A national strategy on economic security is under consideration to be compiled from May to June, according to several government officials.
On Wednesday, an economic team of about 20 members will be established in the National Security Secretariat of the Cabinet Secretariat to serve as the control tower for economic and security policies. By doing so, the government will speed up the materializing the strategy.
National economic security combines economic policy and security policy. At a meeting of four ministers of the National Security Council (NSC) on Feb. 14, the government substantially started discussions on the new strategy and confirmed the themes to be tackled for the time being.
According to the sources, the new strategy includes the following themes:
1. Protection and development in universities and research institutes of sensitive technologies that can be used for military purposes;
2. Thorough screening of foreign engineers and foreign students when admitting them;
3. Strengthening screening of acquisitions and investments by foreign companies that could pose a security threat;
4. Responding to the next-generation 5G communications standard.
A timetable for each theme is expected to be drawn up.
The government will keep the documents classified, with a view toward not disclosing the details to the public.
The initial plan was to compile the report by the end of the year, but the government decided to move up the schedule as the United States, which has been pushing ahead with economic and security measures, is requesting a coordinated handling of the issues.
The new economic team will take charge of formulating strategies. The team will also address security issues related to the spread of infections with the new coronavirus.
There were about 10 staff members at the preparatory office for the establishment of the economic team when it was launched at the end of October last year. This time, the number will be almost double.
The economic team will be headed by Toshihiko Fujii, a Cabinet Secretariat councillor who transferred from the Economy, Trade and Industry Ministry. The office will also have four Cabinet Secretariat counsellors from each of the following ministries and agencies: the Internal Affairs and Communications Ministry, the Foreign Ministry, the Finance Ministry and the National Police Agency.
Read more from The Japan News at https://japannews.yomiuri.co.jp/
