the rule of law. He added that economic cooperation is a vital component of the India-Japan Special Strategic and Global Partnership, which is crucial for promoting peace, prosperity, and stability in the Indo-Pacific region.

Apart from this, the two leaders also held substantive discussions on key topics of bilateral cooperation, including defense and security, climate and energy, people-to-people exchanges, skill development, and innovation. The leaders also discussed regional issues of significance, with a particular emphasis on economic cooperation.

Additionally, India and Japan have set ambitious targets for themselves in the economic sphere, and the two countries are committed to working together to achieve them. Japan has set a target of investing 5 trillion yen in India over the next five years. The two leaders expressed satisfaction with the progress made toward achieving this target.

Moreover, PM Modi and his Japanese counterpart spoke about the newly established India-Japan Industrial Competitiveness Partnership, and they acknowledged its success.

Their meeting also provided an opportunity to review the progress on the High-Speed Rail (Bullet Train) project between Mumbai and Ahmedabad.

India and Japan signed documents for the fourth tranche of the Japanese loan for the project. The exchange of notes for a loan of 300 billion Yen took place on the sidelines of the meeting between Prime Modi and Japanese PM Kishida in New Delhi.

This was the fourth tranche of the total of Rs 18,000 crore loan by Japan International Cooperation Agency (JICA) for the High Speed Rail project.

The project will use Japanese Shinkansen (Bullet Train) technology. It is envisaged that the 508-km distance between Mumbai and Ahmedabad will be covered in two hours and seven minutes with a maximum operational speed of 320 kilometer per hour (kmph).

ALSO READ- Kishida announces over $75 bn assistance for Indo-Pacific 

Previous Story

India govt blocked 110 YouTube channels since December 2021

Next Story

IMF in a bind over Pakistan funding sustainability

Latest from -Top News

Jaishankar Hints at Tariff Deal with US

Jaishankar explained that the ongoing trade tensions largely stem from the inability of both sides to reach a common ground on several issues….reports Asian Lite News External Affairs Minister S. Jaishankar on

Rajnath Singh Heads to Australia for Key Defence Talks

The visit comes at a historic moment when India and Australia commemorate five years of establishment of India-Australia Comprehensive Strategic Partnership…reports Asian Lite News Defence Minister Rajnath Singh will visit Australia from

Multi-alignment, upgraded

With US ties strained and China tense, New Delhi taps Europe’s harder edge for co-development, clean tech and strategic autonomy, writes Manoj Menon India is recalibrating its great-power hedging as frictions with

Reeves urged to break manifesto pledges

Chancellor under pressure as £40bn fiscal gap looms, with critics warning against a “pasty tax” budget of piecemeal revenue raisers…reports Asian Lite News Rachel Reeves is facing growing unease inside Labour’s ranks

Starmer to Visit India on Wednesday

UK and India to cement strategic ties with new free trade agreement and deeper cooperation across defence, technology and climate Prime Minister Keir Starmer will make his first official visit to India
Go toTop

Don't Miss

US-Japan security alliance upgrade worries China

The defence plans that are expected to be announced at

Japan calls for peace, stability across Taiwan Strait

The Taiwan Strait is a 180-kilometer-wide strait separating the island