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Why Invest in Japan's Local Regions? Unlimited Business Opportunities Await

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Why Invest in Japan's Local Regions? Unlimited Business Opportunities Await Why Invest in Japan's Local Regions? Unlimited Business Opportunities Await Business Opportunity beyond Tokyo Leverage the power of innovation Safe & Secure business environment Japan External Trade Organization(JETRO) www.investjapan.org Copyright Ⓒ 2016 JETRO. All rights reserved. January 2016 Why Invest in Japan's Local Regions? 1 Why Invest in Japan's Local Regions? Unlimited Business Opportunities Await Introduction‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥2 Why 1 Business Opportunity Beyond Tokyo‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥ 4 Why 2 Leverage the Power of Innovation‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥ 7 Why 3 Safe & Secure Business Environment‥ ‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥‥ 13 Introduction of JETRO's support: "Helping Foreign-Affiliated Companies Grow in Japan"‥ ‥‥‥‥‥‥ 19 This document is owned by JETRO. All of the content in this document, including, but not limited to, still images, text, pictorial works, graphic designs and logos, is owned or licensed by JETRO. This document shall not be reproduced or reprinted on any medium in whole or part by any means, without prior permission of JETRO. Although JETRO makes its best efforts to ensure the correctness of the information contained in this document, JETRO does not take any responsibility regarding losses derived from the information contained in this document. Introduction Why Invest in Japan's Local Regions? 2 Discover unlimited business opportunities Regional revitalization by attracting foreign companies to Japan Why invest in local regions in Japan? The government aims at creating jobs and innovation by bringing talented human resources and technologies from overseas to Japan and promoting the country's Because local regions in Japan provide abundant business globalization. opportunities, many potential partners capable of In particular, the government has set a goal of creating employment for 300,000 young innovation and company-friendly business environments. workers in order to strengthen the competitiveness of industries and create stable Local regions in Japan are places where you can explore employment in local regions by 2020 while endeavoring to attract foreign-affiliated companies to the regions. new possibilities for your business. Source:‥Created‥from‥"Japan‥Revitalization‥Strategy",‥Prime‥Minister‥of‥Japan‥and‥His‥Cabinet,‥ * In this document, "local region" is used to describe all prefectures outside of Tokyo. "Long-term‥Vision‥and‥Comprehensive‥Strategy‥for‥Revitalizing‥Towns,‥People‥and‥ Work",‥Office‥of‥Towns,‥People‥and‥Work‥Revitalization‥of‥the‥Cabinet‥Office Regional economy is showing recovery Hokkaido Hokkaido In Japan, key economic indicators have significantly improved from 2012 including the GDP growth rate, stock prices, diffusion index, employment and consumer price index. In addition to the Tokyo Metropolitan Area, the regional economy has also improved Chubu region Prefectures with an increase in the jobs-to-applicants ratio and base salaries. Now is the best time to 47 Toyama invest in local regions in Japan. Ishikawa Fukui Tohoku region Shizuoka Aomori Gifu Akita Aichi The jobs-to-applicants ratio Wage levels by region Yamagata Chugoku region Mie Iwate （％） Tottori 1.4 50 46.8 47.05 Miyagi Okayama 44.8 Kyushu region Fukushima 40.94 Yamaguchi 40 Fukuoka Niigata 1.2 Shimane Nagasaki Hiroshima 30 Kumamoto 1.0 Kagoshima Kanto region 20 Saga Ibaraki Tokyo 13.17 Oita Gunma 0.8 10.4 10 Miyazaki Chiba Kinki region Kanagawa Tochigi 0.6 0 Shiga 2011 2012 2013 2014 2015 2013 2014 2015 Shikoku region Hyogo Saitama Jan. Jan. Jan. Jan. Jan. Wakayama Tokyo Okinawa Kagawa Kanto and Koshinetsu regions Kanto and Koshinetsu regions Kyoto Nagano Tokushima Okinawa Osaka Yamanashi The average of other local regions The average of other local regions Ehime Nara Kochi Source: Created from "Employment Referrals for General Source: Created from "Survey on wage trends by Local Finance Workers", Ministry of Health, Labor and Welfare Bureau", Ministry of Finance Introduction Why Invest in Japan's Local Regions? 3 Changing local regions due to structural reforms Five Promises for Attracting Foreign Removing language barriers Businesses to Japan 1 (signs in foreign languages available at stores and public facilities) From 2015, the government has been promptly addressing the issues required to improve convenience for foreign Improving internet connectivity (free public wireless LAN) companies. 2 3 Receiving business jets at regional airports 4 Enriching educational environment for children from overseas (international schools) Making it easy for foreign businesses to consult the government 5 (Investment Advisor Assignment System) Source: Created from "the Council for Promotion of Foreign Direct Investment in Japan" (held on March 17, 2015), Cabinet Office Special zone Deregulation Developing business environment by utilizing "Special Zones" Promote new entry by reforming bedrock regulations Aiming at becoming "the most business friendly country in the world," the Deregulation has been promoted in the medical/healthcare sector, energy market government is striving to develop the business environment including the reform and labor market in order to revitalize the Japanese economy. of the regulatory system by utilizing "National Special Zones." Taking advantage of regional resources, 41 "Regional Vitalization Special Zones" are designated. Source: "Abenomics Is Progressing - Towards the Reinvigoration of the Japanese Economy, Nov. 2015”, Prime Minister of Japan and His Cabinet Source: Created from "List of Comprehensive Special Zones", Regional Revitalization Office, Prime Minister of Japan and His Cabinet Structural Tax reduction & tax system reforms Highly skilled foreign professionals Creation of a new tax system for strengthening local business facilities Preferential immigration treatment for highly skilled foreign professionals New tax incentives such as reduced tax rates on investment in buildings In order to promote entry of highly skilled foreign professionals, the Immigration and tax credit for employment are applied when a company relocates their Control Act was amended. Preferential immigration treatment was implemented headquarters functions from the Tokyo area to other local regions or expanding the including relaxing of requirements for accreditation of "Highly Skilled Foreign headquarters functions in those regions. Also, it was decided to lower the effective Professionals," granting the period of residence of "five years" and introducinga corporate tax rate to 29.97% in FY 2016. new status of residence with an unlimited period of stay. Source: Summarized from "Key Points of FY2015 Tax Reform" and "Key Points of FY2016 Tax Reform" Source: Summarized from website of the Immigration Bureau of the Ministry of Justice 1 Business Opportunity Beyond Tokyo Why Invest in Japan's Local Regions? 4 Local regions in Japan offer enormous and attractive markets Japan's GDP is the third highest in the world Many foreign companies have established business base in Japan's local regions. Japan's GDP totals approximately 500 trillion yen. Japan is one of the biggest Hokkaido/Tohoku 418 economic regions in the world and boasts immense economic power. Kanto (excluding Tokyo) 854 Kinki 793 GDP Chubu 602 Others Kyushu 374 Logistic base Chugoku 228 R&D base Ranked rd in the world Manufacturing base Shikoku 88 Head office Source: "World Statistics 2015", Statistics Bureau,3 Ministry of Internal Affairs and Communications, Cabinet Offi ce 0 100 200 300 400 500 600 700 800 900 Source: Created from "Foreign companies database (WEB version) 2014", Toyo Keizai Inc. Japan's regional economies have GDPs of the same size as those of other countries Case examples of foreign companies expanding their business to local regions Costco Wholesale Japan, LTD. (U.S.) Nation- International comparison of regional GDP in Japan wide (nominal, FY 2012) Focusing on the consumer market in Japan and operating 24 warehouses (Unit: $1 billion) throughout the country Hokkaido/Tohoku region 698.4 Since Costco Japan's fi rst location (Kasuya-gun in Fukuoka Prefecture) in 1999, it has located Switzerland 631.2 warehouses across Japan. It opened a new warehouse in Hashima City in Gifu Prefecture in the autumn of 2015. Currently it is operating 24 warehouses across the country, hiring about Chubu region 917.5 Indonesia 919.0 8,000 employees. Source: Summarized from website of Costco Wholesale Japan Kinki region 936.5 Indonesia 919.0 Kanto region 2,400.8 UK 2,461.8 Shizuoka Chugoku region 333.4 Tyco Electronics Japan G.K., a subsidiary of TE Connectivity Ltd. (U.S.) Denmark 315.2 Established a factory realizing cutting-edge manufacturing in Kakegawa City in Shizuoka Prefecture. Kyushu region 571.5 Sweden 523.9 Tyco Electronics Japan G.K., a electronic components manufacturer, established a factory with development capabilities in Kakegawa, Shizuoka in May 2013. They promptly supply high- Shikoku region 162.2 Vietnam 155.6 quality Japan-made electronic components to global markets. Source: Summarized from website of Tyco Electronics Japan G.K. Source: "Annual Report on Prefectural Accounts for FY 2012" issued in FY 2015, Cabinet Office 1 Business Opportunity Beyond Tokyo Why Invest in Japan's Local Regions? 5 Tourism High-profi le business resources in local regions in Japan Foreign companies, making big foot-prints in local tourism industry Spring Airlines Japan Co., Ltd. (China) Surging travelers to Japan! Increase of foreign tourists to Japan fueled Spring Airlines' expansion
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