March 23, 2022
India and Japan signed six pacts in matters of cybersecurity, capacity building, information sharing, and cooperation
Both countries are also expected to arrange a two-plus-two meeting between their foreign and defence ministers
The countries are also working on a Supply Chain Resilience Initiative (SCRI) to increase the flexibility of supply chains in the Indo-Pacific region
India has been running a huge trade deficit with Japan as until January 2022
Japan aims to invest US$ 42 billion over the next five years in India to boost bilateral cooperation. This was announced after Prime Minister Narendra Modi met his Japanese counterpart Fumio Kishida in the 14th India-Japan Annual Summit. As per the PM, this investment will not only benefit the two countries but will also bring about peace, prosperity, and stability in the Indo-Pacific region.
India and Japan signed six pacts in matters of cybersecurity, capacity building, information sharing, and cooperation, and agreed to establish a clean energy partnership as well. Both countries are also expected to arrange a two-plus-two meeting between their foreign and defence ministers.
The countries are also working on an SCRI, which will increase the flexibility of supply chains in the Indo-Pacific region, develop reliable supply sources, and attract investment.
Japan is the fifth-largest investor in India and has invested US$ 36.4 billion between April 2000 and December 2021, accounting for 6% of the cumulative FDI inflows during this period. However, India has been running a huge trade deficit with Japan. Until January 2022, India exported products worth only US$ 5.2 billion with Japan accounting for US$ 12 billion.
