Japan, U.S. Unveil Investment Projects Worth 400 B. Dollars

Tokyo, Oct. 28 (Jiji Press)–The Japanese and U.S. governments on Tuesday announced investment projects worth up to 400 billion dollars involving Japanese and U.S. companies, including the construction of advanced nuclear power plants. The projects could fall under a framework outlined in a document signed by Japanese Prime Minister Sanae Takaichi and U.S. President Donald Trump on Tuesday, which confirmed that Japanese investments in the United States agreed upon in the two countries’ tariff deal will be implemented. Multiple Japanese companies, including Mitsubishi Heavy Industries Ltd. and SoftBank Group Corp., have expressed interest in a total of 21 projects, including the construction of next-generation nuclear power plants and large-scale power infrastructure. “We’re going to do tremendous trade together,” U.S. President Donald Trump said at a meeting in Tokyo with Japanese Prime Minister Sanae Takaichi the same day. Tokyo has pledged to invest some 550 billion dollars in the United States through a government-affiliated financial institution, as part of its tariff agreement with Washington. The specific projects will be decided by a U.S. government panel at a later date. The latest announcement is apparently aimed at demonstrating progress in implementing the tariff deal. After traveling to the U.S. Navy’s Yokosuka base in Kanagawa Prefecture, south of Tokyo, Trump said that Toyota Motor Corp. plans to construct plants across the United States, totaling over 10 billion dollars. Later that night, he told Japanese corporate leaders in Tokyo that the United States will not let them down. According to the two governments’ announcement, Mitsubishi Heavy and Toshiba Corp. are considering possible involvement in a project led by U.S. firm Westinghouse to build next-generation nuclear plants, which is worth up to 100 billion dollars. SoftBank Group is considering investing 25 billion dollars in the design and operation of large-scale power infrastructure. In the field of artificial intelligence, Panasonic Holdings Corp. intends to spend up to 15 billion dollars to supply energy storage systems, including batteries as well as electronic devices and components. Regarding critical minerals, a Japanese company is mulling participation in a project to build a copper production and smelting facility in the western United States. The 21 projects span four areas–energy, development of power sources for AI, strengthening AI infrastructure and critical minerals. All four areas are considered key for economic security. Japan and the United States plan to strengthen their cooperation in these fields to better compete with China. END [Copyright The Jiji Press, Ltd.]