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Japan to invest $34bn in India

Japan to invest $34bn in India
Highlights

On the third day of Prime Minister Narendra Modi\'s ongoing five-day visit to Japan, the two nations renewed their centuries old ties by agreeing to extend cooperation on a wide range of areas and inked the Tokyo Declaration for Global Partnership.

India, Japan to accelerate civilian N-deal

  • India, Japan sign Tokyo Declaration for global partnership
  • I am a Gujarati, commerce is in my blood, says Modi
  • Special team in PMO will fast-track Japanese investment
  • PM thanks Abe for giving opportunity to visit Japan within 100 days

Tokyo: On the third day of Prime Minister Narendra Modi's ongoing five-day visit to Japan, the two nations renewed their centuries old ties by agreeing to extend cooperation on a wide range of areas and inked the Tokyo Declaration for Global Partnership. After the official signing of several crucial deals between the two nations, Japan's Prime Minister Shinzo Abe stressed that the political and security cooperation between India and Japan would be deepened further. “Our bilateral relationship is one with the most potential in the world,” the Japanese PM said after meeting PM Modi. “Modi and me have instructed our officials to accelerate negotiations with the goal of early conclusion of nuclear agreement,” Abe said while informing that the two sides had agreed to further collaborate on projects such as bullet trains and on activities between India and its neighbours. Speaking on his turn, Modi thanked the Japanese government for according a warm welcome to him and agreeing to extend bilateral cooperation in various sectors.
Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe shake hands after their joint press conference at Akasaka Palace in Tokyo on Monday (PTI)
“It's my good fortune that PM Abe gave me this opportunity to visit Japan within 100 days of my becoming PM. I thank Abe for committing record investment in India in the coming years,” Modi said. Meanwhile, Japan announced doubling of its private and public investment in India to about $34 billion over the next five years even as the two countries decided to elevate their ties to a Special Strategic Global Partnership but failed to conclude a civil nuclear deal.

Abe announced that as an example of Indo-Japan cooperation, Tokyo would help India in providing financial, technical and operational support to introduce Bullet trains, a project that Modi had been actively pursuing. Japan would also help India in providing better connectivity with its neighbours, he said.

On the civil nuclear deal, which was expected to be finalised during the visit, Abe said they had directed the officials to accelerate negotiations for early conclusion of an agreement to strengthen partnership. While India is said to be pursuing the deal with Japan on the template of the landmark Indo-US nuclear accord, Tokyo is said to be not that enthusiastic about that being the basis.

Modi met top Japanese industrialists on Monday morning and said, "Being a Gujarati, money is in my blood...commerce is in my blood. Businesses do not need concessions. They only need the correct environment to flourish in."

He promised that the "environment of disappointment" has ended with the induction of his government. Modi pledged quick clearances and assistance for Japanese investors in India.

He pledged that a special team would be set up within his office to handle proposals from Japan and offered room on this new team for two people selected by Japan. While wooing Japanese businessmen, Modi cited the 5.7 per cent economic growth accomplished in the first quarter of this financial year. Referring to the first 100 days of his government, he said, "It is a big jump. Now there is renewed hope," he said.

Modi targets China on expansionism
Tokyo: Prime Minister Narendra Modi on Monday hit out at China for its aggressive posture in the East and South China seas. "The 21st century is Asia's century, the world has accepted it. The question is - how will it be? There are two ways - one of 'Vistarvaad' (expansionism) and the other of 'Vikasvaad' (development). We see around us the forces of expansionism. Development is the way ahead," he said. China reacted guardedly to Modi's remarks of "expansionist" tendency among some countries, saying it is not clear what is he referring to and recalled his earlier comments that India and China are strategic partners.

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