Japanese Prime Minister Fumio Kishida has announced a $42 billion investment in India over the next five years.
Kishida made the announcement during a meeting with his Indian counterpart Narendra Modi in New Delhi on Saturday.
Japanese Prime Minister Fumio Kishida on Saturday announced a 5 trillion yen ($42 billion) investment in India over the next five years during a meeting with Prime Minister Narendra Modi in New Delhi.
The two leaders were meeting to strengthen security amid the Ukraine crisis and improve economic ties between the two nations. Japan in recent years has supported India’s urban infrastructure development and the high-speed railway based on its bullet train technology.
In 2014, then-Japanese Prime Minister Shinzo Abe announced 3.5 trillion yen in investment and financing over five years during a visit to India.
Earlier on Saturday Japanese media reported that Japan‘s Suzuki Motor plans to invest about 150 billion yen ($1.26 billion) to produce electric vehicles and batteries in India.
Suzuki’s investment plan will be part of an announcement by Kishida during his trip of plans to invest 5 trillion yen over the next five years in India, Nikkei business daily reported.
Suzuki has decided to build a new electric vehicle production line in India with the aim of starting operations as early as 2025, Nikkei said, without identifying the source of its report.