28855
Tokyo Courts Foreign Business
World Economy

Tokyo Courts Foreign Business

The mega-city of Tokyo—37 million residents, an output (GDP) that compares to Mexico’s. The Japanese capital, which will host the 2020 Olympic Games, is clear about its new economic ambitions. Tokyo wants to overtake New York, London, Hong Kong and Singapore to become the world’s top financial center.
These past few years, a dozen special economic zones have been created across Tokyo, including in the neighborhood of Toranomon, with the aim to create ecosystems for international business, with every asset to attract foreign investors and firms and to encourage interactions with Japanese companies, Euronews reported.
It is in one of these special zones, Shinjuku, that the South African firm Aspen, the world’s fifth largest maker of generic drugs, recently set up its R&D center. Japan is the world’s second biggest health care market after the United States, and this Tokyo neighborhood was particularly attractive, says Philippe Auvaro, president of Aspen Japan: “We were offered two months’ free rent, a huge flexibility in terms of our office arrangement… We built small clusters, which the Japanese call “Shimas”… All the cabling work had already been sorted. So in the end this was all very favorable to our installation costs.”

  Incentives for Companies
There are other advantages for the companies that settle in these special zones: a lower corporate tax, free consulting in English, subsidies for their move and their recruitment, and a one-stop system to speed up administrative procedures.
“Before, it took three weeks to set up a business here in Tokyo,” says Governor of Tokyo Yoichi Masuzoe. “But with this one-stop system, you can now do that in eight days. And hopefully soon it will just take 5 days. That’s my ambition!”
The sectors thriving in Tokyo are health care, as well as activities tied to the environment and information technology. The head of LinguaNext, an Indian firm that provides multilingual software solutions, says he chose Japan for its outstanding customer service and its economic context: “Increasingly now Japan is becoming globalized, in the sense that they are more open to purchasing products and services from overseas companies. And so this, I think, is a great opportunity to non-Japanese companies to bring things into Japan that they are missing locally,” says CEO David Crouch.
Many urban projects are underway in the capital, notably in the financial district of Nihombashi. Tokyo now ranks as one of the world’s safest and least polluted cities, thanks to a crackdown on diesel emissions and efforts to unclog the city’s roads.
“In Tokyo, there are no traffic jams, it’s wonderful. Berlin, Rome or Paris: we’ve never seen a city of this scale without traffic jams,” says Governor Masuzoe.
Tokyo is embracing foreign business, and so is Japan, which is expected to reach a free trade agreement with the EU very soon.

Short URL : http://goo.gl/hAkOHc
  1. http://goo.gl/HzKGGy
  • http://goo.gl/kRpw23
  • http://goo.gl/7y9Oxy
  • http://goo.gl/rm3O2C
  • http://goo.gl/IhjdsJ

You can also read ...

Close to 40% of digital transformation initiatives will be supported by AI capabilities.
The digital economy in Asia-Pacific, or APAC, is expected to...
An electronic stock indicator of a securities firm in Tokyo.
As investors come to terms with the impending end of easy...
Maersk is expanding its competitive universe to include different types of companies.
The world’s largest container company will start looking for...
Lloyds Profits Miss Forecasts
Lloyds Banking Group PLC raised its 2017 dividend by 20% and...
Most economists would agree that Italy needs faster economic growth if it is to resolve its public debt  and banking-sector problems in an orderly manner.
Italy’s economy is growing again, but it’s still the worst...
CBs May Top Inflation Targets
Not only will central banks meet their inflation targets, they...
Pak Current Account Gap Widens
Pakistan’s current account deficit widened 28.74% on a month-...
NZ Says Pacific Trade Deal Will Boost GDP
New Zealand estimates a Pacific trade deal would boost its...

Trending

Googleplus