Japan News: Japan an ‘indispensable partner’ in India’s continued transformation: PM Modi

Ahead of a bilateral meeting with his Japanese counterpart, Prime Minister Narendra Modi said on Monday he viewed Japan as an “indispensable partner” in India’s continued transformation, saying New Delhi’s speed and scale combined ease of doing business, attractive incentives, reforms and ambitious plans create unparalleled opportunities for Japanese companies.

Prime Minister Modi, who is in Japan for a two-day visit to attend a Quad Leaders Summit at the invitation of his Japanese counterpart Fumio Kishida, has penned an op-ed on the dynamic India-Japan relations in the Yomiuri Shimbun.

Modi will have a bilateral meeting with Kishida on Tuesday, their second meeting in two months.

In the article titled “India-Japan: A Partnership for Peace, Stability and Prosperity”, he said that over the past few years, India has embarked on a journey to establish a solid foundation for manufacturing, services, agriculture and digital technology. Infrastructure.

“I see Japan as an indispensable partner in India’s continued transformation,” Modi said.

For Japan, India’s speed and scale combined with the ease of doing business, attractive incentives, bold reforms and ambitious plans create unparalleled opportunities, he said.

“We have also fostered a vibrant startup ecosystem in India, with over 100 unicorns. Japanese capital is already playing an important role in this effort. And there is a lot more potential,” according to Modi.

India and Japan have collaborations in a number of development projects, including the Indian government’s ambitious Mumbai-Ahmedabad high-speed rail project.

“The iconic Mumbai-Ahmedabad high-speed rail project symbolizes Japan’s extensive collaboration in some of the most important efforts to build a new India,” Prime Minister Modi said.

The 508.17 kilometer long network will cross three districts of Maharashtra (Mumbai, Thane and Palghar) and eight districts of Gujarat (Valsad, Navsari, Surat, Bharuch, Vadodara, Anand, Kheda and Ahmedabad).

The total cost of the project is set at Rs 1.08 lakh crore and according to the shareholding scheme, the Indian government is to pay Rs 10,000 crore to the National High Speed ​​Rail Corporation, while the two states involved, Gujarat and Maharashtra, must pay Rs 5,000 crore each. The rest is to be paid by Japan through a loan at 0.1% interest.

Japan is seen as a key partner in India’s economic transformation.

In the recent past, the India-Japan relationship has evolved into a partnership of great substance and purpose. Japan’s interest in India is increasing for various reasons including India’s large and growing market and its resources, especially human resources.

On Saturday in New Delhi, Foreign Minister Vinay Mohan Kwatra, during a press conference on Prime Minister Modi’s visit to Japan, said Japan was among India’s most important partners.

“Modi called the India-Japan relationship one of the most natural in the region. Over the past few years, the special India-Japan strategic and global partnership has gained great momentum.

“The meeting (between Modi and Kishida) will be an opportunity to advance the high-level engagement between the two countries, as well as to advance the bilateral cooperation agenda,” he said.

Japan’s bilateral trade with India totaled USD 17.63 billion in fiscal year 2018-2019. Japan’s exports to India during this period amounted to $12.77 billion and imports to $4.86 billion, according to the Ministry of External Affairs.

“Bilateral trade between India and Japan for the financial year 2019-20 (April-December) amounted to $11.87 billion. India’s exports from Japan amounted to 3, $94 billion while India’s imports from Japan amounted to $7.93 billion,” he said.

India’s main exports to Japan were petroleum products, chemicals, elements, compounds, non-metallic mineral products, fish and fish preparations, metalliferous ores and scrap, clothing and accessories , steel products, textile yarns, fabrics and machinery, among others.

India’s major imports from Japan are machinery, electrical machinery, iron and steel products, plastics, non-ferrous metals, motor vehicle parts, organic chemicals, fabricated metal products, among others.

Japanese Prime Minister Kishida paid a two-day visit to India from March 19 to hold the 14th India-Japan Summit with his Indian counterpart Modi.