G7: Japan Signs $31 Billion Worth High-Speed Rail Project With India

Paigambar Mohan Raj

India and Japan have bolstered their relationship during the G7 meet held in Apulia, Italy. India is not a member of the G7 countries but was invited as part of its outreach program, which included other leaders from Turkey, UAE, Saudi Arabia, Argentina, and Brazil. For the Indian Prime Minister Narendra Modi, the invitation is especially significant as it came on the heels of his being elected Prime Minister for a historic third term.

Also Read: BRICS: Japan Dumps $63 Billion Worth U.S. Bonds

At the summit, Modi met the Japanese Prime Minister, Fumio Kishida. Both leaders highlighted the importance of a free and open Indo-Pacific (FOIP). According to a press release, PM Modi ‘affirmed that bilateral ties with Japan will continue to receive priority in his third term. The two leaders noted that the India-Japan Special Strategic and Global Partnership is in its 10th year and expressed satisfaction at the progress made in the relationship.

G7: Japan signs $31 billion worth deal with India

Source: Forkast

India has targeted a total of $31 billion worth of Japanese investment in India between 2022 and 2027. One of the biggest collaborations between the two nations is the ongoing Mumbai-Ahmedabad High-Speed Rail project. Another pivotal partnership is the India-Japan Industrial Competitiveness Partnership which aims to transform manufacturing cooperation between the two nations. Japan is also playing a crucial role in India’s North-East region. No foreign nation has yet been welcomed into this area, save Japan.

Also Read: The US Dollar Or Japanese Yen: Which Currency Is Realistically Stronger?

India will play an important role in global geopolitics and the global economy in the decades ahead. During the G7 summit in Fukushima, Japan, 2023, countries spoke about de-risking from China. If this is to happen, India could be a viable option.

Also Read: Sony To Launch Cryptocurrency Exchange in Japan