• Source:JND
Add as a preferred

Prime Minister Narendra Modi on Friday addressed the India-Japan Economic Forum in Tokyo and outlined a detailed five-point action plan to further deepen the economic and strategic partnership between the two countries. Delivering the speech alongside Japanese Prime Minister Shigeru Ishiba, Prime Minister emphasised political stability, economic reforms, and investment-friendly policies as the pillars of India's growth narrative and called upon Japanese industry to deepen their involvement in India.

PM Modi called Japan a "time-tested partner" of India in its journey to development. "From metros to manufacturing, from semiconductors to startups, our partnership represents trust across sectors," he claimed, pointing out that Japanese businesses have already invested over USD 40 billion in India. He continued that in the last two years alone, Japanese private investment has exceeded USD 13 billion, demarcating the increasing confidence in India's market potential. PM Modi asserted that India's transformation in the past eleven years has been without precedent. "Today, there is political stability, economic stability, policy transparency, and predictability in India. Today, India is the fastest-growing big economy in the world, and in a short while, it will be the third-largest economy in the world," PM Modi stated, attributing this development to his government's strategy of "Reform, Perform, and Transform."

Five Key Areas Of Cooperation

Revealing his blueprint, PM Modi pitched five sectors for deepening cooperation with Japan:

1. Manufacturing and New Industry: PM Modi urged to extend the success of the automotive sector to new-age industries like batteries, robotics, semiconductors, shipbuilding, and nuclear energy. PM Modi also emphasized that Indo-Japanese cooperation can lead to the emergence of the Global South, especially in Africa.

2. Technology and Innovation:  Emphasising India's expanding pool of talent and Japan's technological prowess, PM Modi stated, "Japan is a tech powerhouse, and India is a talent powerhouse. Together, we can lead the 21st-century tech revolution in areas such as AI, quantum technology, semiconductors, biotechnology, and space."

3. Green Energy Transition:  Prime Minister reaffirmed India's commitment to clean energy, saying, "India is advancing strongly towards 500 GW of renewable energy by 2030 and 100 GW of nuclear power by 2047. There are huge opportunities in solar, green hydrogen, and clean energy." He exhorted Japan to join hands with India in creating a green and sustainable future.

4. Next-Generation Infrastructure:  Appreciating India's fast development of urban infrastructure and connectivity, PM Modi added, "In the last decade, more than 1,000 km of metro lines have been constructed. The Mumbai-Ahmedabad high-speed rail project is on a steady track with Japan's cooperation."

5. Skill Development and People-to-People Ties: The Prime Minister emphasized human resource collaboration. "India's talented youth are fulfilling the world's needs. Japan can take advantage of giving them training in the local language and incorporating them into Japanese manpower," he proposed.

ALSO READ: PM Modi Arrives In Tokyo For 15th India-Japan Annual Summit, Welcomed With Gayatri Mantra And Traditional Dance | Watch

"Capital Doesn't Just Grow in India, It Multiplies": PM Modi

PM Modi also mentioned recent reports by the Japan External Trade Organisation (JETRO) as he stated, "JETRO says that 80 per cent of businesses wish to increase in India and 75 per cent are already operational with profits.". In India, the capital does not simply grow, but it multiplies." He identified India's robust banking system, foreign exchange reservoirs of almost USD 700 billion, low inflation, and soft interest rates as signs of macroeconomic stability. "The world is watching India not merely; it is counting on India," Modi claimed, stating that New Delhi provides opportunities and certainty for long-term investments.

ALSO READ: Trump Adviser Uses PM Modi's Photo To Attack India, Calls Russian Oil Trade 'Financial Lifeline' For Putin

This marks PM Modi’s first standalone visit to Japan in nearly seven years. During the two-day official trip, he will hold formal bilateral talks with Japanese Prime Minister Shigeru Ishiba under the framework of the 15th India-Japan Annual Summit. The discussions are expected to focus on trade and investment, defence and security, digital technologies, climate action, and regional cooperation. Summing up his speech, the Prime Minister urged Japanese companies to increase their footprint in India. "Come, Make in India and Make for the World. Together, India and Japan will help shape the ASEAN century, a century of stability, growth, and shared prosperity," PM Modi stated. After completing his engagements in Tokyo, PM Modi will head to Tianjin, China, to attend the Shanghai Cooperation Organisation (SCO) Summit on August 31-September 1.

With inputs from agency.