Tokyo, Ta. September 4, 2020, Friday
Companies have to spend a lot to get out of China and set up a factory in India. Not all companies can afford that. That's why the Japanese government has offered help to its companies if they want to relocate. Many large Japanese companies have factories in China. If these companies want to come to India, the Japanese government will provide financial assistance.
The Japanese government has allocated a budget of 23.5 billion yen (22 221 million) for the relocation. Japan is the world's third largest economy and the manufacturing sector is a major contributor to its economy. Being an island country, many Japanese companies have overseas manufacturing units. Japan has a century-old enmity with China.
For the past few years, Japan, like other countries, has been plagued by issues such as cheap Chinese products and China's intrusion into maritime territory. Apart from India, if a company wants to shift to Bangladesh, it will get the benefit of Japanese government subsidy. Since September 3, the Japanese government has started accepting applications from companies for this.
Currently, the supply chain of many Japanese companies has been disrupted due to Corona's harassment in China. Japanese companies cannot produce. The Japanese government has already received applications from companies seeking to exit China in the first round and has allocated 10 billion yen for them.
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