Prime Minister Narendra Modi at the launch of the Indo-Pacific Economic Framework for Prosperity (IPEF) in Tokyo, Japan on May 23, 2022. (Photo/PIB)
New Delhi: Prime Minister Narendra Modi reached Tokyo on May 23, 2022 morning on his two-day Japan visit at the invitation of Japanese Prime Minister Fumio Kishida.
The Prime Minister participated in various events on day one of his Japan visit.
Launch of Indo-Pacific Economic Framework for Prosperity
Prime Minister Narendra Modi participated in an event in Tokyo to launch the Indo-Pacific Economic Framework for Prosperity (IPEF).
The event saw the presence of US President Joe Biden, Japanese Prime Minister Kishida Fumio, as well as the virtual presence of leaders of other partner countries viz. Australia, Brunei, Indonesia, Republic of Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam.
With today’s launch, partner countries will begin discussions focusing on strengthening economic cooperation and achieving shared goals.
A Joint Statement was issued on the occasion, which highlights the key elements envisaged within the IPEF.
Prime Minister said that announcement of IPEF is a declaration of a collective desire to make the Indo-Pacific region an engine of global economic growth. India has historically been at the centre of trade flows in the Indo-Pacific region, having the world’s oldest commercial port in Lohtal, Gujarat. Prime Minister called for finding common and creative solutions to tackle economic challenges of the Indo-Pacific region.
He expressed India’s commitment towards working with all Indo-Pacific countries for an IPEF which is both inclusive and flexible. He underlined that the foundation of resilient supply chains must be 3T’s – Trust, Transparency and Timeliness.
India is committed to a free, open, and inclusive Indo-Pacific region and believes that deepening economic engagement among partners is crucial for continued growth, peace, and prosperity. India is keen to collaborate with partner countries under the IPEF and work towards advancing regional economic connectivity, integration, and boosting trade and investment within the region.
Prime Minister Narendra Modi chaired a roundtable with Japanese business leaders in Tokyo.
Top executives and CEOs of 34 Japanese companies participated in the event. The majority of these companies have investments and operations in India. The companies represented diverse sectors including automobiles, electronics, semiconductors, steel, technology, trading and banking & finance. Key business bodies and organizations from India and Japan such as Keidanren, Japan External Trade Organization (JETRO), Japan International Cooperation Agency (JICA), Japan Bank for International Cooperation (JBIC), Japan-India Business Consultative Committee(JIBCC) and Invest India also participated in the event.
Stressing that India and Japan are natural partners, Prime Minister Modi lauded the business community as brand ambassadors of the immense potential of India-Japan ties. Prime Minister said that during the visit of Prime Minister Kishida to India in March 2022, both countries had set an ambitious target of investment of Japanese Yen 5 trillion over the next 5 years. Prime Minister highlighted recent developments in economic ties, such as India-Japan Industrial Competitiveness Partnership (IJICP) and Clean Energy Partnership, among others. He talked about initiatives such National Infrastructure Pipeline (NIP), Production Linked Incentive (PLI) scheme, and semiconductor policy and highlighted the robust startup ecosystem of India.
Prime Minister noted that despite the slowdown in global FDI, India has attracted a record FDI of USD 84 billion in the previous financial year. He termed this a vote of confidence of India’s economic potential. He invited greater participation by Japanese companies in India and proposed celebrating Japan’s contribution to India’s development journey in the form of a ‘Japan Week’.
Interaction with Indian Community
Prime Minister Narendra Modi addressed and interacted with over 700 members of the Indian diaspora in Japan on 23 May 2022.
Before the event, Prime Minister met with Japanese indologists, sportspersons, and cultural artists who are contributing to promoting cultural and people-to-people exchanges between India and Japan. Prime Minister also met Pravasi Bharatiya Samman Awardees in Japan. Indian diaspora in Japan is over 40,000.
Prime Minister Modi appreciated the Indian Community members for their skills, talent, and entrepreneurship and their connect with the motherland.
Invoking Swami Vivekananda and Rabindra Nath Tagore, Prime Minister underlined the deep cultural ties that exist between India and Japan.
He also highlighted the various socio-economic developments and reform initiatives in India in recent years, particularly in the domains of infrastructure, governance, green growth, digital revolution. He invited the Indian Community to join and take forward the campaign of ‘Bharat Chalo, Bharat se Judo’.
Pens an op-ed
Prime Minister Narendra Modi penned an op-ed in a local Japanese paper.
The Prime Minister tweeted: “Penned an op-ed on the vibrant relations between India and Japan. Ours is a partnership for peace, stability and prosperity. I trace the journey of our special friendship which completes 70 glorious years. @Yomiuri_Online”
“Closer India-Japan cooperation is vital in the post-COVID world. Our nations are firmly committed to democratic values. Together, we are key pillars of a stable and secure Indo-Pacific region. I am equally glad that we are working closely in various multilateral forums as well.”
“I have had the opportunity of regularly interacting with the Japanese people since my days as Gujarat CM. Japan’s developmental strides have always been admirable. Japan is partnering India in key sectors including infrastructure, technology, innovation, start-ups and more.”
Meeting with Japanese Business leaders
Prime Minister Narendra Modi also held meeting with Softbank Corporation Founder Masayoshi Son, NEC Corporation Chairman Dr. Nobuhiro Endo, Fast Retailing Co. Ltd. Chairman Tadashi Yanai, and Suzuki Motor Corporation Senior Advisor Osamu Suzuki. (PW News)