$68 billion Japan investment in India likely

New Delhi: India and Japan are likely to revise and update the 2008 joint declaration on security cooperation during PM Modi's visit to Japan next week. The renewed agreement is expected to reflect contemporary priorities and to be responsive to the current security challenges facing them.

The two nations will explore possibility of security & defence cooperation with third countries for peace and stability in the Indo-Pacific when Modi meets his counterpart Shigeru Ishiba for the annual India-Japan summit. Ahead of the summit, Japanese media reported Japan will set investment target of 10 trillion yen ($68bn) in India in next 10 years. Former PM Fumio Kishida, who visited India in March 2022, set a goal of 5 trillion yen in five years.

"Japan hopes to take this visit as an opportunity to update its target and encourage private companies to invest further," Japan's Asahi Shimbun newspaper said.