The California Asian Pacific Chamber of Commerce presents the 2019 Grow Your Export Forum Series. This series aims to educate small and medium-sized enterprises (SMEs) on export opportunities and re-sources. We bring together export specialists and international trade experts to discuss current trends in global trade, highlight emerging markets, and share insight on the tools and resources available to U.S. SMEs.
This series began with the 2019 Grow Your Export Forum Los Angeles on February 8, 2019. This forum covered export topics around the Japan business market, shipping preparation materials and procedures to export, and the federal and private -sector resources available to help SMEs begin the export process. This report highlights key points to help businesses decide on a market
and navigate through export procedures.
JAPAN BUSINESS OUTLOOK
Japan's bustling economy has become highly attractive
to foreign companies.
Since 2012, Japan ranks the 3rd
highest GDP in the world at 5.45 trillion US dollars. The number of inbound tourists to Japan is nearly four times
larger than in 2012 at 28 million tourists. With the Olympics coming to Tokyo, Japan in 2020, U.S. companies are eager to know about upcoming trends and changes in the Japanese economy and how they can enter this dynamic market.
“Doing things by yourself is the toughest way (to do international business),” says Hisashi Kanazashi, Executive Director of JETRO Los Angeles.
It is not impossible, but the decision-making process takes time. For those companies ready to export, Kanazashi recommends to partner with an established Japanese company. The Japanese company understands the cultural and economic landscapes, has the capital to help fund the partnership, and has insight on the best entry strategy for your product.
Many believe that doing business in Japan is expensive, but business costs are relatively low compared to other countries with well-established economies.
For example, the average office rent per square feet in Hong Kong is $307 USD, while Tokyo is $171 USD and drops down to $46 USD for a small scale office buildings. Japan is not as expensive as many believe, even SMEs can afford to do business in Japan.