'Japan to offer India $42 billion in investments during Kishida's visit'

Tokyo: Japanese Prime Minister Fumio Kishida is expected to announce a plan to invest 5 trillion yen ($42 billion) in India over the next five years during his visit to the country on Saturday, according to a media report.

The 5 trillion yen goal exceeds the 3.5 trillion yen in investment and financing over the five years that the then Japanese Prime Minister Shinzo Abe announced during his 2014 visit to India, Japan's Nikkei newspaper reported.

Japan is currently supporting India's urban infrastructure development as well as a high-speed railway based on Japan's shinkansen bullet train technology. Prime Minister Kishida is due to reveal the public-private funding during an economic forum. He is expected to pledge growth in direct investment in terms of value, as well as an increase in Japanese companies expanding into India, the prominent business newspaper said. Kishida is also poised to agree to an approximately 300 billion yen loan during his meeting with Prime Minister Narendra Modi. An energy cooperation document concerning carbon reduction is expected to be signed between the two sides, it said.

During Saturday's public-private forum, Kishida is also expected to express his support to further infrastructure development in India with the goal of drawing Japanese companies to build factories, the paper said.

India represents the first leg of Kishida's three-day tour. He is scheduled to visit Cambodia on Sunday to meet with Prime Minister Hun Sen.