The MoU was inked by Indian Prime Minister Narendra Modi and his Japanese counterpart Shinzo Abe. "No friend will matter more in realising India's economic dreams than Japan. We have made enormous progress in economic cooperation as also in our regional partnership and security cooperation," said PM Modi after signing the deal.

Stating that there was deep value for the strategic partnership between Japan and India, PM Modi said, "Shinzo has been prompt and positive on our economic proposals many of which are now unique to India. Japanese private investments are also rising sharply."

The two countries also inked two deals on security operations to deepen defence relations and for defence manufacturing. Abe said, "We have taken relationship to a new level."

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