Japan has recently approved a bill at a cabinet meeting to support domestic firms that are developing 5G communication networks and drones. 5G services are scheduled to officially start in Japan this spring.
The bill aims to provide financial assistance to firms that are investing in 5G mobile networks and drone technologies. It looks to offer loans to such companies at a low-interest rate from government-affiliated financial institutions. The companies can avail loans at a low-interest rate if they succeed in meeting the standards of cybersecurity.
According to the bill, the companies that develop 5G technologies can also avail tax incentives if they fulfill the standards set by the government. The government is going to submit the bill to the parliament soon, which it aims to bring into effect in the summer this year. Also, the government will formulate guidelines that require the companies to take proper security measures against data leaks and hacking.
In December, Japan showed off tax measures that aimed at encouraging companies to spend their cash on startup or investment plans. The plan also supports and helps the firms to be on a par with China’s progress in 5G technology.
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