Japan will invest 4.5 billion US Dollars in the Delhi-Mumbai Industrial Corridor (DMIC) project over the next five years.

A joint statement said that this includes appropriate financing from the Japan Bank for International Cooperation (JBIC) as well as Official Development Assistance (ODA) loan.

The joint statement was issued after the delegation level talks between Prime Minister Manmohan Singh and his Japanese Counterpart Yoshihiko Noda in New Delhi last evening.

It said the two Prime Ministers felt that the DMIC Project will redefine the character of infrastructure growth in India through advanced technology and green growth.

India's ambitious 90 billion Dollar DMIC project is aimed at creating industrial infrastructure along the Delhi-Mumbai Rail Freight Corridor, which is under implementation.

The statement said, the two countries decided to enhance the quantum of currency swap arrangement to 15 billion US Dollars and agreed to launch a ministerial business-government policy dialogue. New Delhi and Tokyo agreed to step up collaboration in developing high-speed rail networks in India.

Talking to reporters after delegation level talks, Japanese Prime Minister said, the two sides decided to pursue talks on a new industrial corridor between Chennai and Bangalore, India's emerging economic hub.

Japan also pledged loans worth over 134 billion Yen for two new projects, including the Delhi Mass Rapid Transport System Project Phase III and the West Bengal Forest and Biodiversity Conservation Project. The two leaders resolved to expand cooperation in anti-piracy and maritime security.

Dr. Manmohan Singh said he held talks on a wide spectrum of regional and global issues with the visiting Japanese Prime Minister. They include UN reforms, climate change, non-proliferation and the situation in Afghanistan and North Korea.

Dr. Singh said, talks between the two leaders also gave a push to civil nuclear negotiations that stalled after the March 11 Fukushima disaster.