Japan to pay firms to produce goods locally or in Southeast Asia, in shift from China
- Dozens of companies will get US$536 million in subsidies to invest in production in Japan
- Another 30 firms will receive money for investments in Vietnam, Myanmar, Thailand and other Southeast Asian nations, according to a separate announcement
As US-China relations deteriorate and the trade war worsens, there has been growing discussions in the US and elsewhere about how to “decouple” economies and firms from China.
China is Japan’s biggest trading partner under normal circumstances and Japanese companies have massive investments there.
The coronavirus pandemic has damaged those economic ties as well as China’s image in Japan.
57 firms will receive a total of 57.4 billion yen (US$536 million) in subsidies from the government to invest in production in Japan.
Another 30 firms will receive money for investments in Vietnam, Myanmar, Thailand and other Southeast Asian nations.
Article submitted by, shelotmlee.
