Financial and Asset Management Special Zones Realization Package

The Financial Services Agency (FSA) yesterday published the package for the Financial and Asset Management Zones, alas only the summary page was translated into English. Below is the full text that was included as part of the Japanese press release.

I. Basic Concepts

1. Introduction

The Japanese government aims to create a flow of funds that drives investment and consumption, thereby increasing household financial asset income in addition to labor income. This will be achieved by encouraging the shift of over half of Japan’s household financial assets (¥2,141 trillion as of December 2023), currently held in cash and deposits, towards investments, enabling companies to benefit from increased value and return those benefits to households. This will contribute to realizing a “virtuous cycle of growth and distribution”.

From this perspective, the government has compiled the “Asset Management Nation Realization Plan 1” (December 13, 2023), outlining plans to implement measures across various aspects, including reforms to the asset management industry and asset ownership.

One key pillar of the asset management industry reform involves promoting new domestic and international entry and competition. The Financial and Asset Management Special Zones are positioned as a major initiative in this area.

Based on the Asset Management Nation Realization Plan, the Financial Services Agency, in collaboration with relevant ministries and enthusiastic local governments, has conducted concrete discussions regarding Financial and Asset Management Special Zones. This package outlines the concept, target regions, and key initiatives by both the national government and local regions.

2. Objectives and Framework of Financial and Asset Management Special Zones

Developing the financial services and asset management sectors requires more than just reforming the asset management industry itself. It is crucial to create an attractive business and living environment for financial and asset management services, attract these industries to specific regions, and foster an environment conducive to financial and asset management companies, as providers of capital, promoting and nurturing regional industries and businesses.

The government has consistently taken steps to realize a globally open international financial center, including enhancing financial administration in English, improving visa procedures for highly skilled financial professionals, and revising/clarifying tax regulations, among other efforts to enhance the business and living environment. Furthermore, some local governments have actively pursued initiatives not only to attract financial and asset management companies but also to promote and nurture regional growth industries (GX, DX, startups, etc.).

The Financial and Asset Management Special Zones aim to strengthen and expand existing national policies and integrate them with local initiatives. This will be achieved through collaboration with enthusiastic local governments, focusing on:

(i) attracting domestic and international financial and asset management companies,

(ii) supporting the development of regional growth industries by financial and asset management companies, and

(iii) promoting and nurturing growth industries themselves.

Specifically, the national government will implement regulatory reforms and operational measures in the financial sector, as well as in business and living environments and industries serving as investment targets.

Regulatory reform measures that are appropriate for pilot implementation in specific regions will utilize the National Strategic Special Zones system. At the regional level, local governments will take the lead in initiatives relating to business and living environment development, tax and financial support, and support for growth industries.

II. Target Regions

The Financial Services Agency conducted a call for proposals from local governments interested in becoming target regions for Financial and Asset Management Special Zones from January to February 2024, subsequently advancing the selection process.

1. Target Regions

Examining the formation of international financial centers in other countries, it is clear that financial and asset management companies do not necessarily concentrate solely in capital cities. Instead, various cities within a country thrive as international financial centers, leveraging their unique regional characteristics.

Drawing inspiration from these examples, Japan should aim to create a robust international financial center by enabling multiple regions to compete and collaborate, capitalizing on their individual strengths. This will facilitate a competitive environment on par with leading international financial centers in the West and Asia.

Following the call for proposals, four regions (detailed below) submitted compelling proposals, each with its unique characteristics. The Financial Services Agency conducted a comprehensive evaluation, considering the effectiveness of proposed initiatives aligned with the Financial and Asset Management Special Zone’s objectives, collaboration with financial and asset management companies, local government commitment and implementation frameworks for supporting financial and asset management companies, specific support measures and policies, and the development of business and living infrastructure (offices, schools, etc.). Based on this assessment, all four regions were chosen as target regions for the Financial and Asset Management Special Zones.

• Hokkaido and Sapporo City (Joint Proposal)
• Tokyo
• Osaka Prefecture and Osaka City (Joint Proposal)
• Fukuoka Prefecture and Fukuoka City (Joint Proposal)

The national government will collaborate with each region to develop an attractive environment for financial and asset management companies, leveraging the unique characteristics of each area.

2. Regional Concepts and Implementation Frameworks

Each region within the Financial and Asset Management Special Zones has set out its distinct concept and vision for the zone, leveraging its unique characteristics through enhanced financial functions, such as attracting financial and asset management companies and expanding their operations.

To realize their visions, each region has established a framework to proactively promote initiatives in collaboration with a wide range of stakeholders in the area.

(1) Hokkaido and Sapporo City — GX Financial and Asset Management Special Zone

Hokkaido and Sapporo City aim to become an Asian and global financial center, attracting financial resources, talent, and information related to GX, leveraging Hokkaido’s leading renewable energy potential and Sapporo’s appealing blend of city life and natural beauty. Through enhanced financial functions, the region aims to become “Japan’s renewable energy supply base,” fostering the development of GX industry supply chains and creating jobs.

The initiative will be driven by the “Team Sapporo-Hokkaido” GX & Finance Consortium, established in June 2023 and consisting of 21 organizations, promoting active financial transactions through GX investments.

(2) Tokyo — Asia’s Innovation and Financial Hub for a Sustainable Society

Tokyo aims to contribute to the growth of Japan and Asia by serving as a gateway for attracting global capital, talent, technology, and information. To achieve this, Tokyo focuses on three pillars:

• Advanced Sustainable Finance City
• City where Global Startups Flourish
• City with Global Standards for “Business in English”

To drive these initiatives, Tokyo collaborates with FinCity.Tokyo, Japan’s first public-private financial promotion organization, various public and private players related to finance and startups, and the City of London (with a signed agreement for exchange and cooperation) to create a sustainable society.

(3) Osaka Prefecture and Osaka City — Challenge Special Zone for Realizing a Future Society

Osaka Prefecture and Osaka City aim to create a “future society” where new innovations are constantly generated. This will be achieved by building on the legacy of the “2025 Osaka-Kansai Expo” and fostering an environment where startups and universities can confidently pursue challenges. Through global standard regulatory reforms and attracting foreign investment, Osaka will enhance its financial functions.

These initiatives are led by the “International Financial City OSAKA Promotion Committee,” established in March 2021. This committee brings together Osaka Prefecture and City, along with various public, private, and academic institutions, representing an all-Osaka collaboration (currently comprised of 40 organizations). In the near future, Osaka will attract talent, companies, and capital from Asia and beyond, while focusing on attracting startups as investment targets.

(4) Fukuoka Prefecture and Fukuoka City — Startup Financial and Asset Management Special Zone

Leveraging Fukuoka’s characteristics, including its position as “Asia’s Gateway,” the region aims to attract international financial institutions, related companies, and highly skilled financial professionals. By embracing the dynamism of Asia, Fukuoka will provide growth capital to startups and emerging industries in the region, further strengthening its ecosystem.

This initiative is spearheaded by “TEAM FUKUOKA,” formed in September 2020 and comprising 25 institutions, representing an all-Fukuoka collaboration between Fukuoka City, Prefecture, and public, private, and academic entities. TEAM FUKUOKA has already attracted 24 companies from Japan and abroad (as of late April 2024). The region will continue its attraction efforts, focusing on asset management, fintech, and BCP-related businesses that align with Fukuoka’s strengths, while enhancing the business environment.

III. Key Initiatives by National and Local Governments

Building on regional concepts and proposals submitted by each region in response to the call for proposals, the Financial and Asset Management Special Zones will advance the following initiatives, through collaboration between the national government and local regions. These initiatives, together with existing measures, will create a welcoming environment for domestic and international financial and asset management companies, including diverse individuals, to access financial services and engage in business and daily life. Furthermore, these initiatives will contribute to the development of growth industries through enhanced financial functions.

1. Attracting Domestic and International Financial and Asset Management Companies

(1) National Government Initiatives

• Expanding Financial Administration in English for the Asset Management Industry [1]

To reduce language barriers for companies entering Japan, the “Base Establishment Support Office” (currently only located in Tokyo), which handles English-language pre-consultation, registration procedures, and post-registration supervision for foreign asset management companies, will be established in all four Financial and Asset Management Special Zones by the end of FY2024, with local government cooperation. [Regionally Limited Operational Measure]

• English Language Support for Corporate Establishment Procedures upon Entering Japan [2]

With local government cooperation, measures will be explored to support the creation of English-language applications for business registration and articles of association necessary for company establishment, facilitating a complete English-language application process. This will be implemented by the end of FY2024. [Regionally Limited Regulatory or Operational Measure]

In the Certificate of Eligibility Application process, English-language supporting documents currently require Japanese translations, although the Japanese translation is not required for certain standard documents. Clarifying this practice and disseminating information to users will be undertaken by the end of FY2024. In addition, with local government cooperation, necessary investigations will be conducted regarding the creation of Japanese translations for other supporting documents to facilitate complete English-language application processes. [Regionally Limited Regulatory Measure]

By the end of FY2024, procedures for health insurance, pension insurance, employment insurance, and labor insurance related to company establishment will be adapted to allow English-language applications at local government-established one-stop shop business centers. Based on the implementation results at one-stop shops, effective and efficient methods will be explored to enable complete English-language processing, including system and human resource development/procurement aspects. [Regionally Limited Regulatory Measure]

• Establishing a Visa for Foreign Investors Investing in Startups [3]

To attract foreign investment in startups, a visa for investors (including angel investors) will be established by the end of FY2024 within the National Strategic Special Zones. This visa will be granted to those who invest a certain amount in domestic startups and contribute to the formation and development of the startup ecosystem within the Special Zone. [Regionally Limited Regulatory Measure]

• Supporting the Opening of Bank Accounts for Foreign Nationals [4]

Foreign nationals often face challenges when opening bank accounts due to language barriers and requirements for submitting documentation. To expedite and streamline the bank account opening process, the Financial Services Agency will lead the development of a support network for foreign nationals aiming to enter the Japanese market in all four Financial and Asset Management Special Zones by the end of FY2024. This network will involve collaboration between financial institutions and local governments (through measures such as the placement of specialized personnel at banks and provision of hands-on support by local governments). [Regionally Limited Operational Measure]

• Promoting Outsourcing of Middle and Back-Office Operations in the Asset Management Industry [5]

To enhance operational capabilities through competition from new entrants, the “Act to Partially Amend the Financial Instruments and Exchange Act and the Investment Trust and Investment Corporation Act” was enacted during the Regular Session of the National Diet in FY2024, enabling outsourcing of middle and back-office operations (including compliance), which are often considered burdensome for new entrants, to qualified service providers. [Nationwide Regulatory Measure]

(2) Local Government Initiatives

• Developing and Strengthening English-Language Administrative Support [6]

To reduce language barriers for foreign asset management companies entering Japan, local governments will develop and expand their systems and policies to facilitate English-language administration. This will include establishing one-stop support desks to provide essential business and living support in English. [All Four Regions]

• Tax and Financial Support for Financial and Asset Management Companies [7]

To support domestic and foreign financial and asset management companies entering target regions, local governments will implement tax incentives, such as local tax reductions, and financial assistance, such as subsidies for business establishment and relocation expenses. [All Four Regions]

• Hokkaido and Sapporo City: Considering measures for local tax exemptions.
• Tokyo: Existing financial assistance for business establishment and relocation expenses for foreign asset management companies will be expanded to support the establishment of investment advisors and investment brokers aiming to become independent investment managers, contributing to the expansion of the investment management talent pool.
• Osaka Prefecture and Osaka City: Subsidies will be provided for relocation expenses, and since November 2023, local tax reductions have been implemented for foreign asset management companies entering Japan and the region for the first time.
• Fukuoka Prefecture and Fukuoka City: Providing subsidies for business establishment and relocation expenses for foreign asset management companies.
• Developing Business and Living Infrastructure [8]

To create a comfortable working and living environment, especially for foreign financial and asset management companies and professionals, local governments will continue to develop and expand infrastructure, including international schools. [All Four Regions]

(3) Other Initiatives

• Reviewing the Calculation and Reporting Frequency of Investment Trust Net Asset Values [9]

Currently, investment trust net asset values are calculated and reported daily as a rule. To reduce the administrative burden on asset management companies, the Investment Trust Association will revise relevant association regulations by the end of June, enabling the calculation of net asset values less frequently and reporting to the Investment Trust Association only on calculation days. This decision will be made after considering public comments received in April and May 2024. [Nationwide Regulatory Measure]

2. Support for Regional Growth Industries by Financial and Asset Management Companies

(1) National Government Initiatives

• Easing Restrictions on Bank Investment in GX-Related Businesses [10]

To enable banks to more effectively promote GX-related businesses within their regions in cooperation with government agencies and corporations, the framework of “Certain Bank Business Enhancement Companies” under the Banking Act will be explored for specific measures within the National Strategic Special Zones. This framework allows companies to hold over 5% but less than 50% of voting rights (investment) through notification rather than approval. The necessary measures will be taken by the end of FY2024. [Regionally Limited Regulatory Measure]

• Easing Restrictions on Investment by Bank Group Investment Subsidiaries in Startups [11]

Currently, bank group investment subsidiaries can invest in startups that are less than 10 years old. Considering that some startups, especially in fields like pharmaceuticals and deep tech, may require more time before their businesses become operational, the requirement related to age will be eased by the end of FY2024. [Nationwide Regulatory Measure]

• Developing a Startup Investment Environment for Public University Corporations [12]

Public university corporations will be allowed to invest in venture capitals and funds, similar to national university corporations. Considering the experiences of national university corporations and the needs of public university corporations, measures for nationwide application will be explored and a conclusion reached by the end of FY2024. [Nationwide Regulatory Measure]

• Revising the Issuance Limit for Companies Utilizing Equity Crowdfunding [13]

The issuance limit for companies utilizing equity crowdfunding is currently set below ¥100 million. Given the increasing need for fundraising by startups, among others, this limit will be raised to below ¥500 million, subject to necessary disclosure requirements. The necessary measures will be implemented by the end of FY2024. [Nationwide Regulatory Measure]

• Easing Regulations on Investor Investment in Venture Funds [14]

The scope of investors eligible for the special exemption (qualified institutional investor exemption) allowing the sale and operation of professional funds based solely on notification includes a broader range of investors for venture funds. However, the investment amount for those investors eligible for the exemption specifically for venture funds is limited to less than half of the total investment amount. To promote funding for startups through venture funds, the exclusion of investment amount restrictions will be considered for investors with experience in M&A and IPO, while taking into account the impact on investor protection. This will be implemented by the end of FY2024. [Regionally Limited Regulatory Measure]

• Establishment of a Collateral System for Entire Businesses (Business Value Collateral Rights) [15]

To facilitate access to business-oriented loans for a wider range of businesses, including startups with limited tangible assets, a collateral system based on business value (business value collateral rights) will be established. This system will encompass intellectual property and intangible assets and enable businesses to obtain loans without relying solely on real estate collateral or personal guarantees. A bill regarding the promotion of business-oriented loans, including the creation of this system, was submitted to the Regular Session of the National Diet in FY2024. [Nationwide Regulatory Measure]

• Activating Secondary Transactions for Unlisted Securities of Startups, etc. [16]

Private transactions are the primary method for monetizing unlisted shares, and there are concerns that this method does not sufficiently meet the liquidity needs of shareholders and investment needs of investors. To encourage entry into the brokerage business for unlisted shares, the “Act to Partially Amend the Financial Instruments and Exchange Act and the Investment Trust and Investment Corporation Act” was enacted during the Regular Session of the National Diet in FY2024. This act includes provisions to: (i) relax registration requirements for companies specializing in brokerage services for unlisted securities specifically for professional investors and (ii) relax entry requirements for brokerage services for unlisted securities through electronic trading (PTS). [Nationwide Regulatory Measure]

• Expanding the Scope of Operations for Investment Subsidiaries of Bank Groups [17]

The scope of operations for investment subsidiaries of bank groups is currently limited to lending, investments, and consulting services for investee companies. To leverage the accumulated expertise of these investment subsidiaries, their scope of operations will be explored with consideration for industry needs by the end of FY2024. [Nationwide Regulatory Measure]

• Clarifying Asset Disposal Approval Criteria [18]

Obtaining approval from the heads of government ministries and agencies is required for securing facilities acquired using government subsidies for financial institutions. To enable flexible collateral securing and smooth financing, the Ministry of Internal Affairs and Communications revised its “Asset Disposal Approval Criteria” in April 2024, clarifying specific examples of permissible approvals. This is expected to contribute to smooth financing for GX-related businesses, among others. [Nationwide Regulatory Measure]

• Expanding the Scope of Financial and Insurance Businesses Covered by the Credit Guarantee System [19]

The scope of the credit guarantee system for SMEs currently limits financial and insurance businesses by explicitly listing covered industries in relevant laws and regulations. To enable the flexible inclusion of newly emerging industries, measures will be explored by the end of FY2024. [Measures to be Considered in the Future]

(2) Local Government Initiatives

• Various Support Measures to Connect Capital Providers and Investment Targets [20]

To connect capital providers, including financial and asset management companies, with potential investment targets, such as promising startups and growth industry sectors, local governments will collaborate with various stakeholders (financial institutions, investors, startups, accelerators, etc.) to implement initiatives such as hosting business matching events. [All Four Regions]

• Measures to Revitalize Regional Securities Exchanges [21]

To attract domestic and international businesses and capital, as well as facilitate smooth fundraising by regional businesses and companies, local governments will collaborate with exchanges, regional businesses, the Financial Services Agency, etc. to explore measures to revitalize regional securities exchanges. [Hokkaido and Sapporo City, Fukuoka Prefecture and City]

• Strengthening Promotion through Participation and Exhibition at Overseas Financial Events [22]

To promote the attractiveness of the Japanese market and individual regions, and to disseminate information about regional initiatives, all four regions will collaborate as needed to participate in and exhibit at overseas events targeting financial and asset management companies. [All Four Regions]

• Expanding the Location of Overseas Offices for Foreign Company Attraction

To provide real-time responses in local languages to inquiries from companies in various countries interested in entering the Japanese market or showing interest in the Japanese market, the number of overseas offices established for foreign company attraction will be expanded. [Tokyo]

3. Promoting and Nurturing Growth Industries

(1) National Government Initiatives

• Clarifying Support Measures of Local Governments Eligible for Special Additions under the Highly Skilled Professional Points System [23]

To promote the acceptance of highly skilled foreign professionals in fields such as fintech and GX, the requirements for support measures provided by local governments for foreign professionals receiving special additions under the Highly Skilled Professional Points System will be clarified. These requirements will include cases where support measures are not accompanied by subsidies or tax benefits. This clarification will be provided by the end of FY2024. [Nationwide Regulatory Measure]

• Legal Reform for Digital Securities Issuance by Local Governments [24]

Based on feedback from local governments and market participants, measures for nationwide application will be explored and a conclusion reached by the end of FY2024 regarding a system for digital securities issuance by local governments. [Nationwide Regulatory Measure]

• Easing the Storage Capacity Limit for Compressed Hydrogen [25]

To facilitate the development of hydrogen storage facilities in proposed regions, the Ministry of Economy, Trade and Industry and the Ministry of Land, Infrastructure, Transport and Tourism will collaborate with local governments to explore safety standards for obtaining special permits related to the upper limit of compressed hydrogen storage capacity, as defined under the Building Standards Act. A conclusion will be reached by the end of FY2024, and based on that conclusion, both ministries will promptly initiate discussions to determine the safety standards for high-pressure gas safety laws, etc. necessary to exclude the application of upper limit regulations for the social implementation of hydrogen. [Measures to be Considered in the Future]

• Utilization of Foreign-flagged Vessels and Foreign Professionals for the Installation and Maintenance of Offshore Wind Power Generation Facilities [26]

Due to a shortage of workboats needed for installing and maintaining offshore wind power generation facilities, foreign-flagged vessels may be required. To promote the use of foreign-flagged vessels, the Ministry of Land, Infrastructure, Transport and Tourism will make necessary amendments to ministerial ordinances by the end of FY2024, regarding granting coastal transport licenses based on Article 3, Paragraph 2 of the Ship Act. These amendments will allow licenses to be granted in advance for multiple shipments related to the installation and maintenance of these facilities, if it is determined that reliance on Japanese-flagged vessels alone is difficult, ensuring greater predictability for businesses. [Nationwide Regulatory Measure]

Concerning specialized vessels where foreign expertise is necessary, measures will be explored, if necessary, based on projections regarding the types of work and roles for personnel anticipated to be required for the installation and maintenance of offshore wind power generation facilities in the proposed regions, including approaches to utilizing foreign professionals. [Measures to be Considered in the Future]

• Reviewing the Environmental Impact Assessment for Wind Power Generation Projects [27]

The “Act to Partially Amend the Act on Promotion of Utilization of Sea Areas for the Development of Marine Renewable Energy Generation Facilities” was submitted to the Regular Session of the National Diet in FY2024, including provisions for the establishment of a system for national implementation of surveys and investigations regarding the marine environment to designate areas within territorial waters, internal waters, and EEZs for offshore wind power generation facilities. [Nationwide Regulatory Measure]

Concerning onshore wind power generation projects, a new system will be explored to enable efficient and effective environmental assessments. This system would take into account regional environmental characteristics and allow for different assessment procedures based on the degree of environmental impact, while ensuring appropriate environmental consideration and promoting community-based projects. [Nationwide Regulatory Measure]

• Installation of Offshore Wind Power Generation Facilities in Exclusive Economic Zones [28]

The “Act to Partially Amend the Act on Promotion of Utilization of Sea Areas for the Development of Marine Renewable Energy Generation Facilities” was submitted to the Regular Session of the National Diet in FY2024, including provisions for establishing a system for installing offshore wind power generation facilities, etc., within exclusive economic zones. [Nationwide Regulatory Measure]

(2) Local Government Initiatives

• Tax and Financial Support for Growth Industries and Companies Entering the Region [29]

To support companies operating in growth industries entering target regions, local governments will implement tax incentives, such as local tax reductions, and financial assistance, such as subsidies for business establishment and relocation expenses. [All Four Regions]

• Supporting the Activation of Sustainable Finance [30]

To support companies in utilizing sustainable finance, Tokyo will provide subsidies for external evaluation costs related to bank loans and issuance of SDG bonds (green bonds, transition bonds, social bonds, etc.). Additionally, Tokyo will create public-private partnership funds to support sustainable finance utilization by businesses. [Tokyo]

IV. Future Implementation Policy

The initiatives outlined in this package will be implemented through ongoing collaboration among relevant ministries.

As Japan strives to create a welcoming environment for domestic and international financial and asset management companies to conduct business and live, it is crucial to continuously review initiatives, considering changes in the financial and economic landscape and the needs of businesses and individuals. Therefore, the Financial and Asset Management Special Zones will go beyond the initiatives outlined in this package, with the Financial Services Agency collaborating with local governments and relevant ministries to continuously review and expand policies.

(Reference) List of Key Initiatives by National and Local Governments

1. Expanding Financial Administration in English for the Asset Management Industry
2. English Language Support for Corporate Establishment Procedures upon Entering Japan
3. Establishing a Visa for Foreign Investors Investing in Startups
4. Supporting the Opening of Bank Accounts for Foreign Nationals
5. Promoting Outsourcing of Middle and Back-Office Operations in the Asset Management Industry
6. Developing and Strengthening English-Language Administrative Support (*)
7. Tax and Financial Support for Financial and Asset Management Companies (*)
8. Developing Business and Living Infrastructure (*)
9. Reviewing the Calculation and Reporting Frequency of Investment Trust Net Asset Values
10. Easing Restrictions on Bank Investment in GX-Related Businesses
11. Easing Restrictions on Investment by Bank Group Investment Subsidiaries in Startups
12. Developing a Startup Investment Environment for Public University Corporations
13. Revising the Issuance Limit for Companies Utilizing Equity Crowdfunding
14. Easing Regulations on Investor Investment in Venture Funds
15. Establishment of a Collateral System for Entire Businesses (Business Value Collateral Rights)
16. Activating Secondary Transactions for Unlisted Securities of Startups, etc.
17. Expanding the Scope of Operations for Investment Subsidiaries of Bank Groups
18. Clarifying Asset Disposal Approval Criteria
19. Expanding the Scope of Financial and Insurance Businesses Covered by the Credit Guarantee System
20. Various Support Measures to Connect Capital Providers and Investment Targets (*)
21. Measures to Revitalize Regional Securities Exchanges (*)
22. Strengthening Promotion through Participation and Exhibition at Overseas Financial Events (*)
23. Clarifying Support Measures of Local Governments Eligible for Special Additions under the Highly Skilled Professional Points System
24. Legal Reform for Digital Securities Issuance by Local Governments
25. Easing the Storage Capacity Limit for Compressed Hydrogen
26. Utilization of Foreign-flagged Vessels and Foreign Professionals for the Installation and Maintenance of Offshore Wind Power Generation Facilities
27. Reviewing the Environmental Impact Assessment for Wind Power Generation Projects
28. Installation of Offshore Wind Power Generation Facilities in Exclusive Economic Zones
29. Tax and Financial Support for Growth Industries and Companies Entering the Region (*)
30. Supporting the Activation of Sustainable Finance (*)

(*): Local government initiatives

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