TOKYO: Japan on Monday announced doubling of its private and public investment in India to about $34 billion over the next five years even as the two countries decided to elevate their ties to a special strategic global partnership but failed to conclude acivil nuclear deal. Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe during their summit talks also reaffirmed the importance of bilateral defence relations in their strategic partnership and agreed on greater defence equipment and technology cooperation. The summit meeting took place on the third day of Modis five-day visit to Japan when the two countries also decided to expedite talks on sale of US-2amphibian aircraft to India for enhancing maritime security. At ajoint press conference, Abe also announced that as an example of Indo-Japan cooperation, Tokyo will help India in providing financial, technical and operational support to introduce Bullet trains, aproject that Modi has been actively pursuing. Japan will also help India in providing better connectivity with its neighbours, he said. On the civil nuclear deal, which was expected to be finalized during the visit, Abe said they have directed the officials to accelerate negotiations for early conclusion of an agreement to strengthen partnership. @PMOIndia Japan is excited to welcome PM Modi of #India. Here’s to a long-lasting friendship b/w our two countries. 11:58 AM - 1 Sep 2014 TheGovt of Japan @JapanGov Follow 916 RETWEETS 1,226 FAVORITES While India is said to be pursuing the deal with Japan on the template of the landmark Indo-US nuclear accord, Tokyo is said to be not that enthusiastic about that being the basis. The 3.5trillion yen($34 billion) of investment from Japan to India including Official Development Assositance (ODA) during a5-year period will be under the aegis of India-Japan Investment Promotion Partnership for development of projects including infrastructure and building of smart cities. The five-year period will also see the doubling of the presence of Japanese firms in India, Abe said. Thanking Abe for providing him an opportunity to make Japan his first bilateral visit outside South Asia, Modi said, we both have decided to raise the relationship to aspecial strategic and global partnership by giving it a special emphasis. Asserting that his visit ushered in adawn of new era in Indo-Japan relations, Modi said there is no limit to partnership between the two countries. Coinciding with the summit, Japan removed six of Indias space and defence-related entities from its Foreign End User List. On the nuclear cooperation issue, Abe said important progress has been made in the past several months. He said the two sides were able to have a frank discussion and adeeper understanding on this issue. Modi said India and Japan are old friends and that his current visit will give an opportunity to both of them to further intensify their ties. Modi said adeveloped India and a prosperous Japan was important for Asia and for global peace and security. India and Japan are two big democracies and they are also part of the three big economies of Asia, he noted.
Posted on: Mon, 01 Sep 2014 18:14:26 +0000
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