Prime Minister Narendra Modi on Friday arrived in Tokyo for his two-day visit to Japan, where he will meet his Japanese counterpart Shigeru Ishiba and participate in the 15th India-Japan Annual Summit. This is PM Modi's eighth visit to Japan. During PM Modi's visit, the two leaders will review the Special Strategic and Global Partnership between India and Japan, including defence and security, trade and economy, technology and innovation, and people-to-people exchanges.
In addition to this, they will also discuss issues of regional and global importance. "The visit will reaffirm the longstanding special bond of friendship between the two countries," said the Ministry of External Affairs (MEA) in a statement on August 22.
During PM's visit, Japan's huge investment push for India
During PM Modi's two-day visit, the Japanese government is planning to announce a 10 trillion yen (USD 68 billion) investment target for India, reported local media. Citing sources, Japan's Kyodo News reported that PM Modi and Ishiba may announce it during their joint statement.
In March 2022, former Japanese PM Fumio Kishida announced the country's 5 trillion yen public and private investment and financing target for India. However, the new target is intended to further spur investment, as the two nations work together to promote a "free and open" Indo-Pacific.
Beyond bullet trains: Focus on AI and semiconductors
According to Kyodo News, India and Japan may agree on a new framework to explore cooperation in economic security. The framework would designate semiconductors, along with essential minerals and clean energy, as key areas for discussion.
It must be mentioned here that PM Modi and Ishiba may also travel to Sendai, a city which is popular for its semiconductor prowess. Notably, they will likely travel to Sendai in a bullet train. Japan is involved in the Ahmedabad-Mumbai bullet train project or the MAHSAR corridor, and Tokyo and New Delhi will likely launch a mobility partnership.
India and Japan may also announce an AI cooperation initiative for the emerging technologies and related startups. "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," Kyodo News quoted sources as saying.
