Japanese manufacturers will now be eligible for subsidies if they shift production out of China to India or Bangladesh, in an expansion of a government programme aimed at diversifying the country's supply chains. Japan allocated 23.5 billion yen ($221 million) in its supplementary budget for fiscal 2020 for shifting production of companies to Southeast Asian nations, reports bdnews24.com citing Nikkei Asian Review. The Ministry of Economy, Trade and Industry of Japan opened up a second round of applications on Thursday in this regard. Another 57 are receiving support for shifting production facilities to Japan. Modi's statement also follows a decision Tuesday by trade ministers from Japan, India and Australia to begin building a resilient supply chain in the Indo-Pacific region.

Source: bd News24 September 04, 2020 11:15 UTC