Press Conference by Minister Saito (Excerpt)

*Note: This is a provisional translation for reference purposes only.

10:04 to 10:16
Tuesday, October 1, 2024
Press Conference Room, METI Main Building

Opening Remarks

Review of performance during office

Good morning.

For the nine and a half months since assuming office in December last year, I have done my utmost with a resolve to do everything possible for the sake of the Japanese economy.

First and foremost, from the bottom of my heart, I pray for the souls of the people who lost their lives due to the 2024 Noto Peninsula Earthquake, which occurred on January 1, and the heavy rains last month. I also offer my heartfelt sympathy to all the people affected by those disasters.

Immediately since the earthquake in January I have exercised initiative to ensure that the whole ministry takes the necessary actions. At present, I have been promoting support for livelihood rebuilding, but the damage done to some provisional workshops by the recent heavy rains has been confirmed. The Ministry of Economy, Trade and Industry (METI) will continue to take actions that are considerate of the people affected by the disasters so that they can proceed with reconstruction with peace of mind.

Next, let me mention matters of industrial policy. Under the Kishida administration, domestic investments have expanded considerably, with nominal GDP surpassing 600 trillion yen for the first time ever. Regarding wages, too, the administration has realized a high growth rate of 5.10%. It is necessary to consolidate the “sea change” in the Japanese economy that we are witnessing for the first time in 30 years.

In particular, amid the intensifying international competition in industrial policy, we have promoted bold investments in semiconductors and other areas, such as Digital Transformation (DX), Green Transformation (GX), and economic security, and created large-scale tax system measures for investment and production in strategic areas through the amendment of the Act on Strengthening Industrial Competitiveness. In addition, we have made efforts to strengthen support for mid-sized enterprises and startups that are important for regional jobs and growth.

Now is a critical moment for realizing a virtuous circle of domestic investment, innovation, and income growth, so I expect METI to continue to do its utmost.

With respect to energy and GX, in order to accelerate GX and support domestic investment, we have started to discuss revision of the GX2040 Vision and the Strategic Energy Plan. Most recently, in order to promote the use of decarbonized power sources, we have provided support for perovskite solar cells and offshore wind power, held a ministerial meeting on the restart of nuclear power stations, conducted activities to establish a nuclear fuel cycle, and enacted a new law to develop a business environment for promoting hydrocarbon energy and carbon dioxide capture and storage (CCS).

The fourth point is the reconstruction of Fukushima. Since assuming office, I have visited Fukushima five times and promoted its reconstruction through activities to prepare for the removal of the evacuation orders in the restricted areas and the creation of new attractions through arts and culture while listening to the voices of the local communities.

In addition, I have taken the initiative in implementing measures to mitigate reputational damage to Japanese fishery products associated with the discharge of ALPS treated water into the sea, which is essential for the decommissioning of Fukushima Daiichi Nuclear Power Station. For example, together with young METI employees, I ate lunch box meals featuring food from the Sanriku-Joban region. With respect to the import restrictions imposed by some countries, it is necessary to continue efforts toward the immediate removal of the import restrictions.

I hope that METI will continue ministry-wide activities to realize the reconstruction of Fukushima, including decommissioning measures, the securing of safety and transparency over ALPS treated water, measures to mitigate reputational damage, and livelihood support.

The fifth point is external economic policy. I have made a total of eight overseas visits and met with around 100 senior foreign officials. For example, I have advanced harmonization in industrial policy by promoting cooperation between Japan and the United States and between Japan and Europe, from the viewpoint of matters other than pricing, such as sustainability. I have also strengthened cooperation with Global South countries.

Regarding the Asia Zero Emission Community (AZEC), the second ministerial meeting was held in August this year, and Japan has exercised leadership in forging an agreement on the initiative to promote decarbonization in the power, transport and industry sectors. Moreover, in light of the expansion of opportunities for the direct sale of foreign products, I have striven to ensure the safety of domestic consumers by amending the Consumer Product Safety Act.

Sixthly, I would like to mention matters related to small and medium-size enterprises (SMEs), the promotion of bookstores, and the Expo.

To secure funds for wage hikes by SMEs, I have promoted the provision of guidance and advice based on the Act on the Promotion of Subcontracting Small and Medium-sized Enterprises and measures to support price pass-through. I have also supported the strengthening of the growth and profit-earning power of SMEs through the creation of a subsidy program for labor saving and a tax system to promote the formation of groups by SMEs.

I have also launched a bookstore promotion project, and I have taken part in dialogues and visited bookstores in person. A public comment regarding the challenges for invigorating bookstores is scheduled to be issued by the end of this week.

We have made steady preparations for the Expo. For example, with less than 200 days to go until its opening, the wooden portions of the huge roof ring, which is the symbol of the Expo hall, have been completed. Going forward, I hope that full-fledged efforts will continue to be made to make this an Expo attractive to all visitors.

Lastly, there is one thing that I have acutely felt since returning to the frontline of economic and industry policymaking, which was the starting point of my career, after an interval of 18 years. That is the fact that as we enter an era of international competition in industrial policy, each of METI’s policies is having a significant impact on the state of Japan’s economy, industry and society. I would like to continue to provide support in whichever position I may be in so that each and every METI employee can work hard with strong pride and a sense of responsibility to build the future of Japan. I would like to express my heartfelt appreciation for my younger colleagues who have worked with and supported me for around nine and a half months.

I have also received considerable support from members of the press club. I would like to use this occasion to express my appreciation to them. Thank you very much.

I will end my remarks here.