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.
Japan is the world’s third largest economy with a GDP of 4.94 trillion USD. As a developed market, Japan’s economy is primarily driven by the services sector, of which tourism is a key component. The Japanese government seeks to bring in 40 million foreign visitors by 2020 as a buildup to the Olympic Games in Tokyo, resulting in many opportunities in the tourism and hospitality sectors. The Japanese government is also putting effort into increasing agriculture and infrastructure exports, presenting opportunities for wholesale trade and third-country infrastructure collaborations. In the tech space, the Tokyo government is keen on attracting Internet of things (IoT) and fintech firms to set up in Tokyo, while large corporates such as Softbank have been actively seeking investment opportunities in startups. Demographically, Japan has an aging population with limited immigration. This has led to the growth of the eldercare and medtech industries, which now offer many opportunities for collaboration.
Japan thus presents opportunities in the tourism & hospitality, infrastructure, digital economy & technology startups sectors.
Outside of Tokyo, Fukuoka presents itself as a potential landing site for startups, while Osaka is strong in medtech and deep tech.