Quad Summit 2022: India-Japan Bilateral Relations Get Big Boost With
Prime Minister Narendra Modi landed in Tokyo on May 23 to attend the Quad summit (Japan, Australia, USA, and India) hosted by Japan this year.
His visit not just included the Quad meeting but various programmes encouraging the bilateral equation between India and Japan, considering China’s growing regional influence in South Asia. Japan, alongside Quad countries, is a crucial piece in the geopolitics of the Indian subcontinent’s balance of power.
India-Japan Initiative ‘Startup Hub’
The platform connects many Indian and Japanese start-ups to enable joint endeavours and inventions. The ‘Hub’ began with the release of a joint statement approved and signed in May 2018 in Bengaluru between the Ministry of Economy, Trade, and Industry of Japan and the Ministry of Commerce and Industry in India.
This collaboration intends to bring together stakeholders for investments, incubation, entrepreneurs, etc., from both countries. It will help them access the countries’ markets and expand more efficiently.
As part of this initiative, Paytm collaborated with SoftBank of Japan to begin digital payment services in Japan, just like it does in India. Moreover, PM Modi met the Board Director of SoftBank Group Corporation, Masayoshi Son, today during his visit, as reported by The Hindustan Times.
Synergising Economies
‘India-Japan Digital Partnership’, launched in October 2018, detailed areas of cooperation between the countries in terms of digital technologies. Japanese investors, Mizuho Bank, Nippon Life, Suzuki, and Development Bank of Japan have signed the ‘letter of intent for launching funds of $ 150 million, while India will provide $37 million towards growing technology-oriented start-ups given by the Ministry of External Affairs portal.
The whole fund will be utilised in investing in 200+ Indian start-ups in areas such as Artificial Intelligence, Internet, Machine Learning, Finance Technology, Healthcare, Robotics, etc.
Japan tops the world’s robotics destination and has 98% internet penetration compared to India’s 41%. These investments and collaborations will further India’s economy and reinforce India’s relationship with Japan in the coming years.
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