Japan Govt to Provide Subsidies to Shipbuilders

Tokyo, Sept. 4 (Jiji Press)–The Japanese government will provide up to 213.1 billion yen in subsidies to three domestic shipbuilders as part of efforts to double the country’s shipbuilding capacity in 10 years, transport minister Yasushi Kaneko said Friday. The subsidies to the three companies–Imabari Shipbuilding Co., its Japan Marine United Corp. unit and Namura Shipbuilding Co.–mark the first round of government support aimed at reviving the Japanese shipbuilding industry. The three shipbuilders are expected to receive some 600 billion yen in funding from the public and private sectors over the next 10 years to boost their capacity by about 50 pct. “Our efforts to revive the shipbuilding industry will finally start,” Kaneko said at a press conference. The government aims to raise the country’s shipbuilding capacity to 18 million tons by 2035 through some 1 trillion yen in public-private investment. Imabari and subsidiary Tadotsu Shipyard Co. will receive up to 113.8 billion yen in government subsidies. JMU will receive a maximum of 49.4 billion yen, while Namura and subsidiary Hakodate Dock Co. will get up to 49.9 billion yen. END [Copyright The Jiji Press, Ltd.]