Japan Launches New Growth Strategy including Resource Security

Japanese Cabinet approved the new economic growth strategy at the meeting on Friday. The government targets averaged 2% annual real growth rate under strong economy, robust public finances and strong social security system. The government tries to improve metal recycling, zero-emission for housing and building and next generation vehicle weight. The programs would support nonferrous metal industry’s businesses including recycling and advanced materials for electric vehicle.

The government tries to improve recycling of metal and resources through better social system including legal actions and governmental support for technology development. The government also develops ocean and ocean floor resources through total strategy for resources including tie-up with resource rich countries through infrastructure and industrial development support. The government would realize the strategy to secure 80% base metals and 50% rare metals of the consumption for competitive domestic industry.

Ministry of Economy, Trade and Industry announced on Friday the ministry starts to make new plan for innovative technology development in energy area after the Cabinet approved the new basic energy plan. METI targets to secure more than 80% base metal and more than 50% rare metals of the consumption in 2030 through the across the board efforts including offshore resource development and better recycling systems.

METI start to watch supply balance and price of niobium, tantalum and platinum group metals as important metal resource. METI tries to improve the financial support for resource development in risk money through the tie-up with Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (NEXI) when Japan Oil, Gas and Metals National Corporation (JOGMEC) will have more functions with revised law effective on July 1.