FILE PHOTO: Japanese Prime Minister Fumio Kishida speaks during a joint press conference with South Korean President Yoon Suk Yeol after their meeting at the presidential office in Seoul on May 7, 2023.
FILE PHOTO: Japanese Prime Minister Fumio Kishida speaks during a joint press conference with South Korean President Yoon Suk Yeol after their meeting at the presidential office in Seoul on May 7, 2023.Jung Yeon-je/Pool via REUTERS

Global chipmakers to invest billions in Japan after G7 Summit

Japanese Prime Minister Fumio Kishida said he expected additional investment from global chipmakers in Japan after meeting top executives on Thursday ahead of a Group of Seven (G7) summit.

TOKYO (Reuters) -Japanese Prime Minister Fumio Kishida said he expected additional investment from global chipmakers in Japan after meeting top executives on Thursday ahead of a Group of Seven (G7) summit.

In remarks to reporters after meeting the executives, including from Intel Corp and Taiwan Semiconductor Manufacturing Co, Kishida said the G7 leaders would discuss stabilising supply chains in their talks in the city of Hiroshima.

Executives from Micron Technology Inc, IBM Corp, Applied Materials and Samsung Electronics, among others, also met Kishida.

Micron said in a statement that it would bring extreme ultraviolet (EUV) technology to Japan to produce advanced memory chips and it expected to invest up to 500 billion yen ($3.70 billion) in 1-gamma process technology over the next few years, with close support from the Japanese government.

The company is also poised to get about 200 billion yen in financial incentives from Japan to help it make next-generation memory chips in the country, Bloomberg News reported on Wednesday.

Kishida also said the government would work on expanding foreign direct investment in Japan.

The G7 summit is from Friday to Sunday.

($1 = 135.0500 yen)

(Reporting by Kantaro Komiya, writing by Elaine Lies; Editing by Chang-Ran Kim)

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