ANKARA

Japan and India Friday vowed to boost defense, security, and economic cooperation over the next decade, according to a joint statement released in Tokyo.

This came as Japanese Prime Minister Shigeru Ishiba hosted his Indian counterpart Narendra Modi for the 15th India-Japan annual summit in Tokyo.

The outcomes of the summit include a 10-year strategic prioritization for economic cooperation and a comprehensive framework to evolve “defense and security cooperation to respond to contemporary security challenges,” read the statement released by the Indian External Affairs Ministry.

Tokyo and New Delhi also agreed on the exchange of 500,000 personnel in five years, including 50,000 skilled personnel and potential talents from India to Japan.

The two leaders also expressed grave concern over the humanitarian situation in Gaza.

Reiterating their commitment to peace and stability in the Middle East, they called on all parties "concerned to show restraint, protect civilians, comply with international law, and refrain from taking actions that could further escalate the situation and compromise regional stability.”

They also expressed support for a “just and lasting peace in Ukraine.”

$68B investment pledges amid US tariffs

The joint statement said the two leaders also announced a 10 trillion yen ($68 billion) private investment target by Japan in India over the next decade.

Earlier, addressing the India-Japan Economic Forum in Tokyo, Modi invited Japanese companies to expand their presence in India, emphasizing that the country’s economic growth offered “exciting opportunities.”

“Deepening economic partnership between trusted friends is particularly relevant in the context of the present turbulent global economic scenario,” Modi said after arriving in Tokyo for his two-day visit, which concludes on Saturday.

The meeting between Ishiba and Modi comes at a time when the US has imposed 50% tariffs on Indian imports, while Japan faces 15% levies.

The Trump administration has penalized India for its purchase of Russian oil amid the ongoing war in Ukraine.

Modi last visited Japan in May 2023. The two countries have maintained diplomatic ties since 1952, with their bilateral trade volume reaching $21 billion last year.

In 2014, India and Japan elevated their relationship to a special strategic and global partnership, and both are also members of the Quad, a US-led security coalition.

So far, Japanese companies have invested more than $40 billion in the South Asian nation.

Modi will fly to China on Saturday after concluding his two-day trip for the summit of the Shanghai Cooperation Organization, as well as meet Chinese President Xi Jinping.

Separately, the latest data shared by the Indian government on Friday showed the country’s economy grew by 7.8% between April and June, which is the highest rise seen in five quarters and came before the 50% tariffs were imposed by the US.

The data points to the farm sector as being the main contributor of growth in the first quarter of the ongoing fiscal year, which begins April 1st.