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Gov't to Submit Bill Encouraging Foreign Firms to Have HQ in Japan |
| Source: |
japantoday.com |
| Source Date: |
Monday, November 01, 2010 |
| Country: |
Japan |
| Created: |
Nov 08, 2010 |
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The government has decided to submit a bill in the regular Diet session next year that would provide favorable treatment for foreign firms establishing headquarters or research centers in Japan.
The move is part of the government’s efforts to create an attractive environment for foreign investment as it mulls joining talks on a U.S.-backed multilateral trans-Pacific free trade agreement, which aims for a complete liberalization of trade and investment.
Measures that may be considered in the bill include subsidies for foreign firms that will set up headquarters or research centers in Japan, income tax exemption or reduction for a limited period, preferential treatment on resident status for personnel at firms investing in Japan and easing of regulations at distribution-related facilities such as ports and airports.
It plans to outline the bill by the year-end given the increase in the number of foreign firms moving their Asian headquarters from Japan to other Asian countries such as South Korea and Singapore, which are enthusiastic in inviting firms from Europe and the United States.
The bill is being prepared by the ruling Democratic Party of Japan’s project team to promote economic stimulus measures and growth strategy, headed by Masayuki Naoshima, a former minister of economy, trade and industry.
Efforts to promote Japan as a base for foreign firms operating globally were mentioned in the new economic stimulus package Prime Minister Naoto Kan unveiled earlier this month.
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Gov't to Submit Bill Encouraging Foreign Firms to Have HQ in Japan The government has decided to submit a bill in the regular Diet session next year that would provide favorable treatment for foreign firms establishing headquarters or research centers in Japan
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