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FINANCING OPPORTUNITIES for EU Smes INTERNATIONALISATION in JAPAN Uu88 Joana SANTOS VAZ FINANCING OPPORTUNITIES FOR EU SMEs INTERNATIONALISATION IN JAPAN June 2020 1 Tokyo MINERVA Report Financing Opportunities for EU SMEs internationalization in Japan DISCLAIMER AND COPYRIGHT DISCLAIMER AND COPYRIGHT The information contained in this report reflects the views of the author and not necessarily the views of the EU-Japan Centre for Industrial Cooperation, nor the views of the European Commission and Japanese authorities. It does not claim to be comprehensive and is not intended to provide legal, investment, tax or other advice. While utmost care was taken to check, translate and compile all information used in this study, the author and the EU-Japan Centre for Industrial Cooperation may not be held responsible for any errors that might appear. This report is made available on the terms and understanding that the EU-Japan Centre for Industrial Cooperation and the European Commission are not responsible for the results of any actions taken on the basis of information in this report, nor for any error in or omission from this report. This report is published by the EU-Japan Centre for Industrial Cooperation. Reproduction of all the contents of the report is authorized for non- commercial purposes, provided that (i) the name of the author(s) is indicated and the EU-Japan Centre for Industrial Cooperation is acknowledged as the source, (ii) the text is not altered in any way and (iii) the attention of recipients is drawn to this warning. All other use and copying of any of the contents of this report is prohibited unless the prior, written and express consent of the EU-Japan Centre for Industrial Cooperation is obtained. i MINERVA Report Financing Opportunities for EU SMEs internationalization in Japan ABOUT THE EU-JAPAN CENTRE ABOUT THE AUTHOR This report has been conducted as part of the Joana Vaz is a PhD candidate at the University MINERVA Market & Policy Intelligence of Lisbon (ISCSP), with a master’s degree in Programme of the EU-Japan Centre for Industrial international Relations from the University of Cooperation. Beira Interior, specializing in EU affairs. She has been involved in the management of EU- The EU-Japan Centre (http://www.eu-japan.eu/) funded projects and lectured a broad range of is a joint venture between the European subjects in a public university, namely Commission and the Japanese Government. It Diplomacy & Foreign Policy, Diplomacy & aims at promoting all forms of industrial, trade Diplomatic Practice, International Governance and investment cooperation between the EU and International Organisations. Collectin g and Japan and at improving EU and Japanese experience in financial services, EU affairs and companies’ competitiveness and cooperation by economic diplomacy, prior to the MINERVA facilitating exchanges of experience and know- Program Joana Vaz worked at BNP Paribas how between EU and Japanese businesses. Securities Services and at the European Trade Promotion Organisations Association (ETPOA), through a program managed by AICEP- Portugal Global, under the Portuguese Ministry of Foreign Affairs. The author can be reached via Linkedin, or by e-mail at [email protected] ii MINERVA Report Financing Opportunities for EU SMEs internationalization in Japan ACKNOWLEDGMENTS I would like to express my honest gratitude to the EU-Japan Centre for Industrial Cooperation, namely to Mr. Philippe de Taxis du Poët, EU-side General Manager, and Mr. Fabrizio Mura for the opportunity given and for their guidance throughout this research. Enrolling the MINERVA Policy & Market Intelligence program and venturing into this challenging topic has been definitely demanding but also extremely enriching. For this part, I owe a thanks to the European Trade Promotion Organisations Association, namely to Tonia Van de Vyver, Christos Skouras and Vasso Kyrkou, as well as to Laurent Armaos, who have been true mentors for me. I would also like to thank Morgane Benoist, Luca Escoffier and all the colleagues at the EU-Japan Centre for helping me getting settled in Japan and for their availability. I am grateful I have received such a warm welcome and generosity from everyone. From unexpected dangos and postcards, to tech apértifs and team dinners, your daily acts of kindness will be remembered with “saudade”. I also owe a special thanks to AICEP, especially to Miguel Malheiro, for all the support given and for the taste of home during my stay in Japan. Finally, to my MINERVA fellows, Rèka Loczi and Masami Marbot, the great teamwork and the shared experiences not only made my best memories of Japan but were also the beginning of a beautiful friendship. Last but not least, I would like to highlight that finishing this report would not be possible without the insights of extremely helpful and knowledgeable people from several entities across Europe and Japan. I received an impressive availability from the European Commission, the EIF, the EIB, MOFA, JBIC, JFC, JETRO, National and Regional Promotional Banks, Trade Promotion Organisations, Business Support Associations, EEN, ECCP, EBOWWN, networks of investors and guarantee institutions, businesses, VCs and individuals that accepted to provide me with advice in exchange of nothing. This work is the result of synergies between people in different organisations, fields and geographies that I’ve tried my best to put together. Without them, this report would be a mere sequence of empty pages. iii MINERVA Report Financing Opportunities for EU SMEs internationalization in Japan CONTENTS ABOUT THE AUTHOR II ABOUT THE EU-JAPAN CENTRE II ACKNOWLEDGMENTS III ABREVIATIONS AND ACRONYMS VI LIST OF FIGURES IX LIST OF TABLES X EXECUTIVE SUMMARY 1 INTRODUCTION 3 CHAPTER 1 FINANCING OPPORTUNITIES IN THE EU 9 1. NEW APPROACHES TO SMES FINANCING SUPPORT IN THE EU 10 2. MANAGEMENT AND IMPLEMENTATION OF FINANCIAL INSTRUMENTS 13 2.1. EUROPEAN INVESTMENT FUND (EIF) 14 2.2. EUROPEAN INVESTMENT BANK (EIB) 15 2.3. FINANCIAL INTERMEDIARIES AND THE ROLE OF PROMOTIONAL BANKS 16 3. ASSESSMENT OF EU FUNDS AND PROGRAMMES 21 3.1. STRUCTURAL FUNDS (COHESION POLICY) 21 3.2. SECTORAL PROGRAMS UNDER THE INVESTMENT PLAN FOR EUROPE 23 3.3. INVESTEU 29 KEY FINDINGS 32 CHAPTER 2 FINANCING OPPORTUNITIES IN JAPAN 36 1. BILATERAL COOPERATION: EU-JAPAN IN CONNECTIVITY 37 2. FINANCING SUPPORT BY JAPANESE INSTITUTIONS 44 2.1. NIPPON EXPORT AND INVESTMENT INSURANCE (NEXI) 44 2.2. JAPAN INTERNATIONAL COOPERATION AGENCY (JICA) 45 iv MINERVA Report Financing Opportunities for EU SMEs internationalization in Japan 2.3. JAPAN BANK FOR INTERNATIONAL COOPERATION (JBIC) 46 2.4. JAPAN EXTERNAL TRADE ORGANISATION (JETRO) 48 2.5. JAPAN OVERSEAS INFRASTRUCTURE INVESTMENT CORPORATION FOR TRANSPORT AND URBAN DEVELOPMENT (JOIN) 50 2.6. INCJ, LTD. AND JAPAN INVESTMENT CORPORATION (JIC) 51 2.7. JAPAN FINANCE CORPORATION (JFC) 52 2.8. JAPAN DEVELOPMENT BANK (DBJ) 53 3. OTHER OPPORTUNITIES 54 3.1. THE UNIQUENESS OF JAPANESE GENERAL TRADING HOUSES 54 3.2. VENTURE CAPITAL AND EARLY STAGE INVESTMENT IN JAPAN 56 3.3. EU-JAPAN R&D COLLABORATION 62 KEY FINDINGS 65 CONCLUSIONS AND RECOMMENDATIONS 69 REFERENCES 78 ANNEX I – MAPPING OF NATIONAL AND REGIONAL PROMOTIONAL BANKS AND INSTITUTIONS 85 ANNEX II – MAPPING OF OTHER RELEVANT FINANCIAL INSTITUTIONS IN THE EU MS 88 ANNEX III – LIST OF RELEVANT SUPPORT ASSOCIATIONS, NETWORKS AND TOOLS 90 ANNEX IV – LIST OF EU INITIATIVES/ FINANCING SCHEMES 92 ANNEX V – LIST OF NATIONAL INITIATIVES WITHIN THE EU MS 95 ANNEX VI – INSTITUTIONAL STAKEHOLDERS IN JAPAN 100 ANNEX VII – LIST OF NON-INSTITUTIONAL STAKEHOLDERS IN JAPN 101 ANNEX VII – INSTITUTIONAL STAKEHOLDERS IN JAPAN 104 ANNEX VIII – INCJ’S OVERSEAS MANAGEMENT RESOURCES SCHEME 116 ANNEX IX – IMPLEMENTATION OF THE EU-JAPAN INTERINSTITUTIONAL WORKING GROUP 117 ANNEX X – SUITABILITY OF FINANCING INSTRUMENTS 129 v MINERVA Report Financing Opportunities for EU SMEs internationalization in Japan ABREVIATIONS AND ACRONYMS AECM European Association of Guarantee Institutions APAC Asia-Pacific Region ASEAN Association of Southeast Asian Nations ADB Asian Development Bank BDN Blue Dot Network BRI Belt and Road Initiative CF Cohesion Funds COSME Competitiveness of Enterprises and Small Medium Enterprises CVC Corporate Venture Capital DBJ Japan Development Bank DIT UK Department of International Trade DG DEVCO Directorate-General for International Cooperation and Development DG ECFIN Directorate-General for Economic and Financial Affairs DG FISMA Directorate-General for Financial Stability DG GROW Directorate-General for Internal Market, Industry, Entrepreneurship and SMEs EASME Executive Agency for Small Medium Enterprises (SMEs) EBOWWN European Business Organisations Worldwide Network EBC European Business Council in Japan EC European Commission ECCP European Collaboration Clusters Platform EEN Enterprise Europe Network EFG Equity Facility for Growth (COSME) EFSI European Fund for Strategic Investments EIAH European Investment Advisory Hub EIC European Innovation Council ESIF European Structural and Investment Funds ERDF European Regional Development Fund ETPOA European Trade Promotion Organisations’ Association EIB European Investment Bank EIF European Investment Fund vi MINERVA Report Financing Opportunities for EU SMEs internationalization in Japan ELTI European Association of Long-Term Investors EPA Economic Partnership Agreement ESIF European Structural Investment Funds EU European Union ETPOA European Trade Promotion Organisations Association FDI Foreign Direct Investment FIs Financial Instruments FTA Free Trade Agreement
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