India and Japan, the two Asian countries which enjoy cordial relations with each other, ae on over verge of signing an agreement to promote development of emerging technologies, such as artificial intelligence AI, and joint research, promotion of startups, reported Nikkei.
The development comes ahead of Indian Prime Minister Narendra Modi’s visit to Japan for October 28-29 annual bilateral summit and the announcement of the agreement will be announced on this tour of PM Modi, who’ll meet his Japanese counterpart, Shinzo Abe, in Tokyo, said the report.
With this agreement, both the countries are eager to develop high-tech industries in their effort to catch up to Europe and U.S.
Japan aims to enhance its position by attracting superior technology and talent from India. To recall, earlier in February this year, India and Japan had already signed a pact for robotics and artificial intelligence in the defense segment.
While India is known for its expertise in software, Japan has strengths in hardware such as cars and electric appliances and the upcoming agreement pact will complement both of them’s strength and enhancing both countries’ profiles and shares in the global market for the internet of things (IoT).
As per the agreement, which is yet to be signedm Japan will invite Indian businesses with competitive technologies and ideas to Japan, and help them collaborate with large Japanese companies.
Research and development in digital technology will be a focus of the partnership. The National Institute of Advanced Industrial Science and Technology, Japan’s largest state-sponsored research institute, and the Indian Institute of Technology, Hyderabad, are planning joint studies, initially in image recognition. The research may later expand into 5G mobile communications and robotics.
To promote startups, and their expansion in each other’s markets, Japanese External Trade Organisation (Jetro) in association with Indian IT trade body NASSCOM and Indian Institute of Management, Bengaluru (IIM-B) had already opened Indo-Japan Startup Hub in Bengaluru, in May this Year.
Later in September, Japan and India opened an office in Bangalore. The office will serve as a center for India’s government to offer support to Japanese companies looking to expand in India, and to find local partners and talent.
According to a 2017 report by CBInsights, Japan is among top-4 countries which have had encouraged confidence in the Indian tech Startup Ecosystem and have been some of the most active foreign participants in India’s startup deals over the past five years.
Earlier this month, Japan’s electro-mechanical Giant Shinryo Corp had acquired Noida headquartered Suvidha Engineers India Private Limited (Suvidha).
The upcoming tour of PM Modi will be his third visit to Japan, after the ones in 2014 and 2016, and the two leaders have met on several occasions on the sidelines of various international summits. Abe travelled to India in 2015 and 2017 for the annual summits.
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