The leaders of Japan and India are expected to agree to create a new economic security framework during their summit slated for next week.
Indian Prime Minister Narendra Modi is scheduled to visit Japan for three days from August 29 and meet Japanese Prime Minister Ishiba Shigeru in Tokyo.
The planned economic security initiative is aimed at boosting cooperation in areas such as semiconductors, critical minerals, artificial intelligence and pharmaceuticals.
The two leaders plan to revise a joint declaration on security cooperation the two countries signed in 2008. They are considering including concrete steps for defense cooperation in the revised declaration.
In the economic field, officials are working on setting a new target of 10 trillion yen, or roughly 67 billion dollars, for private investment in India from Japan over the next decade to help drive growth in both countries.
They also plan to promote greater people-to-people exchanges by measures including attracting skilled Indian professionals to Japan.
Ishiba and Modi are expected to confirm the introduction of Japan’s latest Shinkansen system for the high-speed rail line under construction in India.
AloJapan.com