PM Modi will head to Japan on 29th August for a three-day visit
As per reports, Japan is planning an announcement of 10 trillion yen, USD 68 billion into India over the next 10-year period. This announcement is scheduled for PM Modi’s visit to the island nation.
The upcoming announcement is coming at a time when the two nations are looking to expand trade to promote a free and open Indo-Pacific. The current investment plan between the two is valued at 5 trillion yen, rolled out in 2022, which, according to the report by Japan Wire of Kyodo News, is being upped to 10 trillion. This plan is to further expand trade between the two nations and work towards the common goal of a free and open Indo-Pacific.
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Indian Prime Minister Narendra Modi and Japanese PM Shigeru Ishiba are scheduled for a three-day meeting on 29th August. This is the first time both leaders will be meeting since the G7 summit in Hiroshima.
During the last visit of Japan’s former PM Fumio Kishida, a promise of investing 5 trillion yen in both the private and public sectors was made in five years.
In their upcoming meeting, the two leaders also plan to talk about economic security for the purpose of acquiring supplies of necessary commodities. These will include discussions around the procurement of semiconductors, minerals, clean energy, communication, artificial intelligence and pharmaceuticals.
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The two countries are also looking towards collaborations in the field of Artificial Intelligence (AI) in what is said to be named AI cooperation initiative.
"We hope promoting cooperation between Japanese companies (and their Indian counterparts) in fields where Indian firms have strengths would contribute to the growth of the Japanese economy," said a source quoted by Japan Wire.
PM Modi’s visit to Japan will also see the Indian PM visit Northeast Japan to see the production of the Shinkansen bullet train car concept. He will also visit Japanese manufacturers to have a look at chip-making equipment.
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