PM Modi’s visit to Japan: Tokyo pledges to invest $40 billion in India | India News

India News

Japan pledged $40 billion in investments in India, focusing on high-speed rail projects like the Mumbai-Ahmedabad bullet train, and collaborations in key technology sectors such as semiconductors and biofuels.

New Delhi: India and Japan have significantly deepened their economic partnership, marked by a substantial Japanese investment commitment and a shared vision for technological advancement and infrastructural development. Prime Minister Modi’s recent visit to Japan solidified this collaboration, resulting in a pledge of $40 billion in Japanese investment directed towards various key sectors within the Indian economy.

At the joint economic forum in Tokyo, Prime Minister Shigeru Ishiba said, “Japan’s advanced technology and India’s outstanding talent and vast market complement each other, leading to a dramatic expansion of our economic ties. Many Japanese companies are playing a key role in Make in India, and our cooperation is extending across the Pacific and Indian Ocean, Africa, and even into Europe.”

“It is a great honour for me to stand here together with His Excellency Prime Minister Modi at such a moment. I wish to see our bilateral cooperation develop even further into the future. To achieve this, I will outline three key initiatives,” Ishibas said.

“First, the promotion of people-to-people exchanges is the foundation. Second, the fusion of technology and market and building resilient supply chains with reliable partners and ensuring economic security are essential for further economic development,” the Japanese PM said.

A prominent aspect of this collaboration is the ongoing construction of the Mumbai-Ahmedabad high-speed rail, a flagship project showcasing the integration of Japan’s Shinkansen technology with India’s infrastructure ambitions. Beyond high-speed rail, the partnership extends to critical technology sectors. Japan’s commitment to supporting India’s drive to become a global hub for semiconductor manufacturing and design is evident through investments by companies like Tokyo Electron, Renesas, and Fujifilm. The burgeoning battery sector is another area of focus, with recent business matching events involving over 70 companies from both nations indicating substantial potential for future collaborations.

Furthermore, the partnership aims to boost India’s biofuel sector, promoting the development of biofuel-compatible vehicles and contributing to the decarbonisation goals of both countries. This initiative is expected to create significant demand for biofuels and stimulate rural development in India. The longstanding automotive presence of Japanese companies like Maruti Suzuki, Toyota, and Suzuki further underscores the depth and longevity of the economic ties. The expansion into global markets, with Indian-manufactured vehicles being exported globally, exemplifies the shared ambition for mutual growth.

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