Japan, India leaders agree to step up defense, economic ties

Japan, India leaders agree to step up defense, economic ties

NARUSAWA, Yamanashi Prefecture-Prime Minister Shinzo Abe laid out the welcome mat for his Indian counterpart Narendra Modi by inviting him to his country villa here before beginning summit talks in Tokyo on October 29.

"Make in India emerged as global brand today.We're manufacturing quality products not only for India but for world.India is becoming a global hub, especially in field of electronics and automobile manufacturing". This is the 12th meeting between the two leaders in the last four years. The two sides also signed an agreement on the implementing arrangement for deeper cooperation between the Indian Navy and the Japan Maritime Self-Defense Force (JMSDF).

"I have been told that today Japan investors have announced that they will invest 2.5 billion USA dollars in India", he said.

In an interview with Kyodo News on Friday in New Delhi, Modi said his two days of discussions with Abe "will be an opportunity to review our ongoing cooperation and discuss ways for expanding our relationship for promoting peace, progress and prosperity throughout the Indo-Pacific region and beyond".

Acknowledging India and Japan's co-existence on the foundation of faith and shared heritage, PM Modi said that his government has accorded top priority to Ease of Doing Business. We sent Chandrayaan and Mangalyaan at very low expense. "This has resulted in a healthy competition among them for investment and led to better results", the PM said.

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Japan also extended its support for India's bid to join the Nuclear Suppliers Group, a move that China opposes.

Prime Minister Narendra Modi on Monday arrived at the Indian Community Centre in Tokyo on Sunday.

Upon his arrival, Modi was greeted by the Indian diaspora in Japan which welcomed him with great. "India is going through a massive transformative phase today".

The talks in Tokyo on Monday followed separate talks on regional issues between the two men the day before at Abe's vacation home near Mount Fuji, the first time he has invited a foreign leader to his private lodge.

"With a view to enhancing financial and economic cooperation, governments of Japan and India welcomed the agreement to conclude a Bilateral Swap Arrangement (BSA) of Dollars 75 billion", said India-Japan Vision Statement issued after the summit-level meeting between the two leaders. The Indian PM is one of the 18 persons Abe follows on Twitter. Japan is funding 80% of the Mumbai-Ahmedabad bullet train project through a soft loan of Rs 79,000 crore at an interest rate of 0.1%, with a tenure stretching over 50 years and a moratorium period of 15 years.