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Japanese Prime Minister Fumio Kishida is set to announce a plan to invest 5 trillion yen ($42 billion) in India over the next five years during his maiden diplomatic visit to the country since assuming office. Kishida is likely to announce the public-private funding plan during the 14th India-Japan Annual Summit, Nikkei Asia reported.

During his two-day visit to India, the Japanese Prime Minister is also expected to approve an approximately 300 billion yen loan during his meeting with PM Narendra Modi, according to Nikkei. An energy cooperation document concerning carbon reduction is also likely to be signed.

Kishida’s 5 trillion yen investment will far surpass the 3.5 trillion yen in investments that former Japanese Prime Minister Shinzo Abe had promised during his visit to India in 2014.

India and Japan have deepened their strategic ties as there is convergence on free, open and inclusive Indo-Pacific. There has also been progress in defence and security and in regional context.

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The IndianExpress