Indian Prime Minister Narendra Modi implored Japanese business to invest in India particularly in the midst of the tough US tariffs on Indian exports.
At the India-Japan Economic Forum held in Tokyo, Modi urged the Japanese firms to increase their presence in India saying there were exciting opportunities in the country as it continued to grow economically.
Modi is present in Tokyo on the occasion of the 15th annual summit of India and Japan and his maiden visit to the Japanese Prime Minister Shigeru Ishiba.
Key Highlights
In the current difficult global economic environment, intensified economic collaboration among trusted friends is especially pertinent, especially in the face of the current tumultuous global economic environment, as exemplified by the current global economic scenario, as Modi arrived in Tokyo today to spend the next two days on the trip.
Japan is also considering the 10 trillion yen (68 billion) investment into India private investment within the next 10 years.
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This encounter of Ishiba and Modi is coincidental as the US has levied 50 percent tariffs on Indian imports whereas Japan is facing 15 tariffs.
The Trump administration has punished India due to its Russian oil purchase against the background of the current war in Ukraine.
In May 2023 Modi was last in Japan. Diplomatic relations of the two countries date back to 1952, and in 2011, its bilateral trade volume reached 21 billion dollars.
India and Japan have been upgrading their relationship to a special strategic and global partnership in 2014 and both are also part of the Quad, a US-led security coalition.
To date, the Japanese firms have spent over 40 billion dollars on South Asian country.
Individually, the most recent statistics issued by the Indian government on Friday indicated that the economy of the country was expanding by 7.8 percent between April and June, the highest growth rate in five quarters and even before the 50 percent tariffs were implemented by the US.
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