Japanese Prime Minister Shinzo Abe will launch a new wave of manufacturing exports in a bid to revive an economy that has been on the verge of collapse.
The move is aimed at keeping exports strong amid a worldwide downturn in manufacturing output that has led to a drop in global prices for Japanese exports.
As of April 1, Japan had sold just 0.1% of its total exports of industrial machinery, electronics, and other equipment, according to the Japanese Federation of Manufacturers.
That’s down from 0.2% in April last year, according a report by the Japan Association of Manufactured Commerce.
Abe announced the new export plans at the country’s Cabinet on Thursday.
The government said it will export a total of 4.6 million kaman machinery, equipment, and equipment worth $7.5 billion in 2017, an increase of about 5.5% over the previous year.
“The government is working to boost industrial production and exports in order to boost the economy, as the world economic situation is now improving,” Abe said at a news conference.
“The government has no intention to raise the tax rate on manufacturing exports.”
Japan’s manufacturing exports are up by about 2% from last year as more manufacturers are adopting automation, such as robotics, to help boost output, according the Ministry of Economy, Trade and Industry.