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

Addressing the media after their meeting, the two noted 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) announced in 2014 has been achieved, according to a joint statement released 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.

The leaders expressed their seriousness about the conflict in Ukraine and the humanitarian crisis there. Modi noted that geopolitical incidents were "presenting new challenges."

(With input from agencies)