TOKYO, Oct 3 – Mitsubishi Heavy Industries Ltd. said Friday it will invest 100 billion yen ($634 million) to expand its shipbuilding capacity, as demand is expected to grow after the government included the business in 17 strategic sectors.
On the same day, the company bought a site on an artificial island from the city government of Shimonoseki, Yamaguchi Prefecture, to transfer some of its operations from its Shimonoseki shipyard.
Its fully-owned Mitsubishi Shipbuilding Co. will begin setting up facilities on Choshu Dejima, western Japan, in 2027 to start operations in 2030.
Prime Minister Sanae Takaichi has launched new initiatives to ensure the stable supply of critical products to strengthen Japan’s national security.
Approved by the Ministry of Land, Infrastructure, Transport and Tourism, up to 40 billion yen of the 100-billion-yen project is expected to be covered by government subsidies, according to the company.
