MOI signed with US Department of Commerce toward promoting bilateral investment between US and Japan
- Holding TPP Utilization Seminar for SMEs -

February 2016

On February 1, JETRO concluded a memorandum of intent (MOI) concerning close collaboration with the SelectUSA program of the US Department of Commerce in the presence of Caroline Kennedy, US Ambassador to Japan. JETRO will support businesses between the US and Japan through this MOI.

SelectUSA was created by an Executive Order of President Obama and headquartered within the US Department of Commerce (USDOC) to provide easy access to programs and services related to investment into the US from overseas companies, particularly from small and medium-sized enterprises (SMEs). The US federal government has been supporting these SMEs by supplementing the functions of state and local economic development organizations. The partnership between the USDOC and JETRO based on this MOI will allow JETRO to obtain cooperation from the US federal government in addition to that which has been cultivated over long years between JETRO and individual states within the US. It is therefore expected that bilateral investment between the US and Japan will be further expanded.

At the signing ceremony it was stated by both Ambassador Kennedy and JETRO Chairman and CEO Hiroyuki Ishige that in order to invigorate bilateral investment between the US and Japan in a wide range of fields, it is necessary for Japanese SMEs to proactively take advantage of new business opportunities toward the US created by the TPP.

On the same day as the MOI signing ceremony, the USDOC and JETRO also jointly held a forum in Tokyo which introduced Japanese companies, in particular SMEs, to various methods and support programs for market development or business expansion in the US by taking advantage of the TPP. The forum was titled “U.S. Business Forum ‘Business Opportunity for Small and Medium-Sized Enterprises’,” and was joined by 147 attendees, mainly from Japanese SMEs.

At the first session titled “Business Chances in America for Japanese Firms Expanded by the TPP,” we invited as panelists business persons from Japanese firms and an SME cluster who are already operating in the US and trying to leverage the TPP in order to further expand business. They discussed the following topics: issues and allures of business in the US and the expected merits of the TPP. Among the panelists, Hideto Okazaki, Managing Director of Greater Tokyo Initiative, from a manufacturing SME cluster covering the west metropolitan area, introduced one particular activity by a member of his association in possession of advanced technology to establish profound connections with enterprises in Silicon Valley. In his presentation, Mr. Okazaki noted that business with US companies will bring about great opportunities for Japanese manufacturing SMEs involved in the IoT. From the retail industry, Nanako Sadasue, Vice President at Maker’s Shirt Kamakura Co., Ltd., whose company owns two stores in New York, spoke on the allure of the US market, stating that products made in Japan can be deservedly evaluated in New York, where the market is conducive to fair competition.

After that, Ryoichi Tsukada, Director/Chief Marketing Officer of Asial Corporation, whose company has developed and distributed “Monaca” for smart-phone application developers, talked about his challenging experience when launching business in the US, while also emphasizing the merits of sending information from America across the globe. Many attendees were seen nodding approvingly during his talk. Lastly, Makoto Togo, Deputy General Manager of the Department of International Sales for Sanwa Shurui Co., Ltd., whose company is well known under the brand name “Iichiko” and has been trying to expand sales in the US market beyond the Japanese community, spoke about the trials his company experienced setting up its American site.

At the second session, persons responsible from the USDOC and JETRO gave explanations on the support programs available to help Japanese SMEs successfully expand business in the US.

JETRO will continue working toward strengthening business collaboration between the US and Japan.