New Delhi: There is a complete agreement between private and public sectors in Japan to enhance partnership with India, former Japanese Prime Minister Yoshihide Suga said on Thursday while noting that Japan has set a goal of investing and lending 5 trillion yen in India over the next five years.
Suga is on a visit to India leading a business delegation comprising 100 members from Japan to push Japanese investments in India. Speaking at the India-Japan Business Forum on 'India-Japan@75: Realizing the ¥ 5 trillion Partnership' organized by Confederation of Indian Industry (CII) jointly with Keidanren (Japan Business Federation), Suga, who is also the Chairman of the Japan-India Association, in his special address said, "There is the complete agreement between the Private and Public Sector in Japan regarding enhancing involvement and partnership with India”.
He reiterated that last year, the Government of Japan set a goal of investing and lending 5 trillion yen in India over the next five years through public and private sectors to strengthen economic ties with India further. During his visit, Suga also visited Ahmedabad to inspect the construction site of the High-Speed Railway (Shinkansen) project. He is also scheduled to hold talks with Prime Minister Narendra Modi later on Thursday.
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Suga further praised India’s vibrancy and said, "I can feel the steam and energy of the Indian economy”. “After the meeting with PM Modi we would like to strengthen our relations with India and we have established an objective of investing ¥5 trillion in India”, Suga observed and said that during his meeting with PM Modi, he will pitch for improvement in a business environment.
He noted that India has now become the fifth-largest economy in the world. And even now, it is rapidly growing, and the economic growth rate in fiscal 2022 is at a high level of 7.2%. "India is also expected to become the world's largest population by the end of this year. I witnessed India's liveliness and was able to directly feel the "momentum" of the Indian economy", said Suga, while adding, "In Japan, the public and private sectors are in complete agreement on the importance of strengthening relations with India".
He further expressed hope that the representatives of Indian industry will deepen their cooperation with private companies in Japan and play a major role in the development of Japan-India economic relations. "Your activities will be the "pillars" of economic relations between our two countries. We hope that you will continue to support us for the further development and deepening of Japan-India relations", he added.
Last year, during the India- Japan annual summit, current Japanese PM Fumio Kishida along with PM Modi exchanged six agreements on cybersecurity, economic partnerships, wastewater management, urban development, a clean energy partnership, and an agreement on promoting bamboo–based products from the northeast region.
Meanwhile, R Dinesh, President of the Confederation of Indian Industry while addressing the forum said that the relationship between the two countries was exemplary, based on shared values, mutual respect,t and a vision for a prosperous future, not just for the two countries but for the world as a whole.
“Innovation and technology hold the key to the future collaboration of Japan & India. Joint R&D initiatives can unleash immense potential and drive both our economies to new heights”, he added. He reiterated that the focus on specific sectors including infrastructure, advanced manufacturing, digital and clean energy will be crucial for shaping the future together and for meeting investment targets. ‘Innovation and Technology will be the most important underlying theme cutting across these”, he further said.
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