World
Japan To Invest Nearly $68 Billion In India Over Ten Years: Key Pacts Signed During Modi-Ishiba Summit
PM Modi and Japanese PM Shigeru Ishiba
India and Japan on Friday (29 August) expanded their Special Strategic and Global Partnership by signing three Memoranda of Understanding (MoUs) and a set of agreements, The Tribune reported.
The deals cover cooperation in areas such as human resource development, environmental protection, digital technologies, space exploration, and cultural ties.
Prime Minister Narendra Modi and Japanese PM Shigeru Ishiba oversaw the exchange of documents during the 15th Annual India-Japan Summit in Tokyo.
This marks Prime Minister Modi’s first visit to Japan since May 2023.
The Ministry of External Affairs (MEA) said the agreements establish a “comprehensive framework for the next decade of bilateral cooperation.”
The MEA detailed that key MoUs included the Joint Crediting Mechanism to facilitate the diffusion of decarbonizing technologies; India - Japan Digital Partnership 2.0 to advance bilateral collaboration in digital public infrastructure; decentralized Domestic Waste Water Management to promote cooperation in effective reuse of wastewater and decentralized wastewater management and an MoU between Sushma Swaraj Institute of Foreign Service and Ministry of Foreign Affairs, Japan.
Among the other highlights was Japan’s commitment to mobilise private investments worth 10 trillion yen in India over the next ten years.
The summit also unveiled an Economic Security Initiative to strengthen supply chain resilience in critical sectors, alongside the launch of the India-Japan Artificial Intelligence Initiative.
The two countries will also work on promoting visits of State-Prefectural level delegations with the Ministry of External Affairs of India and Ministry of Foreign Affairs of Japan taking the lead in organising 3 visits each per year.
A decade after elevating their relationship to a Special Strategic and Global Partnership, the new set of agreements reinforce and broaden the India-Japan alliance.
After completing his engagements in Tokyo, Prime Minister Modi will travel to Tianjin, China, to take part in the Shanghai Cooperation Organisation (SCO) Summit later this week.
