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Japan, India agree on new currency swap line

12-29-2011 07:44 BJT

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Japanese Prime Minister Yoshihiko Noda. Japan and India have agreed to a 15 billion US dollar currency swap line.

Japan has also announced a 4.5 billion dollar investment in helping India create a manufacturing and freight corridor, as well as 1.7 billion in loans for rapid transit projects.

 

India PM Manmohan Singh (R) shakes hands with his Japanese counterpart Yoshihiko Noda
following a joint statement in New Delhi.

India and Japan have agreed to a 15 billion US dollar currency swap line, in a positive move for the troubled Indian rupee, Asia’s worst performing currency this year. The agreement is an extra weapon for India, which has 300 billion US dollar in reserves to use in propping up the rupee.

Addressing a seminar hosted by the Indian Council of World Affairs in New Delhi on Wednesday, Noda placed emphasis on boosting financial cooperation between Asia’s second and third largest economies.

Noda said: "Now is the time for Japan and India to jointly develop concrete strategies by taking advantage of our country’s mutual complementaries, as well as making use of such at the ministerial level economic dialogue. The most important part of strengthening our bilateral relations is multi-layered and face-to-face exchanges at the grass-roots level."

Earlier, in his welcome speech, India’s Foreign Minister Somanahalli Mallaiah Krishna lauded Japan for extending know-how and aid in development of several key projects. He said the cooperative endeavours will change India’s economic and social landscape. In particular, he spoke about the metro railway systems that have been built with Japanese assistance.

Krishna said: "The western dedicated freight corridor, the Delhi-Mumbai industrial corridor project and the Delhi and Bangalore metros are outstanding projects which touch the lives of many people and bring home the fruits of a responsive foreign policy."

During his visit to India, the Japanese Prime Minister also hinted at a revival of civil nuclear energy talks with India.

Regarding the strategic partnership over security, Noda said that the Japanese armada would take part in a joint naval exercise with the Indian Navy.

Japanese Prime Minister Yoshihiko Noda (L) talks as Indian counterpart Manmohan Singh
looks on as they issue a joint statement in New Delhi.

 

Editor:Zhang Rui |Source: CNTV.CN

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