PM Kishida’s $42bn Investment Opens New Chapter In Indo-Japan Ties

On Saturday, as Japanese Prime Minister Fumio Kishida, on his first visit to India after taking charge, announced his country's plan to invest 5 trillion yen ($42 billion) in India over the next five years, it opened a new chapter in Indo-Japan ties. The development comes close on the heels of India taking a neutral stand over the Russia-Ukraine conflict. The announcement followed a meeting between Prime Minister Narendra Modi and PM Kishida. During the meeting, the two Asian statesmen talked about the Ukraine crisis as well as ways to improve the security situation within Indo-Pacific region. What also makes this a special development, is the fact that just 8 years ago, the erstwhile Japanese PM Shinzo Abe, had announced a 3.5 trillion yen investment and financing in projects in India over a five-year period. Whether it is urban infrastructure development or high-speed railway technology, Japan has shown immense support for India in the recent years. https://twitter.com/narendramodi/status/1505185095606362113?t=yTPHNHv6g-Qlg_hy4hBhPA&s=19 Prior to his India visit, PM Kishida had said, "Since the Russian invasion of Ukraine coincides with this trip, I'd like to emphasize the importance of international unity and confirm that Japan and India will work together on various issues." It would be pertinent to mention here that both India and Japan are part of the Quadrilateral Security Dialogue (QUAD), a security framework that also includes the US and Australia. Out of the four Quad members, only India has not condemned the invasion so far. In 2020, India and Japan also signed an acquisition and cross-servicing agreement that promotes reciprocal stocks of fuel, food and other defense supplies. Meanwhile, in response to the Ukrainian crisis since February 24, Japan has already imposed sanctions on Russian individuals and organizations. The country has also opened its doors to Ukrainian refugees. Photo-Social Media