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Towards trade and investment expansion |
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(Source: "Outstanding external debt balance statistics" compiled by
the Ministry of Finance and the Bank of Japan)
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It is important to build closer relationships with other countries by promoting trade and investment. Under the initiative of the prime minister, who stated, "We will implement various measures designed to make Japan an attractive investment destination seeking to double the outstanding balance of foreign investment over the next five years" (policy address delivered in January 2003), we position the promotion of direct foreign investment as a "trump card" in revitalizing the Japanese economy, and are implementing various policies such as advertising Japan's attractiveness overseas, strengthening company-invitation systems, and improving the business environment for foreign capital. We will promote Japan as an attractive destination for investment, listening to opinions from not only Japan but also foreign countries. |
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Establishing the "Japan Brand" |
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As the revitalization of regional economies will contribute to the Japanese economy, we consider it important to assist the export sales efforts of small and medium enterprises around the country that are equipped with high-level technologies or unique ideas.
To meet their wide-ranging requirements regarding export, through the Japan External Trade Organization (JETRO), an incorporated administrative agency, we offer consultation services on foreign trade, assist them in overseas market research and participation in overseas exhibitions, and help them find a good match among foreign firms. On the back of their rising income in recent years, consumers in China, Taiwan and some other Asian economies have been demanding more of Japan's high-quality, safer agricultural and marine products. To cope with this growing demand, in collaboration with the Ministry of Agriculture, Forestry and Fisheries we are making efforts to open up and expand overseas markets for such products.
Through these measures and policies, we seek to enhance the overseas reputation of Japanese products and commodities; in other words, we are seeking to establish the "Japan Brand." |
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Trade control as an international responsibility |
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Since the terrorist attack in the US in September 2001, the international community has put priority on the further promotion of counter-terrorism measures. Countries suspected of involvement in terrorism are in fact still developing and procuring weapons of mass destruction. In Japan, too, we effect strict control over exports; furthermore, we are working to enhance the effectiveness of international export control through strengthening our collaboration with, and organizing seminars in, different countries and areas in Asia aiming to prevent goods of concern from exiting by way of third countries.
International conventions also demand rigorous export and import controls in regard to, for example, wild flora and fauna pursuant to the Convention on International Trade in Endangered Species of Wild Flora and Fauna (Washington Convention) and hazardous wastes pursuant to the Basel Convention on the Control of Trans-boundary Movement of Hazardous Wastes and Their Disposal (Basel Convention).
The Trade and Economic Cooperation Bureau has established the Trade Control Department to ensure the proper operation of the Foreign Exchange and Foreign Trade Control Law and to advance even more rigorous trade control. |
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Japan's economic cooperation |
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Assisting in the training of industrial engineers
(tractor maintenance and operating instruction in Malaysia)
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As a developed country, Japan should take the initiative in solving the problems facing developing countries. We also recognize the need to secure sustainable economic growth throughout Asia by strengthening mutual cooperation among Asian countries whose economies have strong ties with the Japanese economy, which will eventually enable us to assure safety and prosperity for Japan.
At the same time, there is discussion of the future vision and the need to improve quality and transparency of Official Development Assistance (ODA), against a background of growing national awareness of ODA and the severe economic and financial situation inside and outside the government.
Reflecting this situation, METI considers mutual cooperation among East Asian countries from the perspective of the development of the Japanese economy, and supports improvement of environments for trade and investment as well as improvement of economic and financial fundamentals through enhancement of economic infrastructure and systems. Moreover, METI is implementing more efficient and effective economic cooperation while continuing to stress environmental issues such as pollution and global warming. |
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Computerization of trade procedures |
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Economic globalization is encouraging greater international specialization, which in turn is expected to substantially expand trade volume in the years to come. To deal with this burgeoning trade demand, experiments are underway around the world using electronic data interchange (EDI) to facilitate and simplify trade procedures. Japan too has developed the Japan Electronic Open Network Trade Control System (JETRAS; see image), an open network system for trade control designed to computerize government application procedures for exports and imports. JETRAS was launched in April 2000, and in the future we expect to build the next version of JETRAS to further improve our service. The government has also supported a private initiative to develop the Trade Electric Data Interchange. Such efforts will accelerate procedures related to document creation, transport and storage and enable major cost reductions, greatly improving the efficiency of trade procedures. |
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Trade
insurance that supports Japanese companies' external trade |
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Foreign trade or investment is accompanied by wide-ranging risks such as war and terrorism or financial uncertainties. Trade insurance is a system precisely designed to cover such risks that are not assumed under marine insurance provided by private insurance companies, and enables Japanese firms to safely conduct foreign trade and overseas investment.
METI plans and draws up policies relating to trade insurance, and accepts reinsurance from Nippon Export and Investment Insurance (NEXI), which operates as METI's business arm for underwriting insurance. In this way, we put into practice our external economic policies while providing complementary credit. Another key role of trade insurance is to contribute to economic growth in developing countries by way of circulating private capital in the development of fundamental areas such as electricity infrastructure, oil pipelines, major railroad networks, natural gas, and large-scale steel mills. (Refer also to the pages dedicated to incorporated administrative agencies.) |
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