Japan has announced that it will invest $42 billion in India over the next 5 years.
Japanese PM Fumio Kishida and Indian PM Narendra Modi met for the India-Japan Annual Summit and the announcement came after both leaders held bilateral talks in the matter. Both sides have inked 6 agreements to provide for improving cooperation in several areas, besides forming a separate clean energy partnership.
At a joint briefing, PM Modi said that deepening ties between both countries will help encourage peace, prosperity and stability in the Indo-Pacific region. Japan has been supporting the urban infrastructure development in India.
This investment is a lot more ambitious than the $33 billion announced by Shinzo Abe, former PM of Japan, in 2014. This year marks the 70th year of the formation of diplomatic relations between both countries.
Highlight by Aman Agarwal.