India and Japan deepened their trade and strategic partnership on Thursday, with Prime Minister Narendra Modi and Japanese Prime Minister Sanae Takaichi signing a Memorandum of Cooperation (MoC) during the 16th India-Japan Annual Summit at Hyderabad House in New Delhi, according to the Times of India. The MoC, signed following delegation-level talks, encompasses bilateral and global cooperation initiatives.
Investment and Trade Targets
Modi highlighted that over the past year, 120 new business agreements have been concluded, which will bring over $10 billion in Japanese investment to India. The joint goal, he stated, is to attract 10 trillion Yen in investment from Japan to India and to double the number of Japanese companies operating in India over the next decade. An agreement between the two countries' Financial Services Agencies will further facilitate capital and investment flows.
Technology and AI Cooperation
Technology cooperation emerged as a key focus, with both countries issuing a joint statement on artificial intelligence. Leading Indian AI institutions signed agreements with their Japanese counterparts. Modi said the combination of Japan's precision technology and India's software capabilities would "impart new momentum and strength to global AI development."
Defence and Strategic Partnership
The two nations expanded defence cooperation by signing an agreement for their first joint defence co-development project: the Naval Radio Antenna 'Unicorn'. This initiative marks the first such collaboration between India and Japan. Modi stated: "We will now jointly develop defense technologies that strengthen regional peace, maritime security, and the rules-based order."
Pharmaceuticals and Health Solutions
Agreements were also signed in pharmaceuticals, medical devices, and biotechnology. Modi noted that by combining India's scale with Japan's quality, the two countries will work towards delivering affordable, reliable, and advanced health solutions globally.
The Indian delegation at the summit included External Affairs Minister S. Jaishankar, National Security Advisor Ajit Doval, and Foreign Secretary Vikram Misri. Takaichi, described by Modi as Japan's first female prime minister and a visionary leader, hails from Nara Prefecture, a center of shared Buddhist heritage.
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