‘Tier-2 cities like Mysuru, Mangalore and other cities have been identified for promotion of JETRO’s activities and to understand their business requirements,’ says Junya Tashiro, Director General, JETRO Bengaluru
In order to assist Japanese small and medium-sized enterprises (SMEs) in expanding their businesses in global marketplace, and expanding relationship between countries in mutual business, a Japan government organisation, Japan External Trade Organisation (JETRO) invites companies from various countries to start-up business in Japan. JETRO is providing free information, consultation, and office space for limited time period and other services free of cost, as well as few free-based services.
To promote business between India and Japan, JETRO, hosted a seminar on ‘Doing business in Japan’ at a private hotel on Monday in city under the auspices of Mysore Chamber of Commerce and Industry (MCCI).
Addressing the participants, Junya Tashiro, Director General, JETRO Bengaluru, said that JETRO Bengaluru is targeting tier-2 cities like Mysuru, Mangalore and other cities for promotion of JETRO’s activities and to understand their business requirements. We also wish to promote investments into Japan and JETRO will provide assistance to the interested Indian companies. In order to do market study, JETRO provides free office space in six major cities – Tokyo, Osaka, Nagoya, Fukouka, Yokohama and Kobe of Japan.
With effective economic reform policies in Japan (Abenomics), the Gross Domestic Product (GDP) of 517 trillion Yen in 2012 has increased to 529 trillion Yen in 2015 and operating profits for companies have surged from 126 trillion Yen to 152 trillion Yen in the same period.
Other than that, economic indicators such as employment and business confidence have improved. Japanese companies are showing positive impact of Abenomics. To sustain this virtuous cycle, the government has been implementing various restructurings. Corporate tax rate of 39.54 percent in fiscal year 2011 (the highest in the world) has already reduced to 32.11percent in fiscal year 2015. It is expected to come down to 20 percent in FY2016, he added.
In addition, the regional monopoly of electricity production and distribution which had continued for 60 years has been broken, and the electricity market will be free in April. Furthermore, the Pharmaceutical Affairs Act has been amended and the approval procedure substantially simplified, he underlined.
A business-friendly environment and a sustained upkeep of its infrastructure have helped Japan become a more attractive investment destination. JETRO has supported over 12,000 projects from across the world in the past 11 years. 1,245 foreign companies including 25 Indian companies have started their business in Japan, Tashiro said.
JETRO, or the Japan External Trade Organisation, is a government authorised organisation that works to promote mutual trade and investment between Japan and the world. 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 sized Japanese firms maximise their global export potential. For more details, interested entrepreneurs may contact Swastik Kulkarni on cell: 804113 8168 or jetro.go.jp/en/