India, Japan have set $42 billion investment target by 2027: S Jaishankar

'There are currently 1,400 Japanese companies operating in India, and we aim to increase this number,' External Affairs Minister S Jaishankar said in a Quad press briefing

India and Japan have set an investment target of Yen 5 trillion ($42 billion) by 2027, said External Affairs Minister S Jaishankar in Tokyo after the Quadrilateral Security Dialogue (Quad) ministerial meeting.

The Quad foreign ministers' meeting was held on July 29, in Tokyo, which besides Jaishankar included Japan's Yoko Kamikawa, Australia's Penny Wong, and US Secretary of State Antony Blinken. During this meeting, Jaishankar spoke about the deepening economic relationship between India and Japan.

Speaking of development in India-Japan ties, Jaishankar at a press conference, said, "In the last 10 years, we've constructed eight new airports annually, added 1.5 to 2 new metro systems in various cities each year, built 28 kilometres of highways daily, and laid 8 kilometres of railway tracks daily. The number of educational institutions has doubled, and there are now 1,600 global capability centres in India generating over $100 billion in exports annually."

 

1,400 Japanese firms operating in India

Jaishankar noted his involvement with the Quad since its inception in 2017 and its earlier iteration in 2007, emphasising the significant progress made in bilateral relations, especially since 2014.

"There are currently 1,400 Japanese companies operating in India, and we aim to increase this number. We have set an investment target of Yen 5 trillion (USD 42 billion) by 2027," he said.

Jaishankar credited Japanese firms with sparking India's automobile revolution and contributing significantly to the development of metro systems. He also highlighted the ongoing high-speed railway project and identified global priorities such as semiconductors, artificial intelligence, electric vehicles, and green energy as key areas for future cooperation.

"These sectors are central to our bilateral and Quad discussions due to their wider implications," he added.

The minister stressed the importance of Japanese partners recognising the transformative changes occurring in India, noting the country's emerging capabilities in various high-tech and green sectors.

"India is not only a more attractive economic partner but also a more capable one. We are positioning ourselves as a global partner in advanced sectors such as semiconductors, electric vehicles, space, drones, and green energy," said Jaishankar.

The Ministry of Foreign Affairs of Japan echoed the commitment to bolster bilateral cooperation, particularly highlighting the high-speed rail project. A press release noted the expansion of recruitment for Indian nationals under the Japan Exchange and Teaching (JET) Programme and the commencement of Japanese Language Partners dispatch to India.

India to host  Quad Summit 2024

As the host of this year's Quad Summit, India is exploring new agenda items such as disaster resilience, digital and critical emerging technologies, and physical connectivity. "

“We aim to build capacities across the Indo-Pacific to enable countries to make informed and autonomous choices," Jaishankar said.

The Quad foreign ministers reaffirmed India's role in hosting the upcoming Quad Leaders' Summit later this year. A joint statement also confirmed that the United States will host the next Quad Foreign Ministers' meeting in 2025.