Japan eyes $68B investment goal in India amid US tariff dispute

By Anadolu staff

ANKARA (AA) - Japan is mulling announcing a 10 trillion yen ($68 billion) private investment target in India over the next decade amid an escalating tariff dispute between New Delhi and Washington, local media reports said Thursday.

The announcement is likely to be made when Indian Prime Minister Narendra Modi visits Japan later in the month, the Tokyo-based Kyodo News reported, citing a government source.

It comes when India is locked in a tariff dispute with the US, which has imposed a 50% duty on exports from New Delhi to "deter Russia from pursuing" the Ukraine conflict.

The new target is an update of a five-year 5 trillion yen ($33.8 billion) investment plan rolled out in 2022.

It is intended to further accelerate investment at a time when the two countries are working closely to promote a "free and open Indo-Pacific in the face of an assertive China."

Modi plans to arrive in Japan for a three-day visit on Aug. 29, according to the government sources.

It will be his first visit to Japan since May 2023.

* Writing by Aamir Latif.