Japan to import Maruti cars made in India

NEW DELHI: India-Japan ties scaled new summits on Saturday, as PM Narendra Modi put it, with a $12 billion agreement for a bullet train and with Japan creating another $12 billion fund for Japanese companies to manufacture in India, as envisaged by Modi's ‘Make in India’ initiative.
Japan has also pledged $ 5 billion as part of its Overseas Development Assistance to India.India, in turn, announced visa on arrival for Japanese citizens.
Addressing a joint press meet with Abe, Modi said, “No friend will matter more in realising India's economic dreams than Japan.” He described Abe as “a personal friend and a great champion of India-Japan partnership”.
Earlier in the day, addressing a Business Leaders Forum Meet, Modi also announced for the first time Japan was going to import Maruti cars manufactured in India. “Maruti (Suzuki) will manufacture here... The Japanese company will manufacture here and export it to Japan,” he said, adding that both India and Japan “should move ahead together, not just in the sphere of high-speed trains, but also for “high-speed growth”.
The two sides also inked important agreement in defence on Transfer of Defence Equipment and Technology and another one on Security Measures for Protection of Classified Military Information. Foreign secretary S Jaishankar said Japan was also now going to participate regularly in India-US Malabar naval exercise.
Terming defence pacts as “decisive steps in our security cooperation”, Modi said they will deepen the defence relations and promote defence manufacturing in India.
“This builds on our decision to expand staff talks to all three wings of the Armed Forces and make Japan a partner in Malabar Naval Exercises,” he added.
Referring to inking of a pact on the bullet train project, Modi said, “No less historic is the decision to introduce High Speed Rail on Mumbai-Ahmedabad sector through Shinkansen known for speed, reliability, safety”.
He also noted that Abe's extraordinary package of approximately USD 12 billion and technical assistance on very easy terms for this project was greatly appreciated.
The bullet train network will link India's financial hub Mumbai with Ahmedabad in Modi's home state Gujarat. The train will cut travel time on the 505 km route by 5 hours.
After the talks, Modi also announced that “Recognising our special relationship, India will extend 'visa on arrival' to all Japanese citizens from 1st March 2016”.
Abe said, “We have taken relationship to new level and buds have turned into blossom.”