Cool Japan Fund Allocates 14 Billion Yen for Overseas Projects
posted on by Lynzee Loveridge
Cool Japan Fund Inc. will invest 14 billion yen (about US$128.1 million) in four overseas projects focused on raising demand for Japanese products and goods. One project includes the Delaware-based Tokyo Otaku Mode website, a store focusing on Japanese products including costumes, stuffed animals, anime tie-in goods, figures, and more.
The company secured 1.5 billion yen (US$13.7 million) from the government invest fund over the next three years to work with Japanese companies to "advance into overseas markets." The company also plans to use the funds to expand its e-commerce market, hire new engineers, improve mobile support, establish more overseas distribution centers, and implement new marketing campaigns.
"Cool Japan" is a program supported by the Japanese government and various companies that promotes modern Japanese culture such as anime and manga abroad. The program revolves around the premise that Japan's strength in business and international affairs lies in anime, manga, films, fashion, and other fields of Japanese arts and entertainment content.
Other projects selected include rebuilding Isetan Mitsukoshi Holdings's Kuala Lumpur store into a new commercial facility in autumn 2015 for two billion yen (US$18.3 million), building a department store in Ningbo, Zhejiang, China, and investing in large refrigerating and freezing facilities in Vietnam to promote Japanese food sales.
Source: The Japan Times