Japanese Government to Subsidize Companies Expanding in Global South Including India, Southeast Asia

The Yomiuri Shimbun

19:52 JST, October 29, 2023

Japan plans to subsidize a portion of the costs for companies to expand their business in emerging and developing countries known as the Global South. The government hopes to capture the expected economic growth of the Global South and strengthen the competitiveness of Japanese companies. Emerging and developing countries are strengthening their presence in international politics, and the government aims to strengthen ties with them through assistance.

The government is currently working to allocate ¥140 billion for the project in the fiscal 2023 supplementary budget. Companies that conduct business or research and development in India, Southeast Asia, and Africa are expected to receive subsidies of up to several billion yen to cover half of the project costs.

In addition to projects that are expected to strengthen the semiconductor supply chain and increase exports, a wide range of fields, including healthcare, telecommunications and finance, will be eligible for subsidies.