[ad_1]
In a big-ticket move, Japanese Prime Minister Fumio Kishida on Saturday announced an investment target of five trillion yen (Rs 3.2 trillion) in India over the next five years after holding talks with his Indian counterpart Narendra Modi on a wide range of issues, including the Ukraine crisis.
The two sides inked six agreements providing for the expansion of bilateral cooperation in a range of areas, besides firming up a separate clean energy partnership.
At a joint media briefing, Modi said deepening India-Japan ties will not only benefit the two countries but will help in encouraging peace, prosperity and stability in the Indo-Pacific region.
In his comments, Kishida said the situation in Ukraine figured in the talks and described the Russian attack on that country as a serious development that has shaken the roots of international order.
“We discussed the situation in Ukraine. The Russian attack on Ukraine is a very serious matter that has shaken the basis of the international system. We need to approach the matter with a strong resolve,” Kishida said.
“I told Modi that one-sided efforts to change status quo by force can’t be allowed in any sector. We both agreed on the need for a peaceful solution to all conflicts on basis of international law,” he added.
Referring to bilateral trade ties, he said Japan has an investment target of five trillion yen (Rs 3.2 trillion) in India over the next five years.
“We have announced that in the next five years, we will invest five trillion yen in India and we will further strengthen our cooperation,” Kishida said.
The announcement follows the investment promotion partnership of 2014 when both sides had agreed for Japanese investment of 3.5 trillion yen from 2014 to 2019.
Following the talks, Japan also announced a sustainable development initiative for the Northeastern region.
Foreign Secretary Harsh Vardhan Shringla said at a media briefing that Modi and Kishida have “substantive discussions and outcomes” commensurate with the depths and expanse of India’s engagement with Japan.
In his comments, Modi also said that India and Japan understand the importance of a secure, trusted, predictable and stable energy supply.
The two sides also vowed to expand cooperation in the Indo-Pacific region.
The Japanese prime minister said there is a need to work for a new world order, pitched for reforms of the UN Security Council and called for making the world free of nuclear weapons.
He said both sides will increase defence cooperation and take forward military exercises, adding the next ‘2+2’ foreign and defence ministerial dialogue will be held soon.
Kishida said cooperation in the energy sector will expand.
The Japanese prime minister, accompanied by a high-level delegation, arrived here at around 3:40 pm on his first visit to India as the head of the Japanese government.
He will depart for Cambodia on Sunday morning.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
[ad_2]
Source link