External Affairs Minister Mr. S. Jaishankar, speaking in Tokyo after the Quadrilateral Security Dialogue (Quad) ministerial meeting, announced an ambitious investment target of Yen 5 trillion (US$ 42 billion) between India and Japan by 2027. The Quad meeting on July 29 included Jaishankar, Japan’s Yoko Kamikawa, Australia’s Penny Wong, and US Secretary of State Antony Blinken, highlighting the importance of economic and strategic collaboration among these nations.

During the press conference, Jaishankar underscored the deepening economic relationship between India and Japan, noting substantial infrastructure developments over the past decade. He reported that India had constructed 8 new airports annually, added 1.5 to 2 new metro systems in various cities each year, built 28 kilometers of highways daily, and laid 8 kilometers of railway tracks daily. Additionally, the number of educational institutions has doubled, and there are now 1,600 global capability centres in India, generating over US$ 100 billion in annual exports.

To enhance this economic collaboration, Jaishankar detailed the presence of 1,400 Japanese companies operating in India. He credited Japanese firms with catalyzing India's automobile revolution and significantly contributing to metro system development. He also noted the ongoing high-speed railway project, which exemplifies the strong infrastructural ties between the two nations.

Jaishankar emphasized key areas for future cooperation, including semiconductors, artificial intelligence, electric vehicles, and green energy. "These sectors are central to our bilateral and Quad discussions due to their broader implications," he stated. He highlighted India's evolving capabilities in high-tech and green sectors, asserting that India is positioning itself as a global partner in advanced fields such as semiconductors, electric vehicles, space, drones, and green energy.

The Japanese Ministry of Foreign Affairs reaffirmed its commitment to strengthening bilateral cooperation, particularly through the high-speed rail project. They also announced the expansion of recruitment for Indian nationals under the Japan Exchange and Teaching (JET) Programme and the start of Japanese Language Partners dispatch to India. These initiatives are aimed at fostering closer cultural and educational ties between the two countries.

In conclusion, the India-Japan investment target of US$ 42 billion by 2027 represents a significant step forward in their economic partnership. With a focus on infrastructure, high-tech sectors, and green energy, this collaboration is poised to drive substantial growth and innovation. The discussions at the Quad meeting 2024 further solidify the strategic alignment of India, Japan, Australia, and the United States, highlighting the potential for expanded cooperation in addressing global challenges and promoting regional stability.

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