Modi, Abe hold talks; six vital pacts inked
PM Narendra Modi asks Japan’s MSMES to explore business opportunities in India
TOKYO: India and Japan signed six agreements, including on a high-speed rail project and naval cooperation, and agreed to hold 2+2 dialogue after Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe held talks Monday during which they discussed a range of bilateral, regional and global issues including the situation in the Indo-pacific region.
During the 13th annual summit, the two prime ministers reviewed developments in bilateral relations and explored new areas of cooperation, focusing on a shared vision for peace and prosperity in the Indo-pacific, where China is flexing its muscles.
The two leaders agreed that India and Japan must work together for a rules-based and inclusive world order that fosters trust and confidence by enhancing communication and connectivity to ensure the rule of law, unimpeded trade and flow of people, technology and ideas for shared prosperity.
They agreed to hold a 2+2 dialogue between the Foreign Ministers and Defence Ministers of the two countries. India has a similar agreement with the US, and the two sides held the first round of 2+2 dialogue in New Delhi last month.
“We both agree that from digital partnership to cyberspace, health, defence, ocean to space, in every field we will strengthen our partnership,” Prime Minister Modi said after the talks.
The two leaders reviewed the progress made on the Mumbai-ahmedabad High-speed Rail project, which is an essential symbol of India-japan collaboration. The two sides signed an agreement on yen loan for the project.
They also welcomed the continued cooperation on metro projects which support the smarter development of Indian cities.
The two sides also signed an agreement on the implementing arrangement for broader cooperation between the Indian Navy and the Japan Maritime Self-defense Force.
NEW DELHI: India and Japan Monday concluded a USD 75 billion bilateral currency swap agreement, a move that will help in bringing greater stability in foreign exchange and capital markets in the country.
The agreement will further strengthen and widen the depth and diversity of economic cooperation between the two countries.
Prime Minister Narendra Modi, who is visiting Japan, and his Japanese counterpart Shinzo Abe held delegation-level talks during which the two leaders discussed a range of bilateral, regional and global issues including the situation in the Indo-pacific region.
“With a view to enhancing financial and economic cooperation, governments of Japan and India welcomed the agreement to conclude a Bilateral Swap Arrangement (BSA) of USD 75 billion,” said India-Japan Vision Statement issued after the summit-level meeting between the two leaders.
The swap agreement, a Finance Ministry’s release said, should “aid in bringing greater stability to foreign exchange and capital markets in India... This facility will enable the agreed amount of foreign capital being available to India for use as and when need arises”.
Recognising the unparalleled potential for development of relations between the two countries, the prime ministers reviewed the significant milestones achieved over the last four years.
Prime Minister Narendra Modi on Wednesday asked Japan’s medium, small and micro enterprises to explore business opportunities in India and assured them of a more conducive environment to consolidate bilateral trade ties.
Modi, who is here to attend the 13th India-japan annual summit, said the ease of doing
business was his top priority.
“Some years ago, I spoke about making a mini-japan in India. It’s a matter of great happiness for me that today, you are working in an even larger number in India,” Modi said while addressing ‘Make in India: India-japan Partnership in Africa and Digital Partnership’ seminar in Tokyo on Monday.
Modi said when he became prime minister in 2014, India was at 140th position in the ‘ease of doing business’ ranking of the World Bank.
“Now India has reached
100th position and we are working towards better ranking,” he said.
He said the Indian government was making all efforts to change the country’s business environment and ensure that there is ease of doing business and ease of living.
“There are ample possibilities for Japan’s [micro] SMES in India,” the prime minister said.
“It’s not only big companies but Micro, Small & Medium Enterprises (MSMES) that are welcome to India. Through MSMES, too, Japanese entrepreneurs can take their busi- nesses to new highs.”
Low cost manufacturing and competitive labour cost make India more favourable for doing business.
“Our software industry is very powerful. As I said earlier if we combine our software and your hardware, we can do a miracle in the world,” he said.
The cooperation between Japan and India in the field of electric mobility is going to be very beneficial, he said.
“We are doing wonderful work in infrastructure sector. Our emphasis is now on next generation infrastructure. We are trying to develop such a competitive economy which would be based on skill, speed and scale,” Modi said. “I always speak of a strong India, strong Japan,” he said, inviting Japanese businesses to accelerate the pace of investment in his country. “I assure you that you will be helped in all possible ways to further consolidate India-japan trade ties,” he said. Earlier, Modi asked Japanese businessmen to engage more with India as he interacted with top business leaders from the two countries at a forum here.
Modi said that the inputs offered at the Business Leaders Forum will propel India to achieve global benchmarking.