Business

Stories of success by 100 Japanese firms doing business overseas published online

JIJI

To help small businesses boost their exports, a public-private body has released a collection of 100 success stories of Japanese companies that have expanded overseas.

The stories feature the voices of workers at manufacturers and retailers that have received advice to increase exports from the Consortium for a New Export Nation, which was created by the Ministry of Economy, Trade and Industry.

METI hopes that a wider range of Japanese companies will enjoy benefits from tariff cuts and abolition under free trade deals, ahead of the planned effectuation of a new trade pact between Japan and the United States.

The stories, collected by the Japan External Trade Organization, were released online last week.

The collection explains tariff rate drops under the Trans-Pacific Partnership free trade agreement, which took effect in December last year among Japan and 10 other countries, and Japan’s economic partnership agreement with the European Union, implemented in February this year.

The stories also refer to keys to solving problems at the 100 companies.

Automobile parts maker Ogawa Industry Co., based in Hashimoto, Wakayama Prefecture, started plant operations in Mexico, a TPP member, last year.

In its story, the company says that its president, Kiyoshi Ogawa, got advice from an expert at the consortium about Mexico’s tax system.

“We want to increase the value of our business,” the president is quoted as saying.

Soy sauce maker Fueki Syoyu Brewing Co., based in Kawajima, Saitama Prefecture, underlines the importance of product lineups tailored for overseas markets. The company has started business in France.

The consortium was established in 2016. It has supported over 8,500 small and midsize companies in cooperation with financial institutions, local governments and regional chambers of commerce.

For now, the central government aims to concentrate on promoting exports to the United States following the recent conclusion of the bilateral trade agreement.

“Small and midsize companies will have a big opportunity when the United States abolishes or cuts tariffs on Japanese chemical products, bicycles, soy sauce and other products,” a ministry official said.

GET THE BEST OF THE JAPAN TIMES
IN FIVE EASY PIECES WITH TAKE 5