Prime Minister Narendra Modi said that Japan is looking to invest $42 billion over the next five years in India. The PM made the announcement following bilateral meeting between him and his Japanese counterpart Fumio Kishida in Delhi on Saturday.

He said, “Japan will raise its investment target in India to an ambitious 5 trillion yen or ₹ 3.2 lakh crore ($42 billion) over the next five years.”

Accompanied by a high level delegation, Japanese PM Kishida arrived in India for the 14^th India – Japan Annual Summit. This is his first visit to India as the head of the Japanese government.

Apart from a separate clean energy partnership, six agreements were signed between the two nations for the expansion of bilateral cooperation in a variety of fields.

Speaking at a joint briefing, PM Modi said that strengthening ties between the two countries will not only benefit them but will encourage peace, prosperity and stability in the Indo – Pacific region.

Notably, former Prime Minister of Japan, Shinzo Abe had announced a 3.5 trillion yen investment and financing in India over five years, during a visit to the country in 2014.

Japan has been supporting India’s urban infrastructure development and a high-speed railway based on its bullet train technology.

Both PMs had met earlier today at the Hyderabad House in Delhi to discuss ways to boost economic and cultural linkages between the two countries, according to the PMO.

PM Modi had spoken to PM Kishida on phone in October last year soon after he assumed office. Both sides had expressed a desire to further strengthen the special strategic and global partnership.

Meanwhile, this year also marks the 70th anniversary of the establishment of diplomatic relations between the two countries.