Japan on Monday pledged to invest Rs. 2.1 lakh crore ($35.5 billion) in a wide spectrum of projects in India over five years. These include infrastructure, clean energy and skill development.
Capping lengthy deliberations between visiting Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe, the two sides also decided to double the number of Japanese companies operating in India in five years.
Announcing the “Japan-India Investment Promotion Partnership,” both leaders were upbeat about their future relationship. Mr. Modi said Mr. Abe had taken an “oath” to further their relationship.
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The Japanese leader expressed his “readiness to provide financial, technical and operational support” to introduce the Shinkansen, or bullet train, along the Ahmedabad-Mumbai route.
On energy cooperation, the two countries decided to collaborate in the procurement of liquefied natural gas (LNG) and upstream development of oil and gas as well as clean coal technology.
Mr. Modi promised to create a special track in the Prime Minister’s Office (PMO) to clear projects quickly, a point he made during his address to business leaders on Monday morning as well.
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As India and Japan look to space cooperation, Tokyo lifted six of India’s space and defence-related entities from its foreign end-user list. Japan also supported India’s entry as a full member of the Nuclear Suppliers Group.
5 agreements inked
Five agreements, including one in defence, were signed during Mr. Modi’s visit, in which the two sides also decided to turn their “Strategic and Global Partnership to a Special Strategic and Global Partnership”.
“This is not just a play of words, but a decision that reflects the solemn responsibilities of our two governments and two countries,” Mr. Modi said.