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Thursday, March 28
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Japan offers to invest $35 billion in five years


Mangalore Today News Network

Tokyo, Sep 01, 2014 (PTI): Japanese Prime Minister Shinzo Abe on Monday announced doubling of his country’s private and public investment in India to about $35 billion over the next five years. The two countries decided to enhance their defence and strategic cooperation and speed up negotiations on civil nuclear deal.


Shinzo Abe


Prime Minister Narendra Modi had “very fruitful” and “meaningful” exchanges with Abe at Akasaka Palace (State Guest House) on the third day of his first major bilateral visit outside South Asia. Abe had gone the extra mile in receiving Modi in Kyoto on Saturday and spent the weekend with him on a tour of two ancient Buddhist temples apart from hosting a banquet.

Significantly, at an interaction with business leaders, Modi deplored the “expansionist” tendencies among some countries which “engage in encroachment” and “intrude” into the seas of others, comments seen as a veiled reference to China.

At the summit talks, the two countries decided to elevate their ties to a Special Strategic Global Partnership, emphasising that a developed India and a prosperous Japan were important for Asia and for global peace and security.

While agreeing on greater defence equipment and technology cooperation, the two sides decided to expedite discussions on modalities for the sale of Japanese US-2 amphibian aircraft.

“The two prime ministers reaffirmed the importance of defence relations between India and Japan in their strategic partnership and decided to upgrade and strengthen them,” a joint statement said.

On the civil nuclear deal, which was expected to be finalised during the visit, both Modi and Abe said that they have directed the officials to accelerate negotiations for early conclusion of a bilateral agreement in this regard.

While India is said to be pursuing the deal with Japan using the landmark Indo-US nuclear accord as a template and Tokyo is said to be not enthusiastic about the template.

The joint statement, while making a reference to nuclear ties, said, “In recent months, we have made significant progress in our negotiations on civil nuclear cooperation. Today, we have discussed this issue at length. We have reached better understanding of each other’s positions through this discussion.

“The ¥3.5 trillion ($35 billion) of investment from Japan to India, including Official Development Assistance during a five-year period, will be under the aegis of India–Japan Investment Promotion Partnership for development of projects, including infrastructure and building smart cities,” said Abe.

“The five-year period will also see the doubling of the presence of Japanese firms in India,” he added.

Tokyo will also help India in providing financial, technical and operational support to introduce bullet trains, a project that Modi has been actively pursuing.

Coinciding with the summit, Japan removed six of India’s space and defence-related entities from its Foreign End User List.

The six companies removed from this list can now enter into transactions involving sensitive dual-use equipment, technology and software.


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