Japan to invest over $42 billion in India over five years

New Delhi, March 19

In an unveiling of a western charm offensive against India, Japanese Prime Minister Fumio Kishida arrived here on Saturday and announced $ 42 billion (Rs 3.20 lakh crore) worth of investments in India over the next five years.

The next big visitor will be Australian Prime Minister Scott Morrison on Monday. These visits take place before the possible arrival of Chinese Foreign Minister Wang Yi who will be in the region towards the end of the month.

The Japanese PM sought to continue with generous investments of the Indian infrastructure which was about Rs 20,000 crore between 2014 and 2019. Japanese loans finance the Mumbai-Ahmedabad Bullet Train, several Metro projects and the dedicated freight corridor.

The two sides inked six agreements providing for the expansion of bilateral cooperation in a range of areas, besides firming a separate clean energy partnership. Taking place after three-and-a-half-years, Foreign Secretary Harsh Vardhan Shringla said there were several firsts – this was the first meeting of the two PMs after Kishida took office; it was Kishida’s first bilateral visit outside Japan; and, this was the first incoming visit of a PM to India in this year.

Shringla also noted that the visit occurred a couple of months before Tokyo hosts an in-person Quad summit.

Earlier, at a joint media briefing, PM Modi said stronger India-Japan ties will not only benefit the two countries but will also help in encouraging peace, prosperity and stability in the Indo-Pacific region. Both countries also understood the importance of a secure, trusted, predictable and stable energy supply and that both sides are determined to expand overall cooperation, he added.

Kishida said the situation in Ukraine following the Russian invasion figured in the talks and described Moscow’s actions against the eastern European country as a serious matter that has shaken the basis of international norms. Unilateral attempts to change the status quo using force should not be allowed, he said.

Kishida arrived here in late afternoon and will leave early on Sunday.