India, Japan economic cooperation not at the cost of any third country

Tokyo, Oct 22 (ANI): Prime Minister Dr. Manmohan Singh and his Japanese counterpart Taro Aso at Tokyo said that the deepening of strategic and economic ties between India and Japan is not at the cost of any third country and not at least against China.

"Economic cooperation and security cooperation between India and Japan are not at the cost of any third country least of all China," said a joint statement issued at the end of the summit talks between Dr. Singh and Aso at Tokyo on Wednesday. Dr. Singh said that China is not a competitor to India.

Both leaders signed a joint declaration on security, however no headway was made on the CEPA (comprehensive economic partnership agreement) and Enhancement Partnership Agreement that is still under negotiation.

The Japanese premier said: "In the last five years Japan's investment to India has increased ten fold compared to 10 years ago in terms of Japanese companies or investment coming to India."

Japan has committed ODA loan of 100 billion Yen for the first phase of the dedicated freight corridor.

Manmohan Singh said: "Our joint collaboration on the dedicated freight corridor project will shortly begin and this will transform the scale and magnitude of our economic partnership."

Japan has also agreed to develop IIT Hyderabad and Indian Institute of Information Technology in Jabalpur. By Naveen Kapoor (ANI)