Finance Minister Nirmala Sitharaman on Wednesday invited the Japan Bank for International Cooperation (JBIC) to actively cooperate with the National Investment and Infrastructure Fund (NIIF), EXIM Bank of India and other financial institutions, citing the huge investment opportunities in the country. During the meeting with JBIC Governor Hayashi Nobumitsu here, both exchanged their views on JBIC’s recent activities in India, which contribute to Japan’s five trillion yen investment goal in the next five years.

Noting that India was ranked by JBIC as one of the most attractive #investment destinations in last year’s survey of Japanese manufacturing companies, the Union Finance Minister encouraged JBIC to cooperate with Indian financial institutions such as Exim Bank @IndiaEximBank, NIIF and Lending to Banks to leverage the strength and complementarity of both countries,” the Treasury said in a statement released on X.

Japan has agreed to provide India with 5 trillion yen of public-private investment and loans over the next five years. This goal was set by both countries during Prime Minister Kishida Fumio’s visit to India in March last year. Sitharaman briefed the JBIC governor on various government initiatives, including Prime Minister GatiShakti and other supporting measures to develop the blue economy. She called on JBIC to invest in India in seafood processing, logistics and transportation development, and emerging sectors viz. Artificial intelligence, hydrogen-based energy and semiconductors.

The JBIC Governor recognized the Government of India’s initiatives to facilitate investment through various instruments such as PLI programs and the National Infrastructure Pipeline (NIP). alongside GST reforms. Hayashi Nobumitsu stated that JBIC also looks forward to exploring further opportunities for mutually beneficial engagements between the two countries.