Japan’s Growth In exports Of Hi-Tech Is Forecasting A Success
As the economic downturn continues to take its toll on global economies, the Japanese Government has decided to implement a series of policies which are designed to improve its global competitiveness. These include the opening of a Japanese Free Trade Area (FTA) and the granting of Japanese nationality to citizens of other countries that have agreed to expand trade with Japan. This has resulted in an influx of hundreds of thousands of high-quality and skilled foreign professionals into Japan who can employ a number of specialist job categories, including doctors, engineers, aerospace personnel and financial professionals. These new workers will complement the growing numbers of Japanese people leaving the country for work abroad, and these recent developments have led many people to refer to Japan as the ‘English Heaven’.
The opening of the FSA and the creation of the Japanese Free Trade Area has meant that there is now a much greater demand for high-tech jobs in Japan. Many graduates and young professionals who have been out of work for some years now find that they need to take up positions in one of Japan’s many hi-tech sectors. Although the salary is not as high as it would be in the west, salaries are rising steadily because the Japanese market has also opened up greatly to international competition. Graduates who are particularly qualified and well educated are now attracted by the increasing number of jobs available in the hi-tech sectors vietproud.
The creation of the ZDP (Zainichi Domestic Partnership) in 2021 gave the Japanese Government a significant boost when it was launched. The ZDP is the brainchild of the then Prime Minister, Tomoko Kono, and is designed to help Japanese firms grow and become more globally competitive by ensuring they hire and develop local workers efficiently. The Japanese Government is also keen to foster high levels of foreign direct investment (DFDI) and maintain a low debt to GDP ratio. One way of achieving both of these aims is to attract highly skilled foreign workers to the country. The ZDP is designed to ensure that companies that have established in Japan can attract and employ well-trained and experienced workers from around the world, thereby ensuring that the Japanese economy continues to develop and excel.
The ZDP is currently implementing a series of measures to increase the accessibility of the ZDP’s trained workforce to employers. Companies can access ZDP labour without having to spend money on recruitment and training overseas. The system will also allow for a smoother transition for employees already working in a company to move to other locations, if they wish to do so. The introduction of ZDP training means that the ZDP is looking to fill all available staff positions with skilled workers from overseas, which should improve Japan’s competitiveness and ability to attract more investment.
As more companies take an interest in Japanese hi-tech exports, more investment is required. The ZDP has developed many strategies to increase the amount of money invested in training and recruitment of staff. The ZDP also works closely with the private and public sectors to deliver projects that deliver good value for money. Many of these projects have delivered significant overseas profits and have helped develop many Japanese hi-tech sectors. Some private sectors have taken an interest in investing in hi-tech equipment and technology because they believe that they can tap into new markets. This seems to be part of a wider global trend where businesses are seeking to develop products or services that have been previously only available in certain parts of the world.
While Japan has lagged behind many countries when it comes to exports in recent years, its rise as a world leader in hi-tech is now imminent. The ZDP has also implemented measures that will see an even greater emphasis on labour productivity and employment. If Japan can produce more hi-tech equipment and materials, then it stands to reason that its companies will gain a competitive advantage over other countries and eventually lead the world in this sector. Given the current state of the global economy, any chance that Japan can capitalise on this is a definite plus and is something that investors have to watch out for.