Modi, Ishiba agree to boost economic ties

The leaders of India and Japan agreed to bolster economic ties while also boosting cooperation in defense, energy, and other areas, as the two Asian powers face common challenges such as China’s growing influence and U.S. tariffs.

Following their summit in Tokyo, Indian Prime Minister Narendra Modi and Japanese Prime Minister Shigeru Ishiba agreed on a goal of boosting Japanese private investment in India to about $6.8 billion a year over the coming decade, up from about $2.7 billion a year in the 2010s.

They also agreed to increase exchanges of workers and students to half a million people in the coming five years. The two governments hope India’s young workforce can help address labor shortages caused by Japan’s aging and declining population.

“We believe that Japanese technology and Indian talent are a winning combination,” Modi told a news conference.