PM Modi set a target of Y10trn investment from Japan
India and Japan have laid a strong foundation for a new and golden chapter in the two countries’ Special Strategic and Global Partnership, and set a roadmap for the next decade with focus on investment, innovation, economic security, environment, technology, health, mobility, people-to-people ties, and state-prefecture cooperation.
Prime Minister Narendra Modi, announcing the renewed partnership, said during his visit to Tokyo on 29 Aug, “We have set a target of 10 trillion Yen investment from Japan in India over the next ten years. We will also give special attention to connecting Small and Medium Enterprises and Start-ups from both countries.”
He highlighted the two countries’ Joint Credit Mechanism as a big win for energy. “It shows that our green partnership is as strong as our economic partnership. In this direction, we are also launching the Sustainable Fuel Initiative and Battery Supply Chain Partnership,” said PM Modi, in a joint statement with Prime Minister Shigeru Ishiba.
He informed that India and Japan are launching the Economic Security Cooperation Initiative for moving forward with a comprehensive approach in critical and strategic areas.
“Cooperation in the area of High Technology is a priority for both of us. In this context, Digital Partnership 2.0 and AI cooperation initiatives are being undertaken. Semiconductors and rare earth minerals shall remain at the top of our agendas,” underlined PM Modi.
He elaborated on the meeting with the Japanese PM and results of various discussions, “We believe that Japanese technology and Indian talent are a winning combination. While we are working on high-speed rail at one end, we are also making rapid progress in areas like ports, aviation, and shipbuilding under the Next Generation Mobility Partnership.
“We welcome the agreement reached between ISRO and JAXA for cooperation in the Chandrayaan-5 mission. Our active participation will symbolise the progress of humanity beyond the boundaries of the Earth, and into space!
“Under the action plan of human resource exchange, over the next five years, both sides shall encourage an exchange of 5 lakh people, in different fields. 50,000 skilled Indians will actively contribute to the economy of Japan, under this.”
The partnership between India and Japan shall not be limited to Delhi and Tokyo. The two countries’ engagement will deepen through institutional cooperation between the States of India and the Prefectures of Japan. This will open new doors for trade, tourism, education, and cultural exchanges.
India and Japan are fully committed towards a free, open, peaceful, prosperous, and rules-based Indo-Pacific.
List of Outcomes: Prime Minister’s Visit to Japan
1. India – Japan Joint Vision for the Next Decade
• A 10-year strategic prioritization for economic and functional cooperation in eight lines of effort in economic partnership, economic security, mobility, ecological sustainability, technology and innovation, health, people to people and state-prefecture engagements
2. Joint Declaration on Security Cooperation
• A comprehensive framework to evolve our defense and security cooperation to respond to contemporary security challenges in line with our Special Strategic and Global Partnership
3. Action Plan for India – Japan Human Resource Exchange
• An action plan to promote two-way exchange of 500,000 people between India and Japan, particularly 50,000 skilled and semi-skilled personnel from India to Japan in the next five years
4. Memorandum of Cooperation on Joint Crediting Mechanism
• An instrument to facilitate the diffusion of decarbonizing technologies, products, systems, and infrastructure thereby contributing to India’s greenhouse gas emission reduction goals, promote Japanese investment in India and India’s sustainable development.
5. MoU on India – Japan Digital Partnership 2.0
• A document to advance bilateral collaboration in digital public infrastructure, development of digital talent and joint R&D in futuristic technological fields such as AI, IoT, semiconductors
6. Memorandum of Cooperation in the Field of Mineral Resources
• An instrument to advance cooperation in supply chain resilience for critical minerals including through the development of processing technologies, joint investments for exploration and mining and efforts for stockpiling critical minerals.
7. Implementing Arrangement between the Indian Space Research Organization and Japan Aerospace Exploration Agency concerning Joint Lunar Polar Exploration Mission
• A document that defines terms and conditions for cooperation between India and Japan on the Chandrayaan 5 mission, thus giving practical shape to a landmark collaboration
8. Joint Declaration of Intent on Clean Hydrogen and Ammonia
• A document to promote research, investment and implementation of projects on hydrogen/ammonia and deepen collaboration on cutting-edge research and innovation for developing technologies
9. Memorandum of Cooperation on Cultural Exchange
• An instrument to promote cooperation in the field of art and culture through exhibitions, museum collaborations and exchange of best practices in the field of cultural preservation
10. MoU on Decentralized Domestic Waste Water Management
• A document to promote cooperation in effective reuse of wastewater and decentralized wastewater management which is crucial for public health, environmental protection and sustainable development
11. Memorandum of Cooperation in the field of Environment Cooperation
• An enabling framework for collaboration in areas pertaining to environmental preservation such as pollution control, climate change, waste management, sustainable use of biodiversity and environmental technologies
12. MoU between Sushma Swaraj Institute of Foreign Service and Ministry of Foreign Affairs, Japan
• A framework to promote exchanges between diplomats, academics, officials, experts and researchers to advance mutual understanding in the field of foreign policy
13. Joint Statement of Intent between the Ministry of Science and Technology and Ministry of Education, Culture, Sports, Science and Technology (MEXT), Japan
• A declaration to advance cooperation in the field of science and technology through the exchange of scientists and researchers, strengthen institutional cooperation between research and scientific institutions of both countries with the involvement of start-ups and industries
Other notable outcomes
1. Private investment target of JPY 10 trillion from Japan to India for the next decade
2. India and Japan launched the Economic Security Initiative to promote supply chain resilience in strategic sectors such as semiconductors, clean energy, telecom, pharmaceuticals, critical minerals as well as new and emerging technologies
• They also issued an Economic Security Fact Sheet as an illustrative list of actual cooperation in these fields.
3. Launch of the India – Japan AI Initiative
• To advance collaboration in Large Language Models, training, capacity building and support for businesses and start-ups to foster a trustworthy AI ecosystem
4. Launch of the Next-General Mobility Partnership
• To foster G2G and B2B partnerships in the infrastructure, logistics and mobility sectors particularly railways, aviation, roads, shipping and ports, with a focus on Make-in-India of mobility products and solutions.
5. Launch of the India – Japan Small and Medium Enterprises Forum to strengthen collaboration between Indian and Japanese SMEs, which are the engines of our respective economies
6. Launch of the Sustainable Fuel Initiative to promote energy security, farmer livelihoods and advance R&D in technologies related to sustainable fuels such as biogas and biofuels
7. High-level exchanges between states and prefectures, including three visits in each direction to be organized by the Foreign Offices
8. Establishment of business forums between India and the two regions of Kansai and Kyushu to strengthen business, people to people and cultural linkages. Fiinews.com
