Japanese Prime Minister Fumio Kishida on Saturday announced a 5 trillion yen ($42 billion) investment in India over the next five years during a meeting with Prime Minister Narendra Modi in New Delhi.

The two leaders were meeting to strengthen security amid the Ukraine crisis and improve economic ties between the two nations. Japan in recent years has supported India’s urban infrastructure development and the high-speed railway based on its bullet train technology.

In 2014, then-Japanese Prime Minister Shinzo Abe had announced 3.5 trillion yen in investment and financing over five years during a visit to India.

In a televised press statement, Mr Kishida said that the investment plan would bring huge benefits for several industries, from the development of urban infrastructure to green energy.

Mr Kishida also added that the two sides reaffirmed Japan’s and India’s commitment to strengthen security ties across the Indo-Pacific region and held discussions over the ongoing crisis in Ukraine.

The Japanese investments in India touched $32 billion between 2000 and 2019, mainly in the automobile, electrical equipment, telecommunications, chemical, insurance and pharmaceutical sectors. Japan has also been supporting infrastructure development in India.

Bilateral trade between India and Japan for 2019-20 crossed $11.87 billion, according to the government data. India’s exports from Japan amounted to $3.94 billion, while India’s imports from Japan stood at $7.93 billion.