Japanese Prime Minister Fumio Kishida arrived in India on Monday for the summit and to explore ways to boost bilateral ties with India. Union Minister Rajeev Chandrashekar received PM Fumio Kishida from Delhi airport in the morning. During his two-day visit, he will meet India’s Prime Minister Narendra Modi to discuss India’s presidency for G-20 and Japan’s presidency for the G-7 summit. Kishida’s visit is crucial for both countries from a business point of view as it confirms Japan’s investment in multiple sectors in India.
From the sources of Economic Times, Japan’s PM Fumio Kishida is expected to unveil his plan for a “Free and open Indo-Pacific” to strengthen India’s role in the region. The meeting between Narendra Modi and Kishida is expected to focus on the evolving situation in the Indo-Pacific due to China’s military assertiveness.
Kishida had emphasised investing in different sectors of India during his last visit. As per the report of Fitch Solutions, Japan is set to invest $42 Billion over the next 4-5 years. The idea of boosting bilateral ties also promotes Kishida’s idea to invest in various sectors of India, including defence, security, trade, and technologies.
The economic relationship between India and Japan is old and deep, but the bilateral trade lacks volume. Japan is the third largest investor in the Indian economy, with a cumulative FDI inflow of $30.27 Billion from 2000-2019. The summit will also focus on setting an investment target for the next five years. Moreover, Indo-Japan private and public investment is expected to reach 5 trillion Japanese Yen, which will be used for mutual interest projects.