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India Japan Summit 2022: Japan to invest 5 trillion Yen in India in next five years, says PM Modi

India Japan Summit 2022: Japan to invest 5 trillion Yen in India in next five years, says PM Modi
  • PublishedMarch 21, 2022

India Japan Summit 2022: Japan to invest 5 trillion Yen in India in next five years, says PM Modi

India Japan Summit 2022: The 14th India-Japan Annual Summit was held on March 19, 2022 in New Delhi, India. Indian Prime Minister Narendra Modi and Japanese Prime Minister Fumio Kishida attended the summit along with a group of senior officials.

Speaking at the India-Japan Economic Forum, PM Modi said, “Progress, prosperity and partnership are the cornerstones of India-Japan relations. We are committed to providing all possible assistance to Japanese companies in India.”

The two leaders also witnessed the exchange of three MoUs between India and Japan in the areas of capacity building, cyber security and information sharing and cooperation.

Welcoming the MoUs, the Japanese Prime Minister said that India is a very important partner for Japan and said that they would hold the next India-Japan talks at the earliest.

Japan to invest 5 trillion yen in India

Japan will invest 5 trillion yen or Rs 3.2 lakh crore in India over the next five years, informed Prime Minister Narendra Modi during the summit.

PM Modi stressed that there has been progress in the economic partnership between India-Japan Economic Partnership and Japan is one of the largest investors in India.

Giving a press statement after the summit, he said that India-Japan is working on the Mumbai-Ahmedabad high-speed rail corridor as a ‘one team-one project’.

PM Modi also reiterated that India and Japan understand the importance of a safe, reliable, predictable and stable energy supply and it is essential to achieve sustainable economic growth and combat climate change.

He said that Prime Minister Kishida has been an old friend of India and he had the opportunity to exchange views with Japan when he was Foreign Minister.

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Read the India-Japan Summit 2022 Joint Statement below:

On Ukraine

Japanese PM Kishida highlighted that the whole world is shaken today due to many disturbances and it is very important to have a close partnership between India and Japan.

“We expressed our views, talked about Russia’s serious aggression in Ukraine. We need a peaceful solution based on international law,” he said.

Indian Foreign Secretary Harsh Vardhan Shringla said after the talks that PM Modi and Japanese PM Kishida exchanged perspectives on Ukraine and expressed seriousness about the ongoing conflict and humanitarian crisis and assessed the wider impacts of the Indo-Pacific.

The two leaders stressed the importance of the safety and security of nuclear facilities in Ukraine and reiterated their call for an immediate end to the violence, adding that there was no other way than dialogue to resolve the Ukraine crisis, informed FS Shringla. did.

On the Indo-Pacific

The two leaders expressed their commitment to promoting peace, security and prosperity in the Indo-Pacific region.

The Japanese Prime Minister emphasized that both India and Japan should step up efforts to ensure an open and free Indo-Pacific region. “Japan will continue to make efforts to end the war with India and provide aid to Ukraine and its neighboring countries,” he said.

Tractor

The two Prime Ministers reaffirmed the importance of bilateral and multilateral partnerships between like-minded countries in the region, including the Quad Grouping between India-Australia-Japan and the United States.

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They further welcomed the Quad Leaders Summit in March and September 2021 and renewed their commitment to delivering tangible results to Quad’s positive agenda. They also look forward to taking Quad cooperation forward during the next Quad Leaders’ Summit in Japan in the coming months.

The Japanese Prime Minister also invited PM Modi for the Quad Summit meeting in Tokyo.

On china

Foreign Secretary Harsh V Shringla also informed that the two Prime Ministers discussed the situation regarding China and India to Japan about the situation in Ladakh, efforts to mobilize troops and India’s talks with China on border issues. informed about. The Japanese PM also apprised India of his approach to the East and South China Sea.

India also made it clear during the talks that unless we have and resolve border issues with peace and tranquility, we cannot treat relations with China as business as usual.

India-Japan MoU

India and Japan also c. signed six agreements in the areas ofSecurity, Sustainable Urban Development, Wastewater Management, Water Supply and Connectivity and the India-Japan Industrial Competitiveness Partnership Roadmap.

Below are the six agreements that were exchanged during the summit:

S.No. agreement description
1 Memorandum of Cooperation (MOC) in the field of Cyber ​​Security For cooperation in the field of information sharing, capacity building programs and cyber security.
2 7 JICA loans (INR 20400 crore) for projects in connectivity, water supply and sewerage, horticulture, health care and biodiversity conservation in different states. a) Dedicated Freight Corridor Project (Phase 2) (III)

b) North East Road Network Connectivity Improvement Project (NH208 (Khowai – Sabroom)) Phase 6

c) Bengaluru Water Supply and Sewerage Project (Phase 3) (II)

d) Uttarakhand Integrated Horticulture Development Project

e) Strengthening the excellence of health systems and medical education in Assam

f) Tamil Nadu Biodiversity Conservation and Green Project Phase-II

g) Chennai Metro (Phase 2) (II)

3 Amendment to the Comprehensive Economic Partnership Agreement (CEPA) signed between India and Japan i) Amendment of Article 7 (Exchange of Information) of the Implementation Agreement (IA) signed between India and Japan in accordance with Article 13 of the India-Japan Comprehensive Economic Partnership Agreement (CEPA)

ii) Amendment of Annex 2 (Product Specific Rules) of CEPA to treat fish surimi product of India with non-basic additive as origin product of India.

4 Memorandum of Cooperation (MOC) on Decentralized Domestic Wastewater Management Launch of Johkasou technology in India by Japanese companies for decentralized wastewater treatment. It is used in areas where sewage infrastructure is not yet developed.
5 India-Japan Industrial Competitiveness Partnership Roadmap To implement the Memorandum of Cooperation (MoC) on India-Japan Industrial Competitive Partnership which was signed in November 2021. It seeks to address the issues that Japanese companies are currently facing in India through a fast-track mechanism. Working groups have been set up on Logistics and Textiles and in other areas as required. This includes cooperation in the Micro, Small and Medium Enterprises (MSME) sector and supply chain matters.
6 Memorandum of Cooperation on Sustainable Urban Development Builds on the 2007 Memorandum of Understanding (MoU) on urban development to include the development of smart cities, affordable housing, urban flood management, waste water management, intelligent transportation management systems, etc.

The two countries also signed 7 loan agreements for official development assistance in the areas of healthcare, connectivity, health care, sewage and water supply. The two sides also agreed on action plans with regard to the import of Japanese apples into India and the export of Indian mangoes to Japan.

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Japanese Prime Minister Fumio Kishida was on an official visit to India from March 19-20, 2022 for the 14th India-Japan Annual Summit with Prime Minister Narendra Modi.

The summit was taking place at a time when the two countries were celebrating the 70th anniversary of the establishment of diplomatic relations and India was celebrating the 75th anniversary of its independence.

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