Strategic meeting with executives from leading chip companies is part of a plan of Japanese Prime Minister Fumio Kishida in an effort to address global semiconductor supply chain issues and promote domestic chip production. Kishida urged that it is important to work together with like-minded countries and regions.

The meeting comes as Japan aims to strengthen its position in the semiconductor industry by bolstering its domestic chip manufacturing capabilities, fostering collaborations with global chip firms and adding new restrictions on exports of chipmaking equipment to countries that pose security risks. The government plans to provide financial support and incentives to domestic chip manufacturers to boost production capacity. The main goal is for Japan to triple sales of microchips by 2030.

Additionally, Japan aims to enhance its technological capabilities in areas such as advanced materials and chip design. By prioritising semiconductor production, Japan seeks to secure a stable supply of chips, promote economic growth, and strengthen its competitiveness in the global market.