"New Economic Security Ministerial Position Established in Japan's Kishida Cabinet"

On the 29th of last month, Fumio Kishida, former Foreign Minister and winner of the ruling Liberal Democratic Party leadership election in Japan, held a press conference at the Tokyo LDP headquarters. [Image source=Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] The Kishida Fumio Cabinet in Japan will establish a new ministerial position responsible for economic security.

According to the Yomiuri Shimbun on the 3rd, Kishida, who is scheduled to be inaugurated as Prime Minister on the 4th and is the leader of the ruling Liberal Democratic Party, plans to appoint a new minister in charge of enacting the Economic Security Promotion Act.

Kishida announced during last month's party leadership election that he would formulate a national strategy to prevent technology leaks and enact the Economic Security Promotion Act.

This is closely related to the intensifying technological competition between the United States and China, which has expanded security issues into the economic sector. To ensure security, it is necessary to prevent information leaks and misuse, exclude national monopolization of information, and secure key technologies to address risks in the economic field.

He has also identified protecting critical technologies and strengthening supply chains as tasks of economic security.