¥35 trillion in foreign investment eyed

Kyodo

A government panel set a goal Friday of doubling direct foreign investment into Japan to ¥35 trillion in 2020 from ¥17.5 trillion in 2011, focusing particularly on the energy and medical sectors, officials said.

The panel expects the investment to increase by ¥1.9 trillion annually on average by promoting preferential treatment, including an exemption from corporate tax, in the government-designated special economic zones in the March 2011 disaster-hit areas.

The government will hold symposiums targeting foreign firms at home and abroad, promoting the benefits of setting up plants as well as research and development hubs in these areas, the officials said.

It also hopes to boost the number of employees at foreign firms to 2 million in 2020 from some 750,000 in 2006.

Hiroshi Ogushi, parliamentary secretary of the Cabinet Office who chaired the panel meeting, said, “We want to revitalize the Japanese economy by attracting long-term and stable direct investment.”