The Ukraine crisis and coordination between India's G20 presidency and Japan's G7 presidency were part of discussions between Prime Minister Narendra Modi and his visiting Japanese counterpart. Both leaders agreed on the importance of including views of the Global South in the G7 and G20 processes.
The two sides signed an agreement on the fourth tranche of a loan from the Japan International Cooperation Agency (JICA) worth 300 billion yen (Rs 18,800 crore) for the Mumbai-Ahmedabad high speed rail. Modi told a joint media interaction that both sides are "progressing fast" on the project.
Strengthening the India-Japan partnership, which is based on respect for rule of law, promotes peace and stability in the Indo-Pacific, Modi said, adding that he and Kishida reviewed progress in bilateral ties and discussed collaborating on defence equipment and technology, trade, health, and digital partnership.
"We had a fruitful discussion on the importance of reliable supply chains in semiconductor and other critical technologies. Last year, we set a target of Japanese investment of five trillion yen in India in the next five years.... It is a matter of satisfaction that there has been good progress in this direction," Modi said, speaking in Hindi.
Trade between India and Japan has grown from $15.71 billion in 2017-18 to $20.57 billion in 2021-22, with the balance in Tokyo's favour. The implementation of the comprehensive economic partnership agreement (CEPA) from August 2011 accelerated economic and commercial ties. Japanese foreign direct investment in India has increased in recent years, standing at $1.49 billion in 2021-22, but remains small compared to the total outward FDI.
This story is from the March 21, 2023 edition of Hindustan Times.
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This story is from the March 21, 2023 edition of Hindustan Times.
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