New Delhi: Japanese Prime Minister Fumio Kishida is expected to announce an investment plan of 5 trillion yen (US $42 billion) in India over the next five years during his visit to the country on Saturday, reported PTI quoting a media report.
The 5 trillion yen investment would surpass the 3.5 trillion yen investment over five years that Japanese Prime Minister Shinzo Abe had announced during his 2014 visit to India, reported Japanese newspaper Nikkei.
Currently, Japan is supporting India’s urban infrastructure development and also high-speed railway based on Japan’s bullet train technology.
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Public-private funding is yet to be revealed by the Japanese Pm during an economic forum. He is expected to pledge growth in direct investment in terms of value, as well as an increase in Japanese companies expanding into India, the prominent business newspaper said.
Kishida is also poised to agree to an approximately 300 billion yen loan during his meeting with Prime Minister Narendra Modi. The two sides may also sign an energy cooperation document concerning carbon reduction, it said.
Kishida is also expected to express his support to further infrastructure development in India during Saturday’s public-private forum with an aim to draw Japanese companies to set up factories, the paper said.
India represents the first leg of Kishida’s three-day tour. He is scheduled to visit Cambodia on Sunday to meet with Prime Minister Hun Sen.
Japan and India are party to the Quadrilateral Security Dialogue, a security framework known as the Quad that includes the US and Australia. Cambodia serves as this year’s chair of the Association of Southeast Asian Nations.
Kishida’s visit is also aimed at holding discussions regarding security arrangements with Russia’s invasion of Ukraine in mind.
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In 2020, Japan and India signed an acquisition and cross-servicing agreement, which allows for reciprocal provisions of food, fuel and other supplies between the Indian army and Japan’s Self-Defence Forces. Kishida and Modi are to reaffirm that they will push that deal forward, the paper said.
The two heads of nations are also expected to give a nod to convene a two-plus-two meeting between the two countries’ diplomatic and defence chiefs at an early date.
This will be Kishida’s first overseas trip as prime minister since he travelled to Great Britain in November.
Kishida, 64, is the president of the Liberal Democratic Party since 2021.