Japan's shipbuilding industry is preparing to unveil a JPY350 billion (US$2.28 billion) investment plan aimed at doubling domestic production capacity, reported Nikkei.

Seventeen firms, including Imabari Shipbuilding, are expected to participate. As of Wednesday, no formal announcements have been made by the companies or any industry bodies.

The initiative aligns with government efforts to revitalise the sector and bolster economic security. The industry was once a global leader but has faced increasing competition in recent decades.

The Shipbuilders' Association of Japan hosted the annual JECK summit in Imabari on Wednesday. SAJ chairman and Imabari president Yukito Higaki urged the industry to accelerate research and development and adopt digitalised production systems.

Discussions also covered greenhouse-gas regulations and the role of shipbuilders in supporting the International Maritime Organization's environmental goals.

Imabari Shipbuilding is a private Japanese firm specialising in commercial vessel construction. It controls Japan Marine United Corporation and co-owns Nihon Shipyard Co Ltd, a joint venture focused on advanced ship designs.