Japan PM Fumio Kishida to announce investment of $42 billion in India: Report

As per the Japanese media, PM Kishida will also agree to an approximately 300 billion yen loan during his meeting with his Indian counterpart Narendra Modi on Saturday.

File Photo (Reuters)

New Delhi: Japanese Prime Minister Fumio Kishida is expected to announce an investment of 5 trillion yen or $42 billion over five years in India during his two-day visit to the country beginning today (March 19), ANI cited Japanese media as saying. 

As per the Japanese media, Kishida, who will participate in the 14th annual India-Japan summit, will also agree to an approximately 300 billion yen loan during his meeting with his Indian counterpart Narendra Modi on Saturday. 

The Japan PM is also likely to sign an energy cooperation document concerning carbon reduction. 

PM Fumio Kishida is also poised to agree to an approximately 300 billion yen loan during his meeting with PM Narendra Modi. In addition, an energy cooperation document concerning carbon reduction is expected to be signed: Japanese media — ANI (@ANI) March 19, 2022

This is the second in-person meeting between PM Modi and Japan PM Kishida after both leaders met last year on the sidelines of the Glasgow Climate Summit. This is also the first visit by any Japanese PM to India in the last 4-and-a-half years. 

Ahead of the key visit, Japan's chief cabinet secretary Hirokazu Matsuno said, "From March 19th to 21st, PM Kishida will visit India and Cambodia. During his travel, PM Kishida will meet PM Modi of India....to discuss the international and regional affairs as well as the bilateral relationship. They will address broad range of topics...through Quad we would like to advance efforts to achieve free and open Indo Pacific". The Ukraine situation will also figure in the talks between Modi and Kishida.

The visit comes in the wake of India and Japan celebrating the 70th anniversary of establishment of formal diplomatic ties. This is an important visit as Japan has been one of the closest partners for India in Asia and the world. 

Later this year, PM Modi is expected to visit Japan for the second Quad in-person summit in Japan. Quad, consisting of India, the US, Australia and Japan, has been evolving fast amid China's aggressive actions in the Indo-Pacific. 

(With inputs from Sidhant Sibal)