Japan To Pay Firms To Move Out Of China, India To Benefit!

Image by Jason Goh from Pixabay

New Delhi: The Japanese Ministry of Economy, Trade and Industry has announced that it would subsidize manufacturers, who move their units from China to ASEAN countries and India and Bangladesh.

The decision was taken after the world’s supply chain was severely affected due to the COVID-19 pandemic that originated in China. Countries like Japan heavily depend on China for manufacturing their goods, particularly for medical and electronic components supply.

Most countries are reportedly now looking at alternatives to reduce their dependence on China.

The Japanese government has allocated more than Rs 1,600 crore as subsidy to encourage companies to disperse their manufacturing sites across the ASEAN region.

Also Read: COVID-19: Japan To Provide Development Assistance Worth Rs 3,500 Crore To India