During a recent bilateral summit in New Delhi, Prime Ministers Narendra Modi and Sanae Takaichi solidified economic and energy ties between India and Japan, reaffirming the ¥10 trillion Japanese investment target set last year and aiming to surpass it by encouraging more Japanese companies to operate in India, citing India's robust GDP growth and its ranking as a prime destination for Japanese businesses. Key developments included a joint statement committing to cooperation on strategic petroleum stockpiling and market stabilization, with both nations agreeing to explore joint investments in maritime energy transport and deepen institutional collaboration. Additionally, trade cooperation was enhanced with an agreement to accelerate the review of the India-Japan Comprehensive Economic Partnership Agreement, and Prime Minister Modi announced a new "Japan Business Week" initiative to address ease-of-doing-business concerns, while Japan reiterated support for the Mumbai-Ahmedabad High Speed Rail project.

During a recent bilateral summit in New Delhi, Prime Ministers Narendra Modi and Sanae Takaichi solidified economic and energy ties between India and Japan, reaffirming the ¥10 trillion Japanese investment target set last year and aiming to surpass it by encouraging more Japanese companies to operate in India, citing India's robust GDP growth and its ranking as a prime destination for Japanese businesses. Key developments included a joint statement committing to cooperation on strategic petroleum stockpiling and market stabilization, with both nations agreeing to explore joint investments in maritime energy transport and deepen institutional collaboration. Additionally, trade cooperation was enhanced with an agreement to accelerate the review of the India-Japan Comprehensive Economic Partnership Agreement, and Prime Minister Modi announced a new "Japan Business Week" initiative to address ease-of-doing-business concerns, while Japan reiterated support for the Mumbai-Ahmedabad High Speed Rail project.

During a recent bilateral summit in New Delhi, Prime Ministers Narendra Modi and Sanae Takaichi solidified economic and energy ties between India and Japan, reaffirming the ¥10 trillion Japanese investment target set last year and aiming to surpass it by encouraging more Japanese companies to operate in India, citing India's robust GDP growth and its ranking as a prime destination for Japanese businesses. Key developments included a joint statement committing to cooperation on strategic petroleum stockpiling and market stabilization, with both nations agreeing to explore joint investments in maritime energy transport and deepen institutional collaboration. Additionally, trade cooperation was enhanced with an agreement to accelerate the review of the India-Japan Comprehensive Economic Partnership Agreement, and Prime Minister Modi announced a new "Japan Business Week" initiative to address ease-of-doing-business concerns, while Japan reiterated support for the Mumbai-Ahmedabad High Speed Rail project.

Prime Minister Narendra Modi and his Japanese counterpart Sanae Takaichi used their bilateral summit in New Delhi this week to deepen economic and energy ties, with both leaders reaffirming a target of ¥10 trillion in Japanese investment into India set at last year's summit.

Speaking at the India-Japan Business Forum, Modi urged industry leaders to ensure this investment target is not merely met but surpassed over the next decade, while also calling for a doubling of the number of Japanese companies operating in India.

He highlighted India's 7.7 per cent GDP growth in the last financial year and noted that a Japan Bank for International Cooperation survey has ranked India as the most promising destination for Japanese businesses for the fourth consecutive year.

On energy security, the petroleum ministries of both countries signed a joint statement committing to cooperation on strategic petroleum stockpiling, coordination with oil-producing nations, and joint efforts towards market stabilisation amid ongoing volatility linked to the Strait of Hormuz.

The two sides also agreed to explore joint investments in maritime energy transport and to deepen institutional collaboration between bodies such as India's Strategic Petroleum Reserves Limited and Japan's JOGMEC and JBIC.

Separately, Japan reaffirmed its support for India's membership of the International Energy Agency.

Trade cooperation also advanced, with both leaders marking over fifteen years since the India-Japan Comprehensive Economic Partnership Agreement and agreeing to accelerate its review to make it more forward-looking.

Modi announced a new "Japan Business Week" initiative through which senior officials from the Prime Minister's Office will engage directly with Japanese companies to address ease-of-doing-business concerns.

The two countries also reaffirmed commitment to the Mumbai-Ahmedabad High Speed Rail project, with Japan expressing support for India's target of commencing operations on priority sections by 2027.

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