India and Japan are underway to deepen their economic ties with an investment goal of Yen 5 trillion (around $42 billion) by 2027, External Affairs Minister S. Jaishankar announced recently during a press briefing in Tokyo, where he talked about the growing economic partnership between the two nations over the past decade.

Economic Developments in India

Talking about the increasing number of educational institutions, Jaishankar informed that it has led to 1,600 global capability centres generating over $100 billion in exports annually. He also discussed the infrastructural advancement in India, including the construction of eight new airports annually, 1.5 to 2 new metro lines in various cities, 28 kilometres of highways each day, and 8 kilometres of railway tracks daily.

Bilateral Relations and Business Growth

Reviewing his experience with India-Japan relations, Jaishankar said, “There are 1,400 Japanese businesses operating in India. We would like to see that number grow. And we have an investment target of 5 trillion yen, that is $42 billion by 2027.” Focus areas in the future include semiconductors, electric vehicles, high-speed rail, and green energy, he added.

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Quad Foreign Ministers’ Meeting

Jaishankar, along with Japan’s Foreign Minister Yoko Kamikawa, Australia’s Penny Wong, and US Secretary of State Antony Blinken, participated in the Quad Foreign Ministers’ meeting. They reiterated their commitment to regional cooperation. Jaishankar announced that India will host the next Quad Leaders’ Summit in November and the US will host the Quad Foreign Ministers’ meeting in 2025.

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