A panel of experts called on the government Monday to implement a proposed cut in the country’s effective corporate tax rate to double the amount of foreign direct investment in Japan by 2020.

The government-commissioned panel, headed by Shujiro Urata, professor at Waseda University Graduate School of Asia-Pacific Studies, made the recommendation to Akira Amari, state minister for economic and fiscal policy.

“The government will determine its policy measures based on what foreign companies want,” Amari stressed. Other demands from foreign companies include a longer period for loss carryover, programs to develop global human resources, improvements in the merger and acquisition system and stable energy supplies.

Amari will explain the proposal at a joint meeting Tuesday of the government’s Council on Economic and Fiscal Policy and the Industrial Competitiveness Council.

The government plans to start discussions on concrete policy steps at Friday’s inaugural meeting of a ministerial council on promoting foreign direct investment, aiming to reflect the outcome in its basic economic and fiscal policy guidelines to be drawn up as early as June, and in its economic growth strategy.

Created in February by Prime Minister Shinzo Abe, the panel held interviews with 26 groups and individuals from overseas, including leaders of foreign companies.