New Delhi [India], July 2 (ANI): Japan announced 129 memorandums of understanding (MoUs) with India at the Japan-India Joint Economic Forum on Thursday, as business leaders from both countries highlighted growing investments in advanced technologies, clean energy and semiconductors, reflecting the deepening economic partnership between the two nations.

Addressing the forum in the presence of Prime Minister Narendra Modi and Japanese Prime Minister Sanae Takaichi, Japan External Trade Organization (JETRO) Chairman and CEO Ishiguro Norihiko said, 'Today, we are pleased to announce 129 MoUs between Japan and India.'

He also pointed to growing business confidence among Japanese firms operating in India.

'Japan-India economic relations are now at an unprecedented high level. According to JETRO's survey, more than 80 per cent of the Japanese companies operating in India are planning to expand their local business going forward,' the JETRO chairman said

He said the investment momentum between the two countries has accelerated significantly over the past year.

'Since the Japan-India Summit meeting held in August last year, investment in India has gained strong momentum, reaching approximately 2 trillion Japanese Yen [USD 12.4 billion] in new investment over the past year alone,' Ishiguro said.

Highlighting the changing nature of Japanese investments, he said the focus has expanded beyond traditional sectors.

'The scope of these investments has expanded into advanced fields, such as semiconductor, AI, quantum technology, while cooperation has also deepened in the area including large-scale investment in clean energy such as green ammonia,' he said.

Addressing the same forum, Tatsuo Yasunaga, Chairman of the Japan-India Business Cooperation Committee and Chair of the Committee on South Asia at Keidanren (Japan Business Federation), said India occupies a critical place in Japan's long-term economic strategy amid an increasingly fragmented global economy.

'It is very important for Japan to strengthen the partnership with the global south. Within that also India stands as a special strategic global partner for Japan and holds an indispensable position,' Yasunaga said.

Referring to Prime Minister Modi's 'Make in India, Make for the World' vision, he said combining Japanese technology with India's growth potential could create opportunities well beyond the two countries.

'By integrating the technological power and quality control management of Japan with the growth potential of India, one can look forward to the economic growth of not only India but Africa and Middle East as well,' Tatsuo Yasunaga said.

Yasunaga said cooperation is already expanding into new-age sectors but called for broader engagement.

'In reality, there are already developments in the direction of cooperation in the new areas of semiconductors,' he said, adding that 'cooperation in the important areas of semiconductors, AI, critical minerals, green energy... are required to be strengthened.'

He also reaffirmed Japanese industry's long-term investment commitment to India.

'We as a business world continue to work in the direction of realization of the goal of an investment of 10 trillion Yen [USD 62 billion] in the next 10 years, as well as exchange of human resources to the tune of 500,000 people,' Yasunaga said.

Addressing the India-Japan Joint Economic Forum, Prime Minister Narendra Modi said that India-Japan relations are truly very special and there are many shining examples of the success of the economic partnership.

PM Modi said, when Japan's expertise and investment combine with India's speed and scale, the entire world benefits.

He said both sides had decided to make the partnership even more dynamic and profound and that India and Japan have reached agreements on several areas, such as economic security, AI, defence and health, that will make the partnership futuristic and limitless. (ANI)

The Japan-India Joint Economic Forum was attended senior business leaders from both countries, with discussions focused on strengthening economic cooperation, investment and technology partnerships. (ANI)