METI to aid high-growth industrial sectors

Asian Economic News, April 16, 2001

TOKYO, April 12 Kyodo

The economy ministry will work out measures to help industrial sectors with high growth potential as a step to stimulate stalling economic activity in Japan, ministry officials said Thursday.

Sectors subject to new support programs will include industrial-robot production, biotechnology, medical care, welfare, and environmental protection, the officials said.

The Ministry of Economy, Trade and Industry (METI) believes Japan can attain average economic growth of 2-3% by improving the competitiveness of such sectors, the officials said.

Japan needs that level of economic growth to deal with rehabilitating its deficit-ridden state finances and to fund programs for its rapidly aging population, according to the ministry.

The Industrial Structure Council, an advisory panel to the METI minister, will begin studying support programs in mid-April to compile recommendations by this fall.

It is the first time for METI to map out support programs for specific sectors since its creation in January's reorganization of the central government.