By Kosaku Narioka
The Japanese government's investment projects in the U.S. will not only benefit Japanese businesses but also strengthen both countries' economic security, Japan's trade minister said.
"The United States and Japan are special economic partners. These projects further strengthen our bonds," Trade Minister Ryosei Akazawa told reporters in Tokyo on Wednesday.
Japan is planning roughly $36 billion in U.S. investments spanning critical minerals, oil and gas infrastructure and power generation, the first set of projects under a $550 billion strategic investment agreement announced last year as part of a trade deal.
The initial three projects are a $33 billion gas-fired power generation facility in Ohio, a $2.1 billion deep-water crude oil export facility on the Texas Gulf Coast and a $600 million diamond grit manufacturing project in Georgia.
Akazawa said Toshiba Corp., Hitachi Ltd., Mitsubishi Electric and SoftBank Group are interested in supplying equipment and other opportunities for the power generation facility in Ohio. He said power supply is likely to become tighter because of greater use of artificial intelligence.
Major shipping company Mitsui O.S.K. Lines, Nippon Steel, steelmaker JFE Holdings and offshore floating platform supplier Modec are interested in getting involved in the deep-water oil export project, he said. It will become easier for Japan to import crude oil as U.S. exports increase, he said.
Diamond grit is a critical carbon-based material used in industrial and energy applications with global production--especially synthetic diamond--dominated by China.
Akazawa said the project would allow Japan to diversify its source of synthetic diamonds and reduce reliance on "a specific country."
Diamond toolmakers Asahi Diamond Industrial and Noritake have shown interest in purchasing synthetic diamonds from the project in Georgia, he said.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
02-18-26 0156ET
