Japan will invest 42 billion U.S. dollars in India over the next five years, Indian Prime Minister Narendra Modi announced here Saturday, accompanied by visiting Japanese Prime Minister Fumio Kishida.

Addressing the media after their meeting, the two noted with appreciation the significant growth in economic cooperation between the two countries.

They expressed satisfaction that the investment target of 3.5 trillion Japanese Yen (29 billion U.S. dollars) announced in 2014 had been achieved, said a joint statement issued after their talks.

The joint statement also said that the two welcomed the launch of the India-Japan Clean Energy Partnership for cooperation towards achieving sustainable economic growth, addressing climate change and ensuring energy security.

They also discussed regional and global issues during their talks.

Three Memorandums of Understanding were signed on areas such as cyber security, sustainable urban development and wastewater management with a new Japanese technique, said India's Foreign Secretary Harsh Shringla.