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Japan To Pay Over $500 Million For Companies To Leave China; Over 50 Firms Line Up For The Move
Japan’s Prime Minister Shinzo Abe (Representative Image) (TORU YAMANAKA/AFP/Getty Images)
In a major success for the Japanese Government's policy push to incentivise its companies to move their factories out of China and back home or Southeast Asia, many companies have already lined up under the programme, reports Livemint.
As of now, as many as 57 companies are set to be incentivised with a total of $536 million (57.4 billion Yen) as 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.
Meanwhile, in addition to these, 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.
Together, the Japanese Government is going to pay these companies about 70 billion Yen in this round.
Meanwhile, it should be noted that the Japanese Government led by Prime Minister Shinzo Abe has earmarked 243.5 billion Yen for the programme which is precisely aimed at reducing the dependence on Chinese supply chains.
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