Senior business leaders from 135 Japanese and U.S. firms concluded a two-day meeting in Washington on Wednesday, agreeing on the need for closer economic cooperation amid the turmoil caused by the COVID-19 pandemic and Russia’s invasion of Ukraine.
The firms at the meeting were involved in the following sectors: digital economy, financial services, health care, energy, travel and tourism.
The focus of the U.S.-Japan Business Council and the Japan-U.S. Business Council meeting was on how to bolster the private sector’s role in the bilateral relationship. Business leaders from both nations called on their respective governments to take steps to strengthen supply chain security and resilience between Japan, the U.S. and other like-minded countries as a way to curb inflation.
"In today's uncertain environment, it is becoming increasingly important for business leaders in the U.S. and Japan to further deepen their partnership based on the universal values shared by our two countries,” Jun Sawada, head of the Japanese organization and chairman of NTT, said in a statement following the meeting.
On energy issues, the group advocated more cooperation on advanced clean energy technologies and infrastructure in order to meet both national and international carbon reduction targets. Specifically, there were calls to strengthen cooperation on liquefied natural gas and sustainable aviation fuel use, hydrogen power, nuclear power, and the development of carbon capture, utilization and storage technologies.
There was also agreement to work on increasing the capacity and efficiency of American LNG exports not only to Japan but also the Indo-Pacific region as a way to calm energy markets that have been rattled by the war in Ukraine. The group also stressed the importance of safely expanding the use of nuclear power and investing in the training of a new generation of skilled workers to run the plants.
Regarding cybersecurity risks and guarding against cyberattacks, the group said that business and industry can take the lead in combating such threats based on international best practices and standards, allowing for a more flexible way to deal with rapidly evolving cyberthreats to digital trade.
To improve consumer access in both countries to new medical products, the leaders called for both the U.S. and Japanese governments, as well as the relevant private sectors, to conduct a dialogue on the issue.
The easing of Japan’s border restrictions on Oct. 11, allowing visa-free, independent tourism for the first time in nearly two and half years, is also an issue of bilateral economic interest. To entice more Americans to visit Japan and take advantage of the favorable exchange rate, the group suggested promoting not only well-trodden tourist areas such as Tokyo and Kyoto, but also the natural and cultural attractions of lesser-known prefectures.
Expanding tourism will require new ways of thinking about how to recruit and train the next generation of tourism talent, however. The business leaders called on the governments of both countries to re-examine the status of the industry in their respective countries and to support the training and development of workers in the years ahead.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.