Japanese Prime Minister Kishida is expected to pledge support for Indian infrastructure development during his visit on March 19. © Reuters

Japanese Prime Minister Fumio Kishida is set to announce a plan to invest 5 trillion yen ($42 billion) in India over five years when he visits the country on Saturday, Nikkei has learned, according to the asia.nikkei.

Kishida is due to reveal the public-private funding during an economic forum. He is expected to pledge growth in direct investment in terms of value, as well as an increase in Japanese companies expanding into India.

Kishida is also poised to agree to an approximately 300 billion yen loan during his meeting with Indian Prime Minister Narendra Modi. In addition, an energy cooperation document concerning carbon reduction is expected to be signed.

The 5 trillion yen goal tops the 3.5 trillion yen in investment and financing over five years that then-Japanese Prime Minister Shinzo Abe announced during his 2014 visit to India. Tokyo is currently supporting India's urban infrastructure development as well as a high-speed railway based on Japan's shinkansen bullet train technology.

During Saturday's public-private forum, Kishida is also expected to express his support to further infrastructure development in India with the goal of drawing Japanese companies to build factories within the border.

India represents the first leg of Kishida's three-day tour. He is scheduled to arrive in Cambodia on Sunday to meet with Prime Minister Hun Sen.

Japan and India are party to the Quadrilateral Security Dialogue, a security framework known as the Quad that includes the U.S. and Australia. Cambodia serves as this year's chair of the Association of Southeast Asian Nations.

Kishida plans to confirm the strengthening of security arrangements with Russia's invasion of Ukraine in mind.

In 2020, Japan and India signed an acquisition and cross-servicing agreement, which allows for reciprocal provisions of food, fuel and other supplies between the Indian army and Japan's Self-Defense Forces. Kishida and Modi are to reaffirm that they will push that deal forward.

Kishida and Modi are expected to agree to convene a two-plus-two meeting between the two countries diplomatic and defense chiefs at an early date.

In Cambodia, Kishida is due to announce economic cooperation from Japan with the purpose of strengthening relations with ASEAN.

This will be Kishida's first overseas trip as prime minister since he traveled to Great Britain in November.