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POLITICS

METI to earmark aid for companies’ overseas expansion under TPP in extra budget

  • 2015-11-30 15:00:00
  • , Nikkei
  • Translation

(Nikkei: November 29, 2015 – p. 3)

 

 In light of the basic TPP agreement, the Ministry of Economy, Trade and Industry (METI) will include allocations to support overseas expansion by small and mid-size companies in the FY2015 supplementary budget. It will earmark 30 billion yen for the development of internationally competitive new products, as well as funding for the dispatch of advisers to such companies.

 

 METI plans to subsidize two-thirds of the small and mid-size companies’ development costs of new products for export to support their overseas expansion. It will request 10.5 billion yen in funding for the dispatch of experienced former corporate employees as dedicated advisers to these companies to help them prevent problems when doing business abroad.

 

 With these measures, METI’s goal is to help 1,000 small and mid-size companies set up operations overseas.

 

 On the other hand, approximately 13 billion yen will be earmarked for helping the leather industry, which will face increased competition from imports with the abolition of tariffs, to enhance competitiveness. (Slightly abridged)

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