U.S.-Japanese Economic Ties Strengthened at Investment Seminar

NEW YORK, Sept. 29, 2015 /PRNewswire/ -- The Japan External Trade Organization (JETRO) hosted an exclusive Invest in Japan seminar yesterday in New York City. The event, attended by more than 250 business executives, featured remarks by Japanese officials including Prime Minster Shinzo Abe and U.S. executives including Jamie Dimon, CEO of JP Morgan Chase.

Prime Minster Abe highlighted his multi-pronged approach to Japan's economic program, dubbed Abenomics, and how it benefits U.S. corporations that expand in Japan. As the largest net foreign asset holder in the world with $3.1 trillion and the third largest GDP in the world, Japan is an attractive market for foreign direct investment.

"Today, I have come to convey the business advantages of Japan. One way Japan is working to attract business is by lowering the current corporate tax rate from 32 percent down to the 20s, over several years," said Prime Minister Abe at the event. "Japan is no longer a country closed to foreign people. If you live in Japan for three years and are highly skilled you are able to live in our country indefinitely. My aim is to make Japan the country with greatest ease of doing business in the world. By all means, come and invest in Japan."

In order to promote the overseas business expansion of companies exploring potential technologies, Abe also discussed the Ministry of Economy, Trade and Industry's (METI) new Global Alliance Promotion Offices, which will provide a matching system for foreign companies and Japanese companies, in collaboration with JETRO. Funding will be utilized for investment in mid-ranking companies and SMEs. The program is expected to contribute to overseas expansion of Japanese mid-ranking companies as well as domestic employment and the revitalization of regional economies.

"Since Prime Minister Shinzo Abe was inaugurated as Prime Minister three years ago, aggressive structural reforms have been progressing in Japan including corporate governance reforms, corporate tax cuts and challenging deregulation in major sectors such as energy, life science and agriculture," remarked Toshiyuki Yokota, President of JETRO New York at the seminar. "In addition to these domestic reforms, both the U.S. and Japan have been working hard to conclude TPP negotiation, which will contribute to accelerating global business opportunities. There has never been a better time to invest in Japan."

Jamie Dimon, CEO of JP Morgan Chase, keynoted today's event highlighting strengths of the bank's Japanese operations, which have been in business for nearly a century. JP Morgan supports more than 100 U.S. corporate clients with significant operations in Japan and employs 1,200 Japanese. Japan has generated the largest revenue as a single country in the APAC region for JP Morgan, last year accounting for nearly 20 percent of $6.1 billion regional revenue.

Douglas Beck, Vice President of North America and Northeast Asia at Apple Inc. also discussed the tech giant's plan to build a technology development center within Tsunashima Sustainable Smart Town in Yokohama. The city is home to R&D facilities for several American companies: Dow Chemical, Tenneco, Sensata Technologies, and Johnson Controls. U.S.-based executive Eran Westman, CEO of Vidyo, Inc., also spoke about the software technology company's experience operating in Japan for the past four years.

Eikei Suzuki, Governor of Mie Prefecture, and Fumiko Hayashi, the first female Mayor of Yokohama City, also spoke about specific benefits of investing in varying regions of Japan; such as Mie's strength hosting meetings, incentives and conventions, and Yokohama's leading number of R&D facilities in all of Japan. The cities of Kobe, Toyama, Sendai, Kita-Kyushu, Tsukuba, and Hiroshima also exhibited at the event.

"Today's seminar gave business leaders a glimpse into Japan's much improved business climate, which yields stronger investment opportunities for U.S. companies considering an expansion in Japan," said Yokota. "We look forward to continuing to strengthen the economic ties between the U.S. and Japan."

The Invest Japan Seminar was co-hosted by METI, Mie Prefecture and Yokohama City.

About JETRO

JETRO, or the Japan External Trade Organization, is a government-related organization that works to promote mutual trade and investment between Japan and the world. Originally established in 1958 to promote Japanese exports abroad, JETRO's core focus in the 21st century has shifted toward promoting foreign direct investment into Japan and helping small to medium size Japanese firms maximize their global export potential. More information: https://www.jetro.go.jp/en/

SOURCE JETRO

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https://www.jetro.go.jp/en