Japan PM Sanae Takaichi, Modi agree to deepen economic security ties; firms sign JPY 2 trillion in projects

According to Lianhe Zaobao, Japanese Prime Minister Sanae Takaichi visited New Delhi and agreed with Indian Prime Minister Narendra Modi to jointly advance cooperation in economic security, including semiconductors and critical minerals. The two leaders met on July 2 and also agreed to expand security cooperation through joint military exercises and equipment, and announced they will hold a Japan-India “2+2” meeting of foreign and defense ministers by year-end. Takaichi led a delegation of about 150 Japanese companies, and the two sides witnessed the exchange of roughly 120 cooperation documents with a total project value of about JPY 2 trillion (about SGD 16 billion). Lianhe Zaobao reported that Japan and India issued a joint statement emphasizing cooperation on economic and energy security, including maritime security. Nikkei reported that Japan Bank for International Cooperation (JBIC) and Sumitomo Mitsui Banking Corp. and other institutions will provide up to JPY 80 billion in loans for construction of India’s power grid, described as the first project under Japan-led “Power Asia.” The joint statement also outlined launching a strategic R&D partnership in artificial intelligence and confirmed a plan to invite 500 highly skilled Indian talent to Japan for joint research by 2030.