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14 September 2017
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India & Japan (The Total Investment & Insurance Solutions)
India and Japan launched work on a high-speed train line in the western
Indian state of Gujarat on Thursday during a visit by Japanese Prime Minister
Shinzo Abe. The Total Investment &
Insurance Solutions
The "bullet train" will link
Ahmadabad, the main commercial city in Indian Prime Minister Narendra Modi's
native state, to India's financial capital of Mumbai.
The 500-kilometer (310-mile) project will be
financed by a Japanese credit of $17 billion and is expected to be completed by
2022. The loan carries a nominal interest rate of 0.1 percent to be paid over
the next 50 years.
Abe and Modi also laid the foundation stone
for an institute that will be set up in Gujarat's Vadodara city to train around
4,000 people to run the high-speed train system. The Total Investment & Insurance Solutions
Analysts say building the train line will
give a boost to infrastructure development in India's fast-growing western
industrial region, contribute to economic growth and decongest crowded cities.
"A strong India is in Japan's interest
and a strong Japan is in India's interest," Abe said after he and Modi
pressed a button at the foundation laying ceremony for the train line. The Total Investment & Insurance
Solutions
Talks between Modi and Abe focused on
security at a time when both countries share concerns about a rising China, an
Indian official said.
The two countries made progress on an
Asia-Africa growth initiative to pool Indian and Japanese efforts to strengthen
infrastructure in African countries, Indian Foreign Secretary S. Jaishankar
told reporters.
Following the talks, officials from India and
Japan signed 15 agreements aimed at widening and deepening their partnership,
including an "open skies" policy to promote more flights between the
two countries, an acceleration of Japanese investments in India and a policy of
enhancing connectivity in India's remote northeastern states that border China.
Jaishankar said Japan raised concerns about
North Korea following its recent nuclear test. The Total Investment & Insurance Solutions
"There was a lot of discussion
understandably on North Korea. Japan underlined its concerns in strong terms
and it was an issue where there was a complete meeting of minds,"
Jaishankar said. India will fully observe a U.N. Security Council resolution on
tightening sanctions again North Korea, he said.
The two countries also stressed the
importance of holding accountable all countries that have supported North
Korea's nuclear and missile programs, a reference to China. The Total Investment & Insurance
Solutions
Trade between Japan and India at $15 billion
is only a quarter of India's trade with China. Japan is currently India's third
largest investor.
The countries are almost polar opposites.
India's chaotic cities and its youthful population contrast starkly with
Japan's orderly society, immaculate streets and mature economy. But those
differences complement each other, and Abe and Modi repeatedly emphasized
shared interests and values.The Total
Investment & Insurance Solutions
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