Japanese Prime Minister Fumio Kishida is set to announce a plan to invest 5 trillion yen, or $42 billion, in India over the next five years during his first visit to the country, reports Nikkei Asia.
Kishida will be on an official visit to New Delhi from 19-20 March for the 14th India-Japan Annual Summit.
The Japanese PM is likely to reveal the public-private funding during the summit.
During his two-day visit to India, Kishida is also expected to approve an approximately 300 billion yen loan during his meeting with Prime Minister Narendra Modi, Nikkei reported.
Further, an energy cooperation document concerning carbon reduction is expected to be signed.
Kishida’s 5 trillion yen plan surpasses the 3.5 trillion yen in investment and financing over five years that the then-Japanese Prime Minister Shinzo Abe announced during his 2014 visit to India.
According to the Ministry of External Affairs, the summit would be the first meeting of the two leaders.
The previous India-Japan Annual Summit took place in Tokyo in October 2018.
The ministry said that the Summit would provide an opportunity for both sides to review and strengthen the bilateral cooperation in diverse areas as well as exchange views on regional and global issues of mutual interest so as to advance their partnership for peace, stability and prosperity in the Indo-Pacific region and beyond.