Japan, India agree on closer economic, security ties for next decade

TOKYO – Japanese Prime Minister Shigeru Ishiba and Indian Prime Minister Narendra Modi agreed on Aug 29 to further bolster economic and security cooperation, as Tokyo places greater emphasis on India’s growing global role.

After talks in Tokyo, Mr Ishiba and Mr Modi will unveil a “joint vision” outlining the next 10 years of collaboration between the two countries, with goals of boosting Japanese investment in India to 10 trillion yen (S$87.3 billion) and raising mutual personnel exchanges to 500,000 within five years, according to government sources.

The two are also expected to issue a revised

joint declaration on security cooperation

, the first update since its adoption in 2008, to expand drills between Japan’s Self-Defence Forces and the Indian military, the sources said. It is also expected that a statement on closer relations will be issued.

Mr Ishiba and Mr Modi will hold a joint press conference after the talks, according to the Japanese government.

They are also expected to announce the launch of new bilateral initiatives on cooperation in promoting artificial intelligence, supporting start-ups and tackling economic security challenges, such as ensuring stable supplies of crucial minerals, the sources said.

Ahead of the summit, Mr Ishiba and Mr Modi attended an economic forum in Tokyo to discuss investment issues and potential areas of collaboration in cutting-edge technology, among other topics.

“Amid an increasingly uncertain international economy, it is essential to build resilient supply chains and ensure economic security together with a credible partner,” Mr Ishiba said, with Mr Modi stressing what he called India’s political and economic stability.

Japan places great value on its ties with India, which has the world’s largest population, exceeding 1.4 billion, and a fast-growing economy that is on track to become the world’s third-largest in the near future, behind the US and China.

The relationship between India and the US has become tense recently, with US President Donald Trump imposing a 50 per cent tariff on Indian imports on Aug 27.

Mr Trump cited

New Delhi’s ongoing oil purchases from Russia

, with which it traditionally maintains friendly ties, as his reasoning for the tariff amid Moscow’s ongoing invasion of Ukraine.

On Aug 30, Mr Ishiba and Mr Modi will travel by shinkansen, or bullet train, to the north-eastern Japan prefecture of Miyagi, where they will visit a production base of major semiconductor manufacturer Tokyo Electron, the Japanese government said. KYODO NEWS