Japan commits USD 75 bn in seven years for infra across Indo-Pacific

Japanese Prime Minister Fumio Kishida on Monday said he was looking at revising the development charter and would look at supporting businesses and startups and infrastructure.

Published: 21st March 2023 10:25 AM  |   Last Updated: 21st March 2023 10:25 AM   |  A+A-

PM Narendra Modi with Japanese counterpart Fumio Kishida before their meeting at the Hyderabad House, in New Delhi, on Monday | Shekhar Yadav

Express News Service

NEW DELHI: Japanese Prime Minister Fumio Kishida on Monday said he was looking at revising the development charter and would look at supporting businesses and startups and infrastructure. “We will revise the development charter. Our new menu is that we will support startups. There will be a new attempt to generate synergy. We will mobilise $75 billion in public and private funds in the Indo-Pacific by 2030 for developing infrastructure,” said PM Kishida in New Delhi on Monday.

Japan’s Press Secretary, Hikariko ONO, who is accompanying Kishida to India, said this investment pledge has nothing to do with China and was being done only with the objective of economic growth of all countries in the Indo-Pacific and India would benefit as it had a huge requirement for enhancing infrastructure.

Prime Minister Kishida said India is an “indispensable” partner and Japan-India Special Strategic Global Partnership will be strengthened. “Japan in G7 and India under G20 are working together with ASEAN to bring about peace and stability in the Free and Open Indo-Pacific (FOIP). 

Japan and India should lead the world on the eve of FOIP, PM Kishida said, adding that there were four pillars of FOIP which included maintaining peace, dealing with new global issues in cooperation with Indo-Pacific countries, achieving global connectivity through various platforms, and ensuring the safety of the open seas and skies. Prime Minister Kishida reiterated Modi’s phrase that ‘this is no era for war’. Kishida vehemently criticised Russia and its role in the invasion of Ukraine and supported the principles of the UN Charter. 

He also spoke about the development of unexploited areas of North East of India and Bangladesh for development. He also said that Japan would cooperate with India to promote joint training with the US and safe and stable use of sea and air which included sharing of maritime and satellite data. The visiting Prime Minister also announced setting aside $100 million for the Japan-Asean Integration Fund.

“I spoke to PM Kishida on India’s G20 Presidency and how we would give a voice to the views of the Global South (Africa, Asia, Oceania and Latin America). We also discussed ways to further peace, stability and prosperity in the Indo-Pacific,’’ said Modi. In 2022, a target of 5 trillion yen worth of Japanese investment was set for the next five years and good progress had been made in that direction, he added.

Modi accepts Japan’s invite to G7 summit in May

Prime Minister Modi has accepted the Japanese PM’s invitation to attend the G7 Summit in Hiroshima in May this year and PM Kishida would return to India in September to attend the G20 Summit. Japan has also given the fourth tranche ($300 billion) for the development of the Bullet train project in India.


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