Modi-Abe summit: Ahead of India-Japan economic summit scheduled to begin tomorrow, PM Narendra Modi said that Japan is India’s most trusted partner in its economic and technological modernisation. Notably, the two-day annual summit with Shinzo Abe is slated to be held on October 28 and 29. In a statement released yesterday, Modi described India and Japan as a “winning combination.” We bring to you key things to know about India and Japan’s economic ties, and what could be in focus in the two-day summit.
Japan- a top investor in India
Japan has been on the forefront, when it comes to investing in key projects in India. Projects such as Mumbai-Ahmedabad High Speed Rail and Dedicated Freight Corridors reflect the high level of economic engagement between the countries. “Japan is also at the forefront of engaging in our national initiatives, such as ‘Make in India’, ‘Skill India’, ‘Digital India’, ‘Start Up India’… Japanese investors have faith in India’s economic future, which is marked with myriad opportunities,” PM Narendra Modi noted. Japan has invested more than $25 billion in different sectors across the India during the period from 2000-2017. According to a recent FICCI report, these investments are slated to double by 2025. Notably, Japan had recently extended a soft loan worth Rs 88,000 crore at 0.1% for India’s ambitious bullet train project, between Mumbai and Ahmedabad.
— Doordarshan News (@DDNewsLive) October 27, 2018
Modi’s visit to Japan could be a harbinger of latest technology to India. PM Modi said that India values Japan’s global leadership in innovation, technologies and best practices and during his visit, he will have a chance to see some of Japan’s high-tech capabilities in robotics. “I will have wide-ranging talks with Prime Minister Shinzo Abe and interact with business leaders and captains of industry from both countries. I will also address the Indian community. These interactions will help to further strengthen our trade and investment ties, and cooperation in new areas such as healthcare, digital technologies, agriculture and food processing, disaster risk reduction and disaster resilient infrastructure,” Pm Modi said in the release.
Connectivity: Indo-Pacific region
The growing cooperation in the Indo-Pacific region will assume focus in the summit along with the major internal connectivity projects in the North Eastern Region. “More than the connectivity with the region, the connectivity at the district-level—building bridges, roads, and infrastructure in the northeast is very important. We will be discussing projects regarding district-level connectivity in the Northeast,” The Financial Express reported a foreign secretary as saying.