Japan PM Takaichi Unveils JPY 2 Trillion Pacts, Green Ammonia Project in India

Japan PM announces 129 private sector pacts worth JPY 2 trillion, 400,000-tonne green ammonia project with India

New Delhi, July 2

Addressing the India-Japan Joint Economic Forum in the national capital as part of her three-day official visit to the country, Takaichi described these announcements as a new milestone in bilateral energy security cooperation, while noting that the green ammonia project would become "a symbol of a new chapter in energy security cooperation" between the two countries.

"Japanese and Indian companies will jointly advance a green ammonia production project with an annual capacity of approximately 400,000 tonnes. I sincerely hope that this project will become a symbol of a new chapter in energy security cooperation between our two countries," she said.

Highlighting the expanding economic partnership, the Japanese Prime Minister announced that around 129 private sector cooperation agreements had been concluded, accompanied by investments exceeding JPY 2 trillion.

"Our cooperation is no longer confined to the energy sector alone. The scope of this partnership continues to expand, and the range of stakeholders involved is becoming increasingly diverse, encompassing startups as well as small and medium-sized enterprises. On this occasion, we are pleased to announce approximately 129 private sector cooperation agreements. Together with this, investments exceeding JPY 2 trillion", the Japanese PM said.

Takaichi said energy security remains one of the most important pillars of India-Japan cooperation.

Referring to the recent G7 Summit last month, she said Japan has proposed strengthening global energy security through free and transparent energy trade, enhanced strategic energy stockpiles and closer cooperation between energy-producing and energy-consuming countries.

She said that under Japan's Power Asia initiative, the two countries would expand cooperation in new areas, including enhanced petroleum stockpiling, to strengthen regional energy security.

"Through the Power Asia initiative, we are working to translate this vision into concrete action. Going forward, Japan and India will jointly strengthen regional energy security through new areas of cooperation, including enhanced petroleum stockpiling," she said.

Takaichi also said an increasing number of Japanese companies are using India as a base to expand their presence in Africa.

Under the framework of the Free and Open Indo-Pacific (FOIP), she said Japan and India would extend this model of growth to countries across the Global South, including Africa, Asia and Latin America.

"Today, an increasing number of Japanese companies are using India as a base for expanding their engagement with Africa. Under the framework of the FOIP, we will extend this new model of growth developed by Japan and India to countries across the Global South, including Africa, Asia, and Latin America. By joining forces, Japan and India will pursue the shared vision of growing stronger and more prosperous together. Guided by this principle, our two countries will work together to shape the future of the Indo-Pacific as well as the Global South," the Japanese PM stated.

Japanese PM Takaichi attended the India-Japan Joint Economic Forum along with PM Narendra Modi, where they also visited an exhibition showcasing bilateral economic and technological cooperation.

Takaichi is on a three-day official visit to India from July 1 to 3 at the invitation of Prime Minister Modi.

During the visit, she participated in the 16th India-Japan Annual Summit, where both leaders reviewed the full spectrum of bilateral cooperation and discussed regional and global issues of mutual interest.

India and Japan share a long-standing friendship rooted in centuries of cultural and civilisational exchange, spiritual affinity, and shared values of freedom, democracy and respect for the rule of law.

— ANI