OYAMA, Shizuoka Pref. -- To stay competitive, Japan needs to focus on creating high added-value goods through new technologies and intellectual property, business leaders said Friday.
On the second and final day of the Japan Business Federation's summer seminar, senior members of the group discussed what should be done to revitalize the economy.
Yoichi Morishita, chairman of Matsushita Electric Industrial Co., said that because Japan lacks natural resources, industries should focus on developing, protecting and utilizing new technologies that can differentiate them from competitors.
Akira Chihaya, president of Nippon Steel Corp., said he believes an Asian free-trade zone should be formed, speculating that it would prompt Japanese manufacturers to boost their competitiveness. "Japan should become the leader of an Asia free-trade zone," he said.
Minoru Makihara, chairman of Mitsubishi Corp., said Japan should try to conclude a free-trade agreement with South Korea as a first step toward establishing a regional trade zone.
Kakutaro Kitashiro, chairman of IBM Japan Ltd., said that more Japanese should make investments.
"Participating in the stock market should be made more attractive," Kitashiro said, pointing out that negative sentiments surround the stock market.
Keiichiro Takahara, chairman and chief executive officer of UniCharm Corp., said major corporations should work with venture businesses to stimulate the economy.