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(Bloomberg) — Japanese Prime Minister Sanae Takaichi will hold talks with her Indian counterpart Narendra Modi in New Delhi on Thursday during her first official visit to the country, as the two sides seek to deepen strategic and economic ties.
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Takaichi, who arrived in New Delhi on Wednesday for a three-day trip, will receive a ceremonial welcome at Rashtrapati Bhavan before meeting Modi, according to India’s Ministry of External Affairs.
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Discussions are set to focus on economic security, spanning semiconductors, critical minerals and energy — areas that have become increasingly important as the race to dominate artificial intelligence heats up, rare earths become a geopolitical tool.
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Japanese private-sector companies are expected to sign more than 100 agreements with Indian counterparts with a total value of around $12.3 billion, according to a Yomiuri newspaper report. Last August, Japan had pledged to encourage firms to invest in India with a target of reaching 10 trillion yen ($61 billion) over the next 10 years.
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Later on Thursday, Takaichi will also address a business forum as part of efforts to strengthen economic ties between Asia’s second- and third-largest economies.
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Japan and India have expanded cooperation in defense, infrastructure and advanced technologies in recent years, reflecting shared concerns over regional security and a commitment to a free and open Indo-Pacific.
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As Takaichi and Modi meet, the two governments are also considering establishing a local currency settlement mechanism that would allow direct transactions between the yen and rupee, according to a report by the Nikkei newspaper. That would mean transactions wouldn’t have to be made via the dollar, making it cheaper and quicker to conduct cross-border transactions, the report said.
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Such a move would align with the broader direction laid out in a joint vision document issued last year. It was not immediately clear whether any announcement on the mechanism would be made during Takaichi’s visit to Delhi.
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