The friendship between India and Japan has a long history rooted in spiritual affinity and strong cultural and civilizational ties. India’s earliest documented direct contact with Japan was with the Todaiji Temple in Nara, where the consecration or eye-opening of the towering statue of Lord Buddha was performed by an Indian monk, Bodhisena, in 752 AD.
Political Relations
- During Prime Minister Mori’s path-breaking visit to India in 2000, the Japan-India Global Partnership in the 21st century was launched.
- The Joint Statement signed by Prime Ministers Manmohan Singh and Shinzo Abe in 2006 factored in the new challenges, and the relationship was upgraded to a Global and Strategic Partnership with the provision of annual Prime Ministerial Summits.
- A Comprehensive Economic Partnership Agreement (CEPA) between Japan and India was concluded in 2011.
- During the Indian PM’s visit to Japan in 2014, the two sides upgraded the relationship to a ‘Special Strategic and Global Partnership’. Both sides also agreed to establish the ‘India-Japan Investment Promotion Partnership’.
Economic Relations
- Japan’s interest in India is increasing due to a variety of reasons including India’s large and growing market and its resources, especially the human resources.
- Japan has been extending bilateral loan and grant assistance to India since 1958, and is the largest bilateral donor for India.
- The Ahmedabad-Mumbai High Speed Rail, the Western Dedicated Freight Corridor (DFC), the Delhi-Mumbai Industrial Corridor with twelve new industrial townships, the Chennai-Bengaluru Industrial Corridor (CBIC) are all mega projects financed by Japan.
- In FY 2017-2018 India-Japan bilateral trade reached US$ 15.71 billion. Exports from Japan to India during this period were US$ 10.97 billion and imports were US$ 4.74 billion.
- Japanese FDI into India has mainly been in automobile, electrical equipment, telecommunications, chemical and pharmaceutical sectors.
Source:
mea website
