Japanese Prime Minister Shigeru Ishiba pledged more than $65 billion of fresh support for the nation’s semiconductor and artificial intelligence sector as Tokyo looks to keep up with a global spending spree on cutting-edge tech.

Ishiba said he hoped public aid of more than ¥10 trillion ($65 billion) for the sector by fiscal 2030 would serve as a catalyst to generate public and private investment of more than ¥50 trillion over the next 10 years.