Japan will invest 5 trillion yen, or Rs 3.2 lakh crore, in India over the next five years in India, Prime Minister Narendra Modi said on Saturday, reported ANI.

“We are committed to providing a friendly environment to Japanese companies in India,” the prime minister said.

The statement came after Modi and Japanese Prime Minister Fumio Kishida held bilateral talks at the 14th India-Japan Annual Summit, which took place after two years.

In 2014, former Japanese Prime Minister Shinzo Abe had announced 3.5 trillion yen, or Rs 2.22 lakh crore at current exchange rates, in investment and financing over the next five years during a visit to India, reported The Indian Express. This target has been met, according to the newspaper.

“India and Japan understand the importance of a secure, trusted, predictable and stable energy supply,” Modi said on Saturday. “This is essential to achieve sustainable economic growth and to deal with climate change.”

The prime minister also said that there has been progress in the economic partnership between the two countries. “Japan is one of the largest investors in India,” he said.

The two sides have signed six agreements in several areas, including cyber security and loan pacts for projects in connectivity, water supply and sewerage, healthcare, horticulture and biodiversity conservation in different states. They announced a partnership clean energy.

India and Japan will also convene a two-plus-two meeting between their foreign and defence ministers at the earliest, a joint statement said.

Strengthening bilateral ties will encourage peace, prosperity and stability in the Indo-Pacific region and also the world, it said.

On the Ukraine crisis, Kishida said that there is a need for a peaceful solution based on international law

“The whole world has been shaken today due to many disturbances, it’s very important for India and Japan to have a close partnership,” he said. “We expressed our views, talked about the serious invasion of Russia into Ukraine. We need a peaceful solution on the basis of international law.”

Russia began its invasion of Ukraine on February 24. India has abstained from voting on three United Nations resolutions on the subject.