Keidanren Proposes Raising R&D Investment to 50 T. Yen in FY '40

Tokyo, May 11 (Jiji Press)--The Japan Business Federation, or Keidanren, called for raising Japan's public and private investment in research and development to 50 trillion yen in fiscal 2040, in its strategic proposal released Monday for realizing a science and technology-oriented nation.

The target amount is more than double the fiscal 2023 figure of 22 trillion yen.

Keidanren aims to have the proposal reflected in a growth strategy to be drawn up by the Japanese government this summer.

The federation argued that investment in research and development should be increased to 5 pct of Japan's nominal gross domestic product, describing it as a world-leading level comparable to that of Israel at 6.4 pct, South Korea at 5 pct and the United States at 3.5 pct.

Japan needs to fundamentally shift its mindset from a cost-cutting approach to an investment-driven model, focusing resources on research and development, facilities and human resources, the federation claimed. Keidanren demanded that a ministry of science and technology be established to comprehensively promote activities ranging from basic research to social implementation.

[Copyright The Jiji Press, Ltd.]