Japan on Monday announced doubling of its private and public investment in India to about 35 billion dollar over the next five years. The two countries decided to elevate their ties to a Special Strategic Global Partnership. Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe during their summit level talks also reaffirmed the importance of bilateral defence relations in their strategic partnership and agreed on greater defence equipment and technology cooperation. Both the countries decided to set a target of doubling Japan’s FDI and the number of Japanese companies in India in next five year under Japan- India Investment Promotion Partnership . Mr. Modi also said that Japan has decided to remove ban on several Indian companies.
The summit meeting took place on the third day of Mr. Modi's five-day visit to Japan when the two countries also decided to expedite talks on sale of US-2 amphibian aircraft to India for enhancing maritime security.