Japan Explores Improving Economic Security Through Maritime Development

The ruling Liberal Democratic Party is exploring the possibility of facilitating the commercial exploitation of marine resources for energy in the future in order to improve Japan's economic security.

The party's subcommittee on ocean policy will seek a roadmap to start mining methane hydrate, an ice-like substance made of methane and water that can be used as a powerful alternative energy source for countries dependent on oil and gas imports.

The subcommittee will also ask the government of Japanese Prime Minister Fumio Kishida, who also leads the party, to improve the international competitiveness of the country's maritime industry through decarbonization and digital transformation. The group will prepare a set of proposals that will be reflected in the five-year program of the state maritime policy, the latest version of which will take place in 2023.

The Commission also stressed the importance of technological development and industrialization to strengthen Japan's economic security in the face of growing uncertainty about the global economy following Russia's invasion of Ukraine.

The draft also calls for Japan's oil and natural gas production, and asks the government to develop a roadmap that includes a specific timetable and consider investing in it.

Source: Arirang