India and Japan on Thursday unveiled a raft of landmark initiatives including an economic partnership framework, a defence pact to co-develop military hardware and steps to enhance energy ties to tackle oil shocks following summit talks between Prime Minister Narendra Modi and his Japanese counterpart Sanae Takaichi.
The major outcomes from the meeting included a declaration on economic security, a joint statement for cooperation in the field of artificial intelligence and a document to bolster engagement in the energy supply chain
The two sides also finalised a mobility framework to facilitate required framework for cooperation in shipbuilding, aviation and logistics.
"In today's era of uncertainty, both India and Japan fully understand the importance of economic security and energy security. With this in mind, we have today prepared a joint roadmap for economic security," Modi said in his media statement.
"Through this, we will strengthen supply chain resilience in strategic sectors such as semiconductors, quantum technology, and advanced materials," he said.Modi and Takaichi also deliberated on the situation in Indo-Pacific, a region that has witnessed growing Chinese military muscle flexing.
"Today, both India and Japan are among the world's largest economies. A free, prosperous, and rules-based Indo-Pacific is our shared priority."
"As the region's largest democratic and market economies, we have launched several significant initiatives today. Through these, we will jointly pave the way for peace, stability, and progress across the entire region," he said.
Modi said both the sides have also taken several significant decisions in the field of energy security.
"Through the India-Japan Bio-gas Initiative, we will receive assistance in setting up one thousand bio-gas and organic fertilizer plants in India."
Modi said it will give new impetus to sustainability, prosperity, and rural livelihoods in India's villages.
"We have also taken a significant initiative regarding energy resilience to tackle situations like oil shocks."
"Furthermore, our cooperation in batteries, green hydrogen, and nuclear energy will make a vital contribution to the world's clean energy future," he said.
Modi said India and Japan view economic security as shared security and the energy transition as a shared opportunity.
"We will work to advance this agenda and drive transformation in this direction," he said.
Highlighting the upswing in bilateral trade, Modi said over the past year, more than 100 new business agreements have been signed, which will bring over USD 10 billion in Japanese investment to India."Our goal is clear: to achieve an investment of 10 trillion yen from Japan into India over the next 10 years and to double the number of Japanese companies in India," he said.
Modi said the economies of India and Japan are complementary. "From cultural values "to modern technology, there are similarities in our thinking and approach as well".
"The foundation of our relationship rests on unshakeable mutual trust," he said.
Modi said the two sides inked an agreement on the first co-development project in the defence sector.
"This project for a naval radio antenna will open a new chapter in our defence technology partnership. We will now jointly develop defense technologies that will strengthen regional peace, maritime security, and the rules-based order."The two sides also signed agreements in the pharma, medical devices, and biotech sectors.
Modi also made a mention of the India-Japan Next-Generation Mobility Partnership Framework.
"Through this, we will now replicate the success story we achieved in the automotive sector across areas such as shipbuilding, aviation, and logistics," he said. The two prime ministers broadly carried out a comprehensive review of India-Japan ties in areas of trade and investment, economic security, energy, emerging technologies, defence and people-to-people exchanges.
"Our relations rests on unbreakable mutual trust," Modi said, reflecting the growing congruence in ties between the two countries.Both Modi and Takaichi witnessed the exchange of key MoUs and agreements spanning economic security, clean energy, critical technologies and research and development.
India and Japan also agreed on a list of activities for celebrating the 75th anniversary of establishment of diplomatic relations, External Affairs Ministry spokesman Randhir Jaiswal said.
In his remarks, Modi also highlighted the strength and significance of India-Japan ties.
"Just a few days ago, at the G7 Summit, I had said that in today's atmosphere of global upheaval, mutual trust is our greatest strategic asset.""And I am proud that the India-Japan partnership stands fully tested on this touchstone," he said.
Modi noted that the convergence of Japan's precision technology and India's software capabilities will give a new momentum and strength in artificial intelligence.
"In the field of defence, we have signed an agreement on the first co-development project between India and Japan," he said.
The Japanese prime minister, who is on a three-day visit to India, said both sides are focusing on economic growth through investment and innovation collaboration.
"I am committed to realising a strong economy and aiming to enhance Japan's supply chain and technological capabilities through investment in 17 strategic areas."
"Prime Minister Modi launched Viksit Bharat, a national goal to make India a developed nation by 2047 and is strongly driving India's growth," she said.
"In this way we share the goal of making our countries strong and prosperous through investments in the future," she added.