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Outline of the Ministry of Economy, Trade and Industry (METI) FY 2017 Budget Request

August 2016
The Ministry of Economy, Trade and Industry

  • The Ministry of Economy, Trade and Industry (METI) aims to optimize stimulus policies to encourage private sector investment in key focus areas.
  • METI’s total FY 2017 budget request amounts to approximately 1.5 trillion yen (14.7 billion US dollars).
  • Following coordination with the Ministry of Finance (MOF), the Cabinet will approve a draft budget in late December and present to the Diet for examination.

1. Investment in efforts to realize the fourth industrial revolution

  • Innovations in the areas of Artificial Intelligence (AI), IoT and other advanced technologies are making significant changes across societies globally. As companies face more intense global competition, Japan must recognize the significance and urgency of taking the lead in developing technological innovations. METI will support efforts to develop technologies in key priority areas, e.g., autonomous vehicles, robots and drones.

27.5 billion yen (270 million US dollars)

2. Investment in small and medium enterprises (SMEs) and regional economies

  • Sustainable economic growth in regional areas is essential to Japan’s overall growth. Japan must improve SME productivity and encourage SMEs to make forward-looking investments to install equipment to develop new products and services which will capture demand in international and domestic markets. METI will assist the innovative development efforts of SMEs as key supporters of regional economies.

84.1 billion yen (825 million US dollars)

3. Energy policy revision and global environmental contribution

  • METI will promote investment in energy-saving measures for industries, households, offices and transportation. It will also continue efforts to develop technologies for wind, solar, biomass, geothermal power generation, and hydrogen energy.

339.6 billion yen (3.3 billion US dollars)

  • METI will fortify the disaster response capabilities of oil refineries and service stations, including enhanced earthquake-proofing, and improve infrastructure to ensure the safe use of energy.

373.8 billion yen (3.7 billion US dollars)

  • One of the most important challenges METI must deal with is continuing measures for the decommissioning of Fukushima Daiichi Nuclear Power Station, as well as addressing surrounding water contamination and the reconstruction of Fukushima Prefecture’s disaster-affected areas. To tackle these challenges, METI will promote projects including the “Innovation Coast” robot field testing project, efforts to develop Fukushima into a hydrogen fuel production center, and projects to reinforce transmission lines for wind and other power generation.

47.3 billion yen (464 million US dollars)

Reference

Ministry of Economy, Trade and Industry1-3-1 Kasumigaseki, Chiyoda-ku, Tokyo 100-8901, Japan Tel: +81-(0)3-3501-1511
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