NEW DELHI – Prime Minister Narendra Modi’s trip to Japan from August 29 to 30 is likely to be a big step forward in India-Japan relations, with an emphasis on increasing economic and strategic collaboration. Sources who know about the planning for the visit say that Japan is likely to quadruple its investment objective for India from the previous 5 trillion yen ($34 billion) goal set in 2022, which was met two years ahead of schedule.
The new goal, which is said to be 10 trillion yen ($68 billion) for the next ten years, will be a major topic of discussion at the annual meeting between Prime Minister Modi and Japanese Prime Minister Shigeru Ishiba. Japan’s decision shows that it believes in India’s long-term economic potential, even though there are some doubts about global trade right now.
The two leaders will take a trip on Japan’s high-speed train, the Shinkansen, to Sendai, where they will tour a semiconductor factory. This is a significant sign of Japan’s commitment to the Mumbai-Ahmedabad bullet train project, which has been delayed, and a sign of the growing interest in working together in high-tech fields.
In addition to the higher investment goal, the two parties are anticipated to execute multiple agreements in three main areas of cooperation:
The 2008 Declaration on Security Cooperation is going to be updated to include defense exercises, policy discussions, and the transfer of technology. The two countries are working together on projects like the “Unified Complex Radio Antenna” (Unicorn) project and are looking into further ways to work together in areas like wireless power transfer underwater and devices to stop drones.
Economy, Technology, and Innovation: A new “economic security initiative” will be started, and it will focus on semiconductors, AI, telecommunications, and making sure that important minerals are always available. There will also be a “digital partnership” to help people work together to make semiconductors and build public digital infrastructure.
Mobility and People-to-People Exchanges: A new program will make it easier for qualified Indian workers and professionals to migrate to Japan. This will assist Japan meet its workforce demands as its population ages.
Vikram Misri, the Foreign Secretary, said that Modi’s journey to Japan, which is his first solo trip there since 2018, will provide the two leaders a chance to talk about their bilateral relationships and start new projects to “build greater resilience” in the relationship. The visit is considered as a smart move to show that both countries are still committed to peace and development in the Indo-Pacific region.