Prime Minister's Visit to Japan - Key Highlights
Economic Relations and Investments
- Prime Minister emphasized India's potential to become the world's third-largest economy, citing its status as the fastest-growing major economy.
- Japan announced a private investment target of ¥10 trillion in India over the next decade.
- Organizations like JBIC and JETRO highlight India as a promising destination, with 80% of Japanese companies wanting to expand in India.
Strategic Initiatives and Agreements
- The India-Japan AI Initiative and Economic Security Initiative were launched to enhance supply chain resilience in sectors such as pharmaceuticals and critical minerals.
- The establishment of the India-Japan Small and Medium Enterprises (SMEs) Forum aims to strengthen cooperation between SMEs in both countries.
Indo-Pacific Cooperation
- India and Japan issued a Joint Declaration on Security Cooperation, emphasizing their roles in a free and prosperous Indo-Pacific region.
- The declaration opposed destabilizing or unilateral actions in the maritime domain.
Sectoral Collaborations and Reforms
- Prime minister highlighted successful collaborations in the auto sector, encouraging similar efforts in batteries, robotics, semiconductors, and nuclear energy.
- India is opening sensitive sectors like defence, space, and nuclear energy to private investments as part of its reform agenda.
Additional Outcomes and Future Plans
- Thirteen outcomes were announced, including MoUs on green energy financing, security cooperation, and mineral resource cooperation.
- An action plan was adopted for the exchange of 500,000 people between India and Japan, including 50,000 skilled personnel moving from India to Japan over five years.
Prime Minister underscored India's role as a springboard for Japanese businesses aiming to enter the Global South and called for collaboration in manufacturing, technology, and innovation.