JAMA to Launch a First-Ever Intra-Industry Mutual Aid Program supporting funds procurement to safeguard human resources, skills, and technologies in the automotive industry
The Japan Automobile Manufacturers Association is launching a program to extend financial support to companies in the automobile manufacturing sector which have been impacted by the COVID-19 crisis.
At a joint conference on April 10 held by JAMA and three partner organizations – the Japan Auto Parts Industries Association (JAPIA), the Japan Auto-Body Industries Association (JABIA), and the Japan Automotive Machinery and Tool Manufacturers Association (JAMTA) – JAMA Chairman Akio Toyoda raised the matter of making "mutual efforts to match capital with" the paramount need to preserve and protect human resources and essential technologies within the industry, exercising discernment predicated on industry expertise.
On the basis of funds deposited by JAMA in a designated financial institution, the program will enable the issuance of credit guarantees so that companies in early need of financial support can quickly obtain loans from their banks (see the diagram below for details).
JAMA will take the lead in introducing this initiative in order to respond promptly to priority financial needs at the present time. We aim to implement this support as soon as possible, in collaboration with JAPIA, JABIA, and JAMTA.
Meanwhile, we will continue to make every effort to overcome the COVID-19 crisis and fulfill our role as an engine of Japan’s economic recovery, by supporting each other based on united efforts within our industry.
Summary Outline of the Automotive Intra-Industry Mutual Aid Program
|Responsible entity||Japan Automobile Manufacturers Association, Inc.|
Procedural Flow of the Mutual Aid Program