India and Japan Friday unveiled a joint declaration on security cooperation, launched an Economic Security Initiative with a special focus on advanced technologies as Tokyo announced its plan to invest $68 billion in India over the next decade. The slew of announcements came as Prime Minister Narendra Modi met his counterpart, Japanese PM Shigeru Ishiba, in Tokyo.
The two countries also launched an India-Japan Artificial Intelligence (AI) initiative, alongside agreements in space, and cooperation in defence and security. The latest development comes amid straining India-US ties after the Trump administration levied 50 per cent tariffs on New Delhi, half of them for its purchase of Moscow’s oil. While Japan has negotiated a trade agreement with Washington, Tokyo’s lead trade negotiator cancelled a scheduled visit at the last minute Thursday, further delaying discussions on the fine print.
Here are the six crucial agreements announced:
- 01
Investment target
Japan will invest 10 trillion Yen (about Rs 5.96 lakh crore) in India over the next decade, with a special focus on connecting Small and Medium Enterprises (SMEs) and start-ups from both countries.
“We have set a target of 10 trillion Yen investment from Japan in India over the next ten years. We will also give special attention to connecting Small and Medium Enterprises and Start-ups from both countries. At the India-Japan Business Forum too, I urged the Japanese companies to ‘Make in India, Make for the World’,” PM Modi said.
- 02
AI to semiconductor co-operation
Implementation of Digital Partnership 2.0 and AI cooperation initiatives, prioritising semiconductors and rare earth minerals were announced.
“We are launching the Economic Security Cooperation Initiative. Under this, we shall move forward with a comprehensive approach in critical and strategic areas. Cooperation in the area of High Technology is a priority for both of us. In this context, Digital Partnership 2.0 and AI cooperation initiatives are being undertaken. Semiconductors and rare earth minerals shall remain at the top of our agendas,” PM said.
- 03
Cooperation in defence and maritime security
Both countries agreed to strengthen cooperation in defence industry and innovation. “Our common interests are linked to defence and maritime security. We have decided to further strengthen mutual cooperation in the field of defence industry and innovation,” said PM Modi.
Foreign Secretary Vikram Misri, during a media briefing later on Friday, said the new joint declaration on security co-operation provides a clear framework for this area of partnership.
He highlighted that the document reflects a broad concept of security, adding that a key element of the agreement is the first-ever institutionalised dialogue between the National Security Advisers (NSAs) of India and Japan.
- 04
Chandrayaan-5 collaboration
An agreement between ISRO and Japan’s space agency JAXA for Chandrayaan-5 mission, marking enhanced cooperation in space exploration, was also unveiled.
“We welcome the agreement reached between ISRO and JAXA for cooperation in the Chandrayaan-5 mission. Our active participation will become a symbol of progress of humanity beyond the boundaries of the earth and in space as well,” said PM Modi.
- 05
Green and Energy Initiatives
A Sustainable Fuel Initiative and Battery Supply Chain Partnership, alongside the Joint Credit Mechanism to strengthen green energy collaboration was launched.
“Our Joint Credit Mechanism is a big win for energy. It shows that our green partnership is as strong as our economic partnership. In this direction, we are also launching the Sustainable Fuel Initiative and Battery Supply Chain Partnership,” PM said.
- 06
Human Resource Exchange
Over the next five years, 5 lakh people from India and Japan will spend time in each other’s countries furthering the movement of professionals, including 50,000 skilled Indians contributing to Japan’s economy.
The “exchange of 5 lakh people from both sides (who) will be encouraged in different fields in the next five years,” PM said.
This engagement will deepen through institutional cooperation between India and Japan, opening “new doors for trade, tourism, education, and cultural exchanges,” he added.
PM Modi is currently in Japan on a two-day visit for the annual India-Japan summit before heading to China to take part in the Shanghai Cooperation Organisation (SCO) Heads of State meeting. On Friday, he held talks with the Japanese PM, and on Saturday he will travel to Sendai, where PM Ishiba will host a lunch in his honour. Modi is also scheduled to tour a semiconductor manufacturing facility during the visit.
