PM Modi to secure ¥10 trillion Japanese investments amid tariff strain.
India, Japan to sign economic security pact on AI, semiconductors, minerals.
Defense cooperation to expand with joint technology transfer and hardware development.
Modi’s Japan trip precedes China visit, balancing strained US trade relations.
PM Modi in Japan, Eyeing to Secure Investments Worth $68 Billion During 2 Day Visit
The Prime Minister will be visiting Japan on Friday and Saturday and he is scheduled to meet his counterpart Shigeru Ishiba and governors of Japanese prefectures.
India and Japan likely to secure key investments during PM Modi's 2 day visit.
Summary
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Amid the 50% tariffs taking a toll on India’s economy, Prime Minister Narendra Modi is slated to secure investments worth more than ¥10 trillion ($68 billion) in Japan during his two-day trip to the country, according to two people familiar with the matter.
Officials, who spoke to Bloomberg on the condition of anonymity said that the two countries are also expected to sign an economic security pact covering cooperation on semiconductors, critical minerals and artificial intelligence.
In a statement, released on Thursday, PM Modi said that the two sides will focus on “shaping the next phase” of their partnership. “We would endeavor to give new wings to our collaboration, expand scope and ambition of our economic and investment ties, and advance cooperation in new and emerging technologies, including AI and semiconductors,” he said in the statement.
The Prime Minister will be visiting Japan on Friday and Saturday and he is scheduled to meet his counterpart Shigeru Ishiba and governors of Japanese prefectures. Following that, he will travel to China for the Shanghai Cooperation Organisation summit, marking his first visit to the country in seven years. He is expected to hold a bilateral meeting with President Xi Jinping there.
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Currently, India is trying to improve ties with China after a 2020 border clash, and is reaching out to friendly nations to garner support as relations with the US are getting sour. This week, US President Donald Trump imposed 50% tariffs on India goods, the highest in Asia.
During PM Modi’s visit to Japan, the two sides are also expected to step up plans on defense cooperation, with India focusing on transfer of technology and jointly developing military hardware, the people aware of the matter said. India and Japan are working to develop a sophisticated sensor for seamless communication while increasing the stealth features of warships.
India is the second-largest importer of arms after Ukraine as per data from the Stockholm International Peace Research Institute. It’s trying to ramp up domestic weapons manufacturing and acquire technology from nations such as France, Germany, Japan and the US.
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