Even as Prime Minister Narendra Modi, who is on a two-day visit to Japan, claimed that in India's development journey, Japan has always been an important partner, Tokyo is also looking to benefit from the economic momentum in India.
According to Japanese media reports, during the discussions between PM Modi and his Japanese counterpart Shigeru Ishiba, the two are likely to agree to boost cooperation in several areas that could help Japan energise its economy.
Amid China's growing assertiveness, Indo-Pacific region, Japan has been trying to forge closer ties with India. As part of these efforts, over the next 10 years, Japan plans to invest $68 billion in India, say media reports.
The two countries are expected to form an economic security framework, aimed at enhancing cooperation in various sectors, including semiconductors, critical minerals, artificial intelligence and pharmaceuticals.
Modi and the Japanese PM are likely to agree to aim for mutual exchanges of over 5,00,000 people in the next five years, including as many as 50,000 people from India to Japan, according NHK WORLD - JAPAN.
Japanese manufacturing companies are significantly increasing their investments in India. Honda Motor plans to start a production line at its plant in Karnataka's Vithalapur. Honda is also reportedly planning to increase its production capacity in India.
While Suzuki Motor began operations at its fourth vehicle assembly plant a few months ago, Daikin Industries is expected to start operations at a new air conditioner plant in India by 2030.
As many as 11 outcome documents may be compiled after the meeting between the two prime ministers, including a statement on joint visions, which would offer specific direction for the partnership for the next decade.