Minister of Economy, Trade and Industry Akazawa Visits Davos, Switzerland

1. World Economic Forum Annual Meeting (Tuesday, January 20)

Minister Akazawa participated in the following two sessions at the World Economic Forum Annual Meeting:

(1) Governments as Economic Super Actors

In this session, Minister Akazawa engaged in discussions with other panelists, including H.E. Mr. François-Philippe Champagne, Minister of Finance and National Revenue of Canada, on future industrial policies and the international economic order. During the discussions, the Minister explained the following points:

1. Japan faces a labor shortage and is therefore in a highly unique and advantageous position to advance digitalization, artificial intelligence (AI), and labor saving without being constrained by concerns about rising unemployment rates. The government will promote investment in these areas.
2. As a country with a super-aging society and significant exposure to disasters, Japan will leverage its abundant big data and establish a winning strategy in the fields such as elderly care and disaster prevention. The government will advance proactive industrial policies that capitalize on these strengths.
3. Japan and the United States have become “special partners” through tariff consultations and will build a resilient supply chain that benefits both countries through the 550-billion-dollar Strategic Investment Initiative.

Through these points, Minister Akazawa highlighted Japan’s attractiveness as an investment destination.

For videos of the session and an overview of the event, please refer tothe World Economic Forum website .

(2) Country Strategy Dialogue on Japan

Minister Akazawa, along with Mr. MATSUMOTO Hisashi, Minister for Digital Transformation, and Mr. KOIZUMI Shinjiro, Minister of Defense, discussed the Government of Japan’s strategic priorities, as well as its trade and investment policies. Minister Akazawa emphasized that Japan’s economy has strong prospects and encouraged investment in Japan. Furthermore, he explained that, amid the uncertain international situation, Japan will advance a “hybrid trade strategy” that combines engagement with the United States as a leading global power and initiatives to promote free trade and the rule of law in collaboration with like-minded nations.

2. Exchanges of views with ministers from various countries and regions (Tuesday, January 20 to Wednesday, January 21)

During this visit, Minister Akazawa held bilateral meetings with H.E. Mr. Nicolas Forissier, Minister Delegate for Foreign Trade and Attractiveness of the French Republic; H.E. Mr. Howard Lutnick, Secretary of Commerce, and H.E. Mr. Chris Wright, Secretary of Energy, of the United States of America; the Rt Hon Mr. Peter Kyle, Secretary of State for Business and Trade of the United Kingdom; H.E. Mr. Maroš Šefčovič, European Commissioner for Trade and Economic Security, and Interinstitutional Relations and Transparency of the European Commission; and H.E. Mr. Stéphane Séjourné, Executive Vice-President for Industrial Strategy and Prosperity of the European Commission. They exchanged views on various topics, such as bilateral economic relations, economic security, and cooperation to strengthensupply-chain resiliency for critical minerals.

(1) Bilateral meeting with H.E. Mr. Nicolas Forissier, Minister Delegate for Foreign Trade and Attractiveness of France

Both sides exchanged views on strengthening bilateral cooperation and cooperation through the G7, particularly in the field of economic security, including critical minerals. They issued a joint press release on cooperation with like-minded countries, including efforts to enhance supply-chain resiliency for rare earths and other critical minerals.

(2) Bilateral meeting with H.E. Mr. Howard Lutnick, Secretary of Commerce, and H.E. Mr. Chris Wright, Secretary of Energy, of the United States of America.

During the meeting, both sides confirmed that they will continue coordination toward the announcement of the first project under the Strategic Investment Initiative between the two governments.

They also discussed forming future Japan-U.S. collaborative projects on critical minerals.

(3) Bilateral meeting with the Rt Hon Mr. Peter Kyle, Secretary of State for Business and Trade of the U.K.

Both sides exchanged views on promoting bilateral cooperation based on the U.K.-Japan Industrial Strategy Partnership and the U.K.-Japan Economic Security Partnership, as well as on the importance of multilateral frameworks, including the WTO. They issued a joint press release that includes strengthening supply-chain resiliency.

(4) Bilateral meeting with H.E. Mr. Maroš Šefčovič, European Commissioner for Trade and Economic Security, and Interinstitutional Relations and Transparency of the European Commission

Both sides exchanged views on cooperation in economic security toward implementing the Japan-EU Competitiveness Alliance agreed at the regular Japan-EU Summit last July, cooperation in trade through fora including the WTO, and coordination toward the next High-Level Economic Dialogue. They issued a joint press release on strengthening Japan-EU cooperation, including efforts to strengthen supply-chain resiliency for critical minerals.

(5) Bilateral meeting with H.E. Mr. Stéphane Séjourné, Executive Vice-President for Industrial Strategy and Prosperity of the European Commission

Both sides exchanged views on strengthening cooperation toward implementing the Japan-EU Competitiveness Alliance agreed at the regular Japan-EU Summit last July, as well as on the importance of creating demand for materials for which non-price factors, such as reliability and stability, are properly valued. They issued a joint press release on enhancing Japan-EU cooperation, including cooperation to establish critical mineral projects to strengthen supply-chain resilience.

Related Material

• Joint press release by Minister Akazawa and H.E. Mr. Nicolas Forissier, Minister Delegate for Foreign Trade and Attractiveness of the French Republic(PDF:39KB)
• Joint press release by Minister Akazawa and the Rt Hon Mr. Peter Kyle, Secretary of State for Business and Trade of the United Kingdom(PDF:80KB)
• Joint press release by Minister Akazawa and H.E. Mr. Maroš Šefčovič, European Commissioner for Trade and Economic Security, and Interinstitutional Relations and Transparency of the European Commission(PDF:133KB)
• Joint Press Release by Minister Akazawa and H.E. Mr. Stéphane Séjourné, Executive Vice-President for Industrial Strategy and Prosperity of the European Commission(PDF:143KB)

Divisions in Charge

• For the overall visit: Principal Director, International Economic Affairs Department, Trade Policy Bureau

• For the bilateral meetings with European countries and regions: Europe Division, Trade Policy Bureau

• For the bilateral meeting with the U.S.A: Americas Division, Trade Policy Bureau