"On the strength of our strong bilateral partnership, we stand today as two major powers ready to play a commensurate global role," Singh said a day after inking a landmark security cooperation agreement with his Japanese counterpart Taro Aso here.

"India believes that a strong and dynamic Japan is a powerful factor of peace and stability in Asia and the world at large," Singh said at a welcome lunch reception held in his honour by the Japan-India Association and Japan-India Parliamentary Friendship League.

"We look to the wise counsel and leadership of Japan" to meet the challenges facing the globe, he said, adding that New Delhi wished to draw upon Tokyo's vast developmental experience and her traditional emphasis on "consensus, harmony and balance in solving formidable problems that now threaten global peace and prosperity".

Significantly, the function was also attended by former Japanese Premier Yoshiro Mori, who was instrumental in transforming the bilateral ties with a landmark visit in 2000, besides ex-premier Yasuo Fukuda.

Describing himself as a "frequent visitor" to Japan, Singh said: "it has been my earnest desire for past several decades, to see this relationship prosper and grow. I am very happy to witness today the transformation of India-Japan relations. It is truly developing into a global and strategic partnership as envisaged when Prime Minister Mori visited India in 2000".

"In the past 60 years, we have broadened and deepened the relationship into a durable and productive partnership," he said at the event, attended by prominent members of the growing Indian community in Japan.

In the next phase of the growing bilateral ties the two sides plan to exploit opportunities offered by globalisation, he said.

"In the next phase of our relationship, we seek to exploit the opportunities offered by globalisation and by the synergies in our economies to expand flows of trade, technology, investment and people-to-people contacts," the Prime Minister said.

Singh also thanked Japan for the developmental assistance it has been offering to India, especially for industrial modernisation. He also touched upon the raging global economic meltdown, referring to it as "multiple challenges" facing the world.

"The world is now facing multiple challenges. The spectre of recession in the global economy, coming as it does in the wake of steep rise in energy and food prices, threatens to disrupt the rhythm of economic development in many developing countries," he said.

Referring to other significant issues on the world scene, the prime minister said while terrorism is a "danger to our peace-loving societies, climate change and environmental degradation also threaten our beautiful planet".

Commending the immense contributions made by the Indian community in Japan, Singh said they have "built bridges of friendship and understanding between our two people. Their achievement have made India proud".

"I am confident that all of us gathered here today will redouble our efforts to strengthen our bilateral relationship, which is very important for our two countries, for Asia and indeed for the world at large," Singh said.