¥97.8 billion eyed for factory aid

JIJI

The government will provide ¥97.8 billion in subsidies to help corporations procure land for building plants in Japan, the Ministry of Economy, Trade and Industry said Tuesday.

In its second round of bidding for such funds, METI accepted 265 projects, including 164 projects by small and midsize firms.

The subsidy program, designed to prevent domestic industries from hollowing out due to the historically high yen, will help create 70,000 jobs, METI claimed.

The ministry adopted 245 projects for a little more than ¥200 billion in subsidies in the first round in February.

Costs for the subsidy program were set aside under the third supplementary budget for fiscal 2011.