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Japan To Give Big Incentives To Its Manufacturers To Shift Their Production From China To India
Covid-19 has disrupted primarily manufacturing and services sectors.
Japanese companies will get incentives from their nation's government to shift production from China to nations like India and Bangladesh, Livemint has reported.
The Japanese government has allocated an amount of 23.5 billion yen ($221 million) as a subsidy to encourage companies to diversify their supply chains.
As per reports India and Bangladesh have been added to the list of nations to which Japanese companies can shift their operations to avail this incentive.
This programme is precisely aimed at reducing the dependence on Chinese supply chains.
It was earlier reported that as many as 57 companies are set to get a subsidy for moving their factories from China to Japan. These include noted companies like privately-held facemask-maker Iris Ohyama Inc and Sharp Corp among several others.
Additional 30 companies will receive funds by the Japanese Government to shift their factories out of China to Southeast Asian nations like Vietnam, Myanmar and Thailand etc.
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