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Japan to Help Farmers Diversify

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Japan to Help Farmers Diversify

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Japan to Help Farmers Diversify

Japan's Ministry of Agriculture, Forestry and Fisheries will set up a public-private fund as early as October to help farmers expand into processing and retail businesses, officials said.

The move is designed to make the country's agriculture, forestry and fisheries sector competitive as Tokyo is preparing to join Trans-Pacific Partnership free trade talks.

Related legislation is expected to be approved at a cabinet meeting on Tuesday and submitted to the Diet, Japan's parliament.

The government will initially put up 30 billion yen to the fund, while the private sector, such as the food industry, is set to contribute some 2 billion yen.

The ministry hopes to expand the size of the fund to around 200 billion yen in the future, according to the officials.

Published on Tuesday, 07 February 2012