India, Japan sign pact for bullet train

Japan’s Prime Minister Shinzo Abe (left) and his Indian counterpart Narendra Modi shake hands while exchanging documents during a signing of agreement at Hyderabad House in New Delhi, India today. “I have been told that United States dollars 11-12 billion fund has been earmarked for it. This clearly indicates how both the countries can move forward”, he said.

“India and Japan will work to strengthen regional economic and security forums and coordinate their actions to tackle global challenges including the reform of the United Nations, climate change as well as terrorism”, it said.

“Prime Minister Modi’s economic policies are like Shinkansen – high speed, safe and reliable while carrying many people along”, Abe said in a reference to the Japanese bullet train.

Capping years of negotiations, India and Japan today sealed a broad agreement for cooperation in civil nuclear energy with the final deal to be signed after certain technical and legal issues are thrashed out.

Recalling Japan conrtibution in many key economic turning points in India like Maruti auto and the DFC (Dedicated Freight Corridor), Modi said for the first time Japan will import cars from India.

Japan is a major player in the nuclear energy market and an atomic deal with it will also make it easier for US-based nuclear plant makers Westinghouse Electric Corporation and GE Energy Inc to set up atomic plants in India as both these conglomerates have Japanese investments.

The two countries also agreed to explore future projects on defence technology transfer, including on Japanese-made US-2 amphibian aircraft.

“It is clear that India is a land of possibilities”, he added.

The Indian side, co-chaired by Bharat Forge Chairman and Managing Director Baba Kalyani, also pitched for fostering linkages between large Japanese companies and SMEs in India and enhanced collaborations in the human resource space to promote the development of soft infrastructure. He said the contours of this investment are beginning to get visible on the ground.

Welcoming Abe, Modi described him as a “phenomenal leader” and said his trip will further deepen the bilateral relations.

The two huge world leaders were given a red carpet welcome in PM Modi’s parliamentary constituency. Almost 7,000 security personnel have been pressed into service for the high-profile visit lasting about four hours.

The Prime Ministers are expected to board their return flight to New Delhi at around 8 PM.