TOKYO, Aug. 1 (Xinhua) -- Japan's revitalization minister Daishiro Yamagiwa on Monday was appointed to a newly-created ministerial post that will support startup companies as part of the government's push to promote economic growth.
The Japanese government announced that Yamagiwa will concurrently serve as minister in charge of startups.
"He will be in charge of coordinating administrative work among government entities to create an ecosystem for startups that will be compatible with the world, and achieve economic growth and solve social challenges," Deputy Chief Cabinet Secretary Seiji Kihara told a press briefing.
In his new role, Yamagiwa will be charged with overseeing the creation of a five-year plan aimed at boosting investment in startups by tenfold.
A significant increase in fiscal support for new startups is part of Japanese Prime Minister Fumio Kishida's envisioned strategy of a "new form of capitalism."
Under the envisioned strategy, the government plans to make it easier for startups to raise fund through initial public offerings and foster more entrepreneurs.
A new office at the Cabinet Secretariat has also been opened to work with overseas universities to research next-generation innovation and technology.
Yamagiwa's portfolio also requires the coordination of policies among ministries to help Japan achieve sustainable economic growth and address social challenges, according to informed sources.
