New Delhi [India], July 2 (ANI): Japanese private companies are set to inject a massive $12.5 billion into the rapidly growing Indian market through approximately 120 cooperation agreements at the 16th Japan-India Annual Summit, coinciding with Prime Minister Sanae Takaichi's first official visit to New Delhi on Thursday.

In a post on X, Japan's Deputy Chief Cabinet Secretary Masanao Ozaki, who arrived in New Delhi along with PM Takaichi, noted that over 150 companies will be participating in the Japan-India Economic Forum, adding that it will strengthen government-to-government relations in areas such as security and economic security.

'#Accompanying Prime Minister Takaichi to India. Today, the #JapanIndiaSummit will take place. On this occasion, over 150 Japanese companies will also participate, and the Japan-India Economic Forum will be held as well. In addition to strengthening government-to-government relations in areas such as security and economic security, I hope this will serve as a trigger for concrete and remarkable development in Japan-India economic relations,' he wrote on X.

He added a report by the Japanese newspaper The Yomiuri Shimbun, which noted that these initiatives, valued at approximately 2 trillion yen on the Japanese side, aim to deepen their footprint in India's expanding market.

Citing details from the draft of the upcoming joint statement, the Japanese newspaper further revealed that the two leaders plan to intensify partnerships regarding maritime and energy security.

According to The Yomiuri Shimbun, government sources noted that the finalised agreements encompass a variety of sectors, including Fujifilm's collaboration on a semiconductor materials plant, a biogas facility initiative by Suzuki, and application development joint ventures between Japanese and Indian artificial intelligence startups.

This 2 trillion yen injection aligns with a broader bilateral commitment established last year targeting 10 trillion yen in private Japanese investments in India over a ten-year period, the report added.

Furthermore, The Yomiuri Shimbun reported that the draft joint statement solidifies last year's accord and calls for 'promoting mutually complementary cooperation between Japan and India,' with an emphasis on pressing issues like economic security. The text also welcomes the evolution of Prime Minister Takaichi's 'Free and Open Indo-Pacific (FOIP)' concept.

In defence matters, the draft conveys appreciation for ongoing maritime security collaboration and recognises Japan's April updates to its operational guidelines regarding the transfer of defence equipment. It additionally outlines schedules to convene a Japan-India Foreign and Defence Ministerial Meeting (2+2) before the end of the year, according to The Yomiuri Shimbun

Addressing recent export curbs on rare earth elements by China, the document explicitly notes deep apprehensions regarding nonmarket policies and economic coercion.

On energy, both nations pledge to bolster supply integrity through joint stockpiling initiatives. Additionally, the draft emphasises support for small and medium-sized enterprises entering the Indian market, backs improvements to India's domestic business environment, and advocates for cooperation on bringing JR East's developing E10 series Shinkansen train to India. Regarding technological collaboration, it underscores that 'promoting innovation, including AI, is extremely important in further expanding the foundation for cooperation.'

Prime Minister Takaichi arrived in New Delhi on Wednesday, marking her inaugural official visit to India since taking office.

Prior to her departure, she highlighted the role of the private sector in expanding bilateral ties, noting that more than 150 representatives from Japan's business community are expected to participate in the India-Japan Economic Forum.

'On the occasion of this visit to India, we plan to hold the Japan-India Economic Forum with the participation of more than 150 individuals from Japan's business community. By uniting government and private sectors, we aim to broaden the scope of Japan-India cooperation and realise a strong economy,' she said.

The Japanese Prime Minister said regional security would also feature prominently during her discussions with Prime Minister Modi, particularly in the context of the Indo-Pacific.

Soon after arriving in the national capital, Takaichi shared details of the priorities for her visit in a post on X, saying she looked forward to advancing strategic cooperation with India in light of the evolving international situation. This is her first visit to the country.

'I have arrived in Delhi, the capital of India. As Prime Minister of Japan, this will be my first visit to India in about three years, and personally, my very first time visiting the country. In discussions with Prime Minister Modi, centering on urgent issues including economic security and energy security, we will aim to deepen the strategic cooperative relationship between Japan and India in light of the current international situation, promote mutually complementary cooperation, and further strengthen the Japan-India 'Special Strategic Global Partnership',' she said in her post.

India and Japan elevated their relationship to a Special Strategic and Global Partnership in 2014 and have steadily expanded cooperation across defence, infrastructure, trade, digital technologies, clean energy, mobility, healthcare and people-to-people exchanges. (ANI)