India-Japan to expand cooperation in clean energy, critical minerals: FM Sitharaman

Bangkok, October 16 (IANS) Finance Minister Nirmala Sitharaman on Friday met Japan Bank for International Cooperation (JBIC) Governor Kazuhiko Amakawa on the sidelines of the World Bank-IMF Annual Meetings here and discussed expanding cooperation in clean energy, semiconductors and critical minerals.Taking to the social media platform X, the finance ministry said their discussions focused on expanding cooperation in clean energy, energy transition, advanced manufacturing, semiconductors, critical minerals, electric mobility and resilient supply chains, including through the $600 million India-Japan Fund and Japanese participation in the National Investment and Infrastructure Fund (NIIF).Meanwhile, Amakawa highlighted the success of the India-Japan Fund with investments in e-mobility and bioethanol and expressed hope for a follow-on fund, the ministry said.He noted JBIC's stake in the National Industrial Corridor Development Corporation (NICDC) and growing Japanese interest in semiconductors, including opportunities at Dholera, and in AI and data centres.Moreover, FM Sitharaman encouraged Japanese investment in data centres in Tier 2 and Tier 3 cities such as Visakhapatnam, to support balanced urban growth.Both sides noted the potential to deepen India-Japan economic and financial cooperation and learn from each other's experiences.Earlier in the day, FM Sitharaman delivered the keynote address on India's ambitious Urban Development Programmes under the theme of "Working Together to Make Cities Investable - Mobilising Private Capital for Urban and Water Infrastructure", at the sidelines of the World Bank-IMF Annual Meetings.In an interaction with the Atlantic Council, the Finance Minister stated that countries which were in the middle-income group are suddenly dropping into desperate balance-of-payments struggles and need the IMF's help."The response can't come years afterwards. They approach you in desperation for help and for nearly three or four years, no solution is given," she said."These kinds of things are getting corrected now," she added.