India and Japan discuss economic and security ties

India and Japan discuss economic and security ties

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Indian Prime Minister Narendra Modi pitches for elevated cooperation between India and Japan.

On the third day of his foreign visit to Japan to discuss economy and security-related agreements, Indian prime minister Narendra Modi announced that a special management team under the Prime Minister’s Office would be set up to facilitate Japanese investments in India. 

As part of his keynote address delivered at the luncheon hosted by Nippon Kiedanren, the Japanse Chamber of Commerce and Industry, on September 1, 2014, Modi stated that two nominees from Japan would be a part of the decision-making team that will assess future business proposals.

india and japan talks

The two premiers, Modi and Shinzo Abe, had converged in Kyoto on August 29, 2014 to hold talks over three days. This is the Indian PMs first biggest international trip since his election in May 2014. They would be discussing the terms of a civil nuclear energy, where Japan wants an assurance from India to limit atomic tests and closer inspection of facilities. 

Another agreement, pertaining to rare earth materials, is expected to be discussed between the two nations, where Japan would be importing the above mentioned from India , in order to balance its dependance on China.

As per reports, Japan plans to make double the direct investment in India within next five years, from $2 billion in 2013. The two nations will also hold regular joint training exercises in maritime defence, which will also include the US.

Currently, Modi has opened foreign investment in India’s railway projects and is seeking Japanese investment for the Delhi-Mumbai Industrial Corridor (DMIC), the country’s most ambitious infrastructure programme that aims to expand the country’s manufacturing and services base.

Photo Credits: The Indian Express