India and Japan to Bolster Economic Ties and Strategic Cooperation, Says EAM Jaishankar

External Affairs Minister S Jaishankar underscores the strategic convergence and potential for growing business between India and Japan. Jaishankar highlights the need for stronger efforts and deeper cooperation to achieve investment targets and bridge gaps in human resources and education ties.

External Affairs Minister S. Jaishankar has emphasized a strategic alignment between India and Japan, noting ample opportunities for business growth and investment. Speaking at the Jasjit Singh Memorial Lecture in New Delhi on Friday, he highlighted the necessity for intensified collaboration to reach ambitious investment targets by 2027. "We have a target of 5 trillion yen (USD 42 billion) by 2027 and we have reached halfway," said Jaishankar. "But given today's changing geoeconomics, we have to work harder with Japan."

Jaishankar also remarked on his recent visit to Japan, recounting productive meetings with Japanese leaders and a delegation led by the Speaker of the Japanese parliament. He noted that while there is a strong political understanding between the two nations, business interactions still need more momentum. "The strategic people in Japan appreciate that they have to work with India," he said, stressing the convergence of interests.

Highlighting a significant gap in the presence of Indians in Japan, Jaishankar pointed out that among South Asians, India has the lowest number of nationals in Japan. "There are more Nepalis, Sri Lankans, Bangladeshis, and Pakistanis in Japan than Indians," he noted. "We need to address these gaps, especially in the education sector, where there are only 1,500 Indian students in Japan out of 1.3 million Indian students worldwide."

Jaishankar also mentioned the progress in bilateral cooperation, particularly the high-speed rail project. He and his Japanese counterpart, Yoko Kamikawa, agreed on expanding recruitment under the Japan Exchange and Teaching Program and discussed Security Council reforms in anticipation of the Future Summit in September 2024.

(With inputs from agencies.)