Page 12 - The Indian EYE 042922

OPINION APRIL 29, 2022 | The Indian Eye 12

JAPAN IN INDIA’S NORTHEAST:

The Indo-Pacific Connect

Building beyond the history of “Imphal Campaign”, Japan now is an indispensable partner as India advances regional
infrastructure and connectivity corridors, especially in the Northeast strategic frontier over the Bay of Bengal to the Indo-Pacific

TITLI BASU Investment Bank’s 2021 Asian In-
frastructure Finance Report under-
ajor powers often leverage scored that India stands 7.4 per cent
infrastructure financing as below the average global value chain
Ma consequential geo-eco- participation rate for emerging econ-
nomic tool of statecraft. China’s omies. Participation in global value
grand design of Belt and Road Ini- chains will be contingent on improved
tiative prompted high power politics, infrastructure, bolstering institution-
and the competitive space of infra- al quality, capacity, connectivity and
structure financing has seen alter- competitiveness.
native solutions, including Japan’s Japan’s infrastructure export pol-
Expanded Partnership for Quality icy aligns perfectly with Prime Minis-
Infrastructure (EPQI), US-led Blue ter Narendra Modi’s ‘Make in India’
Dot Network, G7’s Build Back Bet- policy as it seeks to be the epicenter
ter World (B3W) Partnership and the of global manufacturing. This ne-
European Union’s Global Gateway. cessitates offering world-class infra-
Making its mark, Japan’s instru- structure and improving investment
mental role in global norm-setting climate. Japanese Official Develop-
vis-à-vis quality infrastructure is ef- ment Assistance (ODA) has been an
fectively demonstrated, be it in the enabler in advancing quality infra-
G7 Ise-Shima Principles or the G20 Prime Minister Narendra Modi and Japanese Prime Minister Fumio Kishida exchange agree- structure and modernizing connectiv-
Principles for Quality Infrastructure ments during the 14th India-Japan Annual Summit, in New Delhi (ANI Photo) ity within India and beyond. India has
Investment endorsed at the Osaka been a beneficiary of Japan’s EPQI
Summit. Openness, transparency, strategies of emerging economies; (c) pan Business Federation (Keidanren) initiative which committed financing
economic efficiency taking into ac- maintaining high-quality rules for en- in its policy proposal “Towards Stra- of about US$ 200 billion in 2016 for a
count life-cycle cost, and debt sustain- vironmental and social standards; (d) tegic Promotion of the Infrastructure period of five years.
ability drive Japan’s quality infrastruc- ensuring quality infrastructure by way Export” simultaneously argued the Japanese ODA not only played
ture strategy as it responds to Beijing’s of economic efficiency, low life-cycle case of leveraging high-quality and an instrumental role in mega-in-
global infrastructure agenda. cost, inclusiveness, resilience, sustain- disaster-resilient features of Japan’s frastructure projects, be it Mum-
Much before the COVID-19 bai–Ahmedabad High-Speed Rail,
pandemic, the Asian Development ability; and (e) contribution to the lo- infrastructure systems while identify- Delhi–Mumbai and Chennai–Benga-
ing Asia, and especially countries like
cal economy.
Bank (ADB) in its 2017 projections In policy conversations, infra- Indonesia, Vietnam, India and Myan- luru Industrial Corridors, Dedicated
indicated that developing Asia re- structure export has remained a mar as the priority regions. Freight Corridor and urban mass rap-
quires to invest US$ 1.7 trillion every central pillar in Japanese economic id transport systems, it is also a force
year in infrastructure until 2030 to growth strategy. The “Infrastructure Mapping Japan in India’s multiplier in India’s strategic periph-
maintain its economic growth and to System Overseas Promotion Strategy Infrastructure Modernization eries. Furthermore, Japan features as
manage poverty alleviation and cli- (2021–2025)” not only advances the The External Affairs Minister, Dr the right fit in India’s regional infra-
mate change. Infrastructure financing strategic objectives of Japan’s Free S. Jaishankar has underscored that structure and connectivity pursuit, be
in emerging economies of South and and Open Indo-Pacific (FOIP) and economic development is propelled it the Indo-Pacific Oceans Initiative
Southeast Asia serves the dual objec- strives to promote Sustainable De- by 3Cs: connectivity, commerce and (IPOI) or Coalition for Disaster-Re-
tives of generating new growth fron- velopment Goals (SDGs) in partner contacts. The latest Economic Sur- silient Infrastructure (CDRI) an-
tiers for Japanese economy by seizing countries, but also pursues the ob- vey estimates suggest that for India nounced at the UN Climate Action
the global infrastructure market on jective of economic growth through to realize the goal of US$ 5 trillion Summit in 2019.
the one hand and buttressing strategic carbon neutrality and digital trans- Gross Domestic Product by 2025, it Japan in India’s Northeast
partnerships to manage the rise of a formation. The aim is to co-create has to spend roughly US$ 1.4 trillion Building beyond the history of
Sino-centric order on the other. development models with partner on infrastructure. To this end, Gati “Imphal Campaign”, today Japan
Quality Infrastructure: countries that share Tokyo’s FOIP vi- Shakti, the National Master Plan for is an indispensable partner as India
Positioning Japan in Global sion. It advocates involvement in op- Multi-modal Connectivity will be advances regional infrastructure and
Norm-setting eration and maintenance (O&M) of a force multiplier as India aims to connectivity corridors, especially in
Japan’s global pitch for quali- infrastructure rather than just one-off streamline implementation of infra- the Northeast strategic frontier over
ty infrastructure is embedded in five sales. structure connectivity. As India mobi- the Bay of Bengal to the Indo-Pacif-
principles which entails: (a) effective Additionally, the concept of lize resources, the goal is to plug into ic. As India connects with Southeast
mobilization of financial resources “quality growth” constitutes the main- the regional value chains and produc- Asia, Northeast is the crucial geostra-
through public–private partnerships; stay of Japan’s 2015 Development tion networks. tegic plank bordering China and Bhu-
(b) alignment with development Cooperation Charter. Meanwhile, Ja- However, Asian Infrastructure Continued at next page... >>

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