New Delhi: Japanese Prime Minister Fumio Kishida on Friday (March 19) announced a 5 trillion yen ($42 billion or Rs 3,20,000 crore) investment in India over the next five years during the 14th annual India-Japan summit in New Delhi. 

The announcement was made at a joint press briefing addressed by PM Narendra Modi and Japan’s Kishida following the bilateral talks, delegation-level discussions and India-Japan Economic Forum.  

Here’s what PM Modi said: 

1. PM Kishida has been an old friend of India. I have had the opportunity to exchange views with him when he was the Foreign Minister of Japan. 

2. India and Japan understand the importance of a secure, trusted, predictable and stable energy supply. This is essential to achieve sustainable economic growth and to deal with climate change. 

3. Deepening India-Japan partnership will encourage peace, prosperity and stability in Indo-Pacific region and also at global level. 

4. There has been progress in the economic partnership between India- Japan economic partnership. Japan is one of the largest investors in India. India-Japan are working as 'One team- One project' on Mumbai-Ahmedabad high-speed rail corridor. 

Key points from Japan PM's address:

1. We'll hold the next India-Japan talks as soon as possible. We also welcome the agreement of cooperation in cyber security. India's a very important partner for Japan... I invite PM Narendra Modi for the Quad Summit Meeting in Tokyo. 

2. The whole world has been shaken today due to many disturbances, it's very important for India and Japan to have a close partnership. We expressed our views, talked about the serious invasion of Russia into Ukraine. We need a peaceful solution on the basis of international law. 

3. Both our countries should increase efforts for an open and free Indo-Pacific. Japan, along with India, will keep trying to end the war and keep providing support to Ukraine and its neighbouring countries. 

Besides announcing clean energy partnership, the two countries also inked six agreements providing for the expansion of bilateral cooperation in a range of areas, PTI reported. 

Earlier, PM Narendra Modi held bilateral talks at Hyderabad House with Japan’s Kishida, who is on a 2-day visit to India. 

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Speaking at the India-Japan Economic Forum, Modi said, "Progress, prosperity and partnership are the basis of India-Japan relations. We are committed to providing all possible support to Japanese companies in India." 

(With agency inputs)

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