Japan Govt OKs Economic Security Bill
Tokyo, Feb. 25 (Jiji Press)--The Japanese government Friday adopted an economic security promotion bill to ensure steady supplies of strategically important goods such as semiconductors.
The bill, which gained cabinet approval, will be submitted to the ongoing regular session of the Diet, Japan's parliament.
The government hopes that the bill will be enacted during the session and that measures included in it will be implemented by fiscal 2024.
The bill was released at a time of heightened geopolitical risks, including intensifying competition for dominance between the United States and China and Russia's invasion of Ukraine.
The government aims to enhance the country's economic security through the legislation with four pillars-- strengthening supply chains, promoting public-private advanced technological cooperation, a screening system to ensure the security of core infrastructure, and nondisclosure of patents on sensitive technologies that could be used for military purposes.
[Copyright The Jiji Press, Ltd.]