Skip to content
Search

Latest Stories

Japan to invest £32 billion in India in five years

Japan to invest £32 billion in India in five years

JAPANESE prime minister Fumio Kishida has announced an investment target of Rs 3.2 trillion (£31.97 bn) in India over the next five years as the two sides concluded a raft of agreements to expand their special strategic partnership.

Following talks between Indian prime minister Narendra Modi and Kishida at the 14th India-Japan summit, the two sides inked six agreements including one that will facilitate a Rs 204 billion (£2.04 bn) loan by Japan International Cooperation Agency for development projects in India.

In their talks, the two prime ministers deliberated on pressing global issues including the Ukraine crisis, the situation in Afghanistan and Myanmar and developments in the South China Sea as well as the Indo-Pacific, particularly the growing Chinese assertiveness and economic coercion.

A joint statement on Saturday (19) said Modi and Kishida highlighted their commitment to working in tandem towards a peaceful, stable and prosperous world based on a rules-based order that respects the sovereignty and territorial integrity of nations.

The two leaders emphasised the need for all countries to seek peaceful resolution of disputes following international law without resorting to threat or use of force or any attempt to unilaterally change the status quo.

"The prime ministers expressed their serious concern about the ongoing conflict and humanitarian crisis in Ukraine and assessed its broader implications, particularly to the Indo-Pacific region," the joint statement said.

Kishida said the situation in Ukraine figured in the talks and described the Russian attack on that country as a serious development that has shaken the roots of international order.

"We need to approach the matter with a strong resolve," Kishida said

"I told Modi that one-sided efforts to change the status quo by force can't be allowed in any sector. We both agreed on the need for a peaceful solution to all conflicts on the basis of international law," he added.

After the talks, the two sides firmed up a clean energy partnership (CEP) for cooperation in areas such as electric vehicles, storage systems including batteries, electric vehicle charging infrastructure and development of solar energy.

A sustainable development initiative for the North Eastern Region was also firmed up under which Japan will assist in projects in areas of connectivity, healthcare, new and renewable energy, as well as an initiative to strengthen the "bamboo value chain".

The two sides also resolved to continue expanding cooperation in defence and security including in the field of cybersecurity.

(PTI)

More For You

Deliveroo posts first annual profit after 12 years

A Deliveroo rider near Victoria station in London, England. (Photo by Dan Kitwood/Getty Images)

Deliveroo posts first annual profit after 12 years

FOOD DELIVERY app Deliveroo announced on Thursday (13) its first annual profit as orders and revenue rose, while the 12-year old company sees further growth despite exiting Hong Kong.

The milestone follows sizeable full-year losses owing to high investment costs since American Will Shu founded the company in 2013 and made Deliveroo's first delivery in London.

Keep ReadingShow less
JLR-Tata-Getty

JLR had initially planned to manufacture more than 70,000 electric vehicles at the facility. (Photo: Getty Images)

JLR halts plan to build EVs at Tata’s India plant: Report

JAGUAR LAND ROVER (JLR) has put on hold plans to manufacture electric vehicles at Tata Motors’ upcoming £775 million factory in southern India, according to a news report.

The decision was influenced by challenges in balancing price and quality for locally sourced EV components, three of the sources said. They added that slowing demand for electric vehicles was also a factor.

Keep ReadingShow less
Government to abolish payments regulator to boost growth

Keir Starmer (R) and Rachel Reeves host an investment roundtable discussion with members of the BlackRock executive board at 10 Downing Street on November 21, 2024 in London, England. (Photo by Frank Augstein - WPA Pool/Getty Images)

Government to abolish payments regulator to boost growth

PAYMENTS REGULATOR will be abolished and its remit absorbed by another financial regulator, the government said on Tuesday (11), as it aims to cut red tape in favour of growth.

The Payment Systems Regulator (PSR), which oversees systems including MasterCard and bank transfers, tackles problems such as fraud, excessive fees and lack of competition among banks and payment providers.

Keep ReadingShow less
Boohoo

Boohoo’s shares, which have fallen by about 20 per cent this year, dropped 4 per cent on Tuesday. (Photo: Getty Images)

Boohoo rebrands as Debenhams after 21 per cent sales drop

BOOHOO has rebranded itself as Debenhams Group after sales from its young fashion brands, including Boohoo, MAN, and PrettyLittleThing, declined by 21 per cent to £947 million.

The move comes amid strong competition from Shein and a shift towards second-hand clothing among younger shoppers, The Guardian reported.

Keep ReadingShow less