Prime Minister Narendra Modi's recent visit to Japan, his eighth since taking office in 2014, underscores the deepening strategic and economic partnership between the two nations. This two-day trip, marking the 15th India-Japan Annual Summit with Japanese Prime Minister Shigeru Ishiba, signals a shared commitment to leading the Asian century through collaboration in trade, technology, and various other sectors.
During his visit, PM Modi addressed the India-Japan Economic Forum, emphasizing the strong bond between the two countries and inviting Japanese companies to invest in India. He highlighted that Japanese investments in India have already surpassed $40 billion, demonstrating the confidence and mutual trust that exists. He assured business leaders that in India, capital doesn't just grow; it multiplies, referring to India's stable economy and growth. According to a survey, over 80% of Japanese companies operating in India intend to expand their businesses within the next couple of years.
PM Modi also pointed out India's economic transformation over the past 11 years, noting the country's political and economic stability and its position as the fastest-growing major economy. He stated that India is poised to become the world's third-largest economy soon and is currently contributing 18% to global growth.
The discussions between PM Modi and PM Ishiba covered a wide range of topics, including defense and security cooperation, economic and trade collaboration, technological innovation, and people-to-people exchanges. Both leaders aim to strengthen the Special Strategic and Global Partnership between India and Japan, addressing regional and global challenges together. Foreign Secretary Vikram Misri emphasized the strategic importance of the visit, reaffirming the shared commitment to peace, prosperity, and stability in the Indo-Pacific region and beyond.
One of the key focus areas of the partnership is technology. PM Modi described Japan as a technology powerhouse and India as a talent powerhouse, suggesting that their combined strengths can drive the tech revolution. He noted India's ambitious initiatives in areas like AI, semiconductors, quantum computing, biotech, and space, emphasizing the potential for collaboration with Japan's expertise. Both countries are expected to start a digital partnership involving AI and semiconductors, focused on public infrastructure. They are also likely to launch an economic security initiative focused on semiconductors, critical minerals, AI, telecommunications, and clean energy.
To further boost economic ties, Japan and India are looking to revise their investment target to 7-10 trillion yen. Japan has been India's fifth-largest source of foreign direct investment, with cumulative investments reaching $43.2 billion up to December 2024. The initial target of 5 trillion yen in public and private investments by 2026 has already been achieved.
In terms of defense and security, India and Japan are moving towards upgrading their 2008 Joint Declaration on Security Cooperation, recognizing the changed security environment. They will also review progress in defense and technology transfers. This includes strengthening interoperability through various dialogue mechanisms, such as Defence Ministers' meetings and joint service staff talks.
PM Modi's visit also highlighted the cultural connections between India and Japan. The year 2023-24 was celebrated as the Year of Tourism Exchange with the theme "Connecting Himalayas with Mount Fuji". The Prime Minister interacted with the Indian community in Tokyo, acknowledging their role in preserving cultural roots while contributing to Japanese society.
Looking ahead, PM Modi's visit to Japan has set the stage for deeper collaboration and partnership between the two nations. By combining their strengths in trade, technology, and strategic interests, India and Japan are poised to play a leading role in shaping the Asian century, contributing to regional and global peace, security, and sustainable development.
