India and Japan has decided to enhance bilateral cooperation on clean and sustainable development and strengthen their economic ties with an investment target of 5 trillion Yen in the coming five years.
“Economic ties between India and Japan are getting more robust. Japan is among the top investors in India. Based on the trend of the last few years, we are aiming to reach an investment target of 5 trillion Yen in the coming 5 years. This will bring great economic opportunities,” Prime Minister Narendra Modi said after the meeting with his Japanese counterpart Kishida Fumio.
The Japanese prime minister met Modi for the 14th India-Japan Annual Summit, in New Delhi on Saturday. In a series of tweets, PM Modi said the meeting with PM Kishida was extensive and progressive. He said various regional and global issues, including clean energy, climate change and sustainable development, were discussed during the meeting.
“The talks with PM @kishida230 were extensive and productive. He has always been a great friend of India’s. We took stock of the progress in our bilateral relations over the last few years. We also discussed various regional and global issues.
“Some of the other subjects that were discussed during the talks with PM. @kishida230 included climate change, clean energy, infrastructure development and cultural cooperation. We also met business leaders earlier in the day.
The two countries agreed to enhance bilateral cooperation in the area of clean and sustainable development. They agreed to expand the 2007 cooperation under the Japan-India Energy Dialogue to include Electric Vehicles (EV), storage systems including batteries, electric vehicle charging infrastructure (EVCI), development of solar energy including solar PV cells, wind energy and clean coal technologies.
There is no single pathway to achieve a low-carbon economy, but rather there are different paths for each country, according to a joint statement issued. It stated that both India and Japan are targeting net zero-carbon emission by the year 2070 and 2050 respectively.
"India and Japan acknowledge the need to explore a variety of options to ensure a secure and stable supply of energy for achieving both goals of sustainable economic growth and addressing climate change. They share the view that there is no single pathway to achieve a low-carbon economy, but rather there are different paths for each country… Both countries are tapping into low-carbon sunrise sectors and exploiting new technologies and business models to reduce carbon emissions," the joint statement said.
"Under this Partnership, both sides agree that cooperation may also be pursued in other areas including through collaboration between leading research institutions and private sector of both countries for practical steps in accordance with their respective energy transition plans," the statement added.
