Japan remains a global technology leader, ranking third in the world for the number of patents filed annually. Forging technology partnerships with Japanese firms is an excellent way for Singapore firms to improve their capabilities and increase their global competitiveness.
By 2050, more than 40% of Japan’s population will be aged 65 and above. This growing aging population represents opportunities in the healthcare and service sector for Singapore companies specialising in the silver market.
In 2012, Japan introduced attractive feed-in-tariffs (FIT) for renewable energy, putting the sector on a growth path resulted in Japan becoming the world’s second largest solar market in 20161. Renewable energy now accounts for about 15% of the country's total electricity production, up from 9% before the feed-in-tariffs were introduced2. Although the tariff level has since been reviewed and lowered, the subsidy still makes it attractive for Singapore companies to invest in renewable energy.
1: International Energy Agency, 2016 Snapshot of Global Photovoltaic Markets
2: Ministry of Economy, Trade and Industry
Japan is often regarded as one of the world’s top nations when it comes to innovation and quality. Despite the natural disasters that the country has endured in recent years, things appear to be picking up and it is back to “business-as-usual” for most companies and manufacturing bases. Many Japanese companies are looking to branch out into the region, which presents opportunities for Singapore companies to partner them in their expansion plans.