India Japan Summit 2022:Japan Plans to Invest 5 Trillion Yen In The Next Five Years In India

21 Mar,22 9:39 am
535

India Japan Summit 2022: Indian Prime Minister Narendra Modi and visiting Japanese Prime Minister Fumio Kishida along with a group of senior officials recently participated in the 14th India-Japan Annual Summit 2022.

Key Points:

  • The summit was held on March 19, 2022, in New Delhi.
  • At the meet, India and Japan set an investment target of “five trillion yen” ($42 billion) in the next five years.
  • Three Memorandum of Understanding (MoUs) were also exchanged between the two leaders in the areas of cybersecurity, capacity building, and information sharing and cooperation.
  • Agreements in the areas of economic partnerships, waste-water management, urban development, a clean energy partnership and an agreement to promote bamboo-based products from the northeast region were also exchanged.
  • PM Modi also announced that both countries were working as 'One team- One project' on Mumbai-Ahmedabad high-speed rail corridor.
  • The two presidents stressed the importance of nuclear facility safety and security in Ukraine, as well as their appeal for an immediate, cease of violence and highlighted that there was no other way to resolve the Ukraine situation except via discussion.

The “2+2” meeting of Foreign and Defence Ministers in the next few months is due to take forward agreements on the strategic partnership and PM Modi is expected to visit Tokyo in May or June, where he will also attend the Quad summit with the U.S. President and Australian Prime Minister.

India and Japan:

  • This is the first major Head/of government/Head of State incoming visit to India in 2022.
  • This year also marks the 70th anniversary of the establishment of diplomatic relations between the two countries.
  • Japan in recent years has supported India's urban infrastructure development and the high-speed railway based on its bullet train technology.
  • Japan, which has been India's closest ally in Asia and the world, has been involved in a number of important infrastructure projects in the Northeast, including a 20-kilometer bridge across the Brahmaputra River between Assam and Meghalaya, as well as the Rudraksha Convention Centre in Varanasi.
  • It has also played a major role in India’s first bullet train or Mumbai-Ahmedabad High-Speed Rail.
  • In the defence area, both countries have inked a Reciprocal Provision of Supplies and Services Agreement (RPSS).
  • The two countries have a Specified Skilled Workers Agreement, and under Technical Intern Training Programme (TITP), around 220 Indian youth have been sent to work in that country.
  • In 2022, Japan has started an examination for nursing care under this programme.
  • India and Japan are also partners in the Quadrilateral Security Dialogue, a security framework known as the Quad that includes the US and Australia.
  • The QUAD nations (India, Japan, the United States, and Australia) have been cooperating to counter the increasing risks posed by Chinese aggressiveness in the Indo-Pacific, as well as combatting the COVID-19 pandemic.

Share