Japan is considering a plan to form a new government-supported financing body for military exports and international industry cooperation, Reuters reported Wednesday.
Tim Kelly and Nobuhiro Kubo write advisory panel of 10 members from the country’s banking, legal, academic and defense sectors will meet after lower house elections in mid-December to discuss options.
Reuters reports the panel will focus on finance, funding deals, negotiating processes, maintenance and support.
The report said the Japanese government could use a financing model similar to the Japan Bank for International Cooperation and Japan International Cooperation Agency or add defense financing functions to JBIC.
Kelly and Kubo report that Prime Minister Shinzo Abe and his cabinet have also started to promote joint development projects and defense industry ties across Southeast Asia.
Japan already has potential deals to sell submarines to Australia and patrol seaplanes to India after the Japanese government’s decision in April to ease its ban on arms exports, Reuters said.