October 1, 2024 Approval for JICT’s Decision on Project Support

 The Minister for Internal Affairs and Communications has yesterday approved an application from the Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services Inc. (headed by OSHIMA Amane, President & CEO) to decide support for the development of ICT business in India and Southeast Asia through LP investment.

1. Background

 Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services Inc. (hereinafter referred to as “JICT”) submitted an application to the Minister of Internal Affairs and Communications based on the provisions of Article 25, Paragraph 2 of the Act on the Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services (Act No. 35 of 2015) to authorize a decision on support for the development of ICT business, etc. (hereinafter referred to as “the Target Project”) in India and South East Asia through LP* investment.
 In response to the application, the Minister examined the content of the support and the Target Project following the JICT Support Standards (MIC Notice No. 412 of 2015) and the Policy for Fund Investment by JICT (Directive dated March 31, 2022), and has confirmed that the project meets the support standards and the directive. Accordingly, the Minister yesterday approved the support decision for the Target Project as requested.

• *
  Limited Partner

2. Target project

 JICT, together with other Japanese business operators, will invest up to US$2.8 million in BEENEXT ASIA FUND2, a fund managed and operated by BEENEXT Capital Management Pte. Ltd. to participate in supporting the development of ICT business, etc., in India and Southeast Asia.
 The project is expected to support the entry of Japanese companies into the Indian and Southeast Asian markets where sustained growth is expected, by building relationships between JICT and Japanese companies that are willing to invest in India and Southeast Asia, as well as promising start-ups in each country and by promoting partnerships and collaboration with local companies that utilize the knowledge and technology of Japanese companies.

[Outline]

• Target project: Support for the development of ICT business, etc., in India and Southeast Asia through LP investment
• Target regions: India and Southeast Asia
• Approved amount of support by JICT: Up to US$2.8 million
• Joint investors: Japanese business operators, etc.

(Reference) Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services (JICT)

 JICT is a stock company founded on November 25, 2015 under the Act on the Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services Inc. JICT provides funding and other support to those engaged in telecommunications, broadcasting, and postal services overseas and their supporters, by utilizing the knowledge, technology, and experience accumulated by Japanese business operators. This support aims to increase the demand common to domestic and international telecommunications, broadcasting, and postal services, and improve the profitability of Japanese business operators who meet that demand. In this way, JICT contributes to the sustainable growth of Japan's economy.