Indian Prime Minister Narendra Modi (L) shakes hands with visiting Japanese Prime Minister Shinzo Abe in New Delhi, India, on Dec. 12, 2015. India and Japan on Saturday inked four pacts on bullet train, civil nuclear energy, military equipment and defense technology. The agreements were signed after a bilateral summit between Indian Prime Minister Narendra Modi and visiting Japanese Prime Minister Shinzo Abe in the national capital. (Photo: Xinhua)

TOKYO, Oct. 29 (Xinhua) -- Japan and India agreed on Monday to enhance their security and economic exchanges and cooperation.

According to a joint statement issued after a summit meeting between Japanese Prime Minister Shinzo Abe and visiting Indian Prime Minister Narendra Modi, the two sides agreed to upgrade their "two-plus-two" bilateral diplomatic and security talks from the vice ministerial level to the ministerial level.

They also agreed to boost exchanges between their defense departments and industries.

Japan has also agreed to provide low-interest loans worth 316.4 billion yen ($2.83 billion) for seven projects in India.

The two sides also inked a $75 billion currency swap arrangement on Monday.

Earlier in the day, Modi met with Japan's Economy, Trade and Industry Minister Hiroshige Seko and Foreign Minister Taro Kono respectively.

Modi arrived in Japan Saturday for his 12th summit with Abe and left Japan Monday night.