U.S. Looks to Improve Investment in Japanese Market

Commerce Secretary Penny Pritzker delivers the keynote address at the American Chamber of Commerce in Japan.
Commerce Secretary Penny Pritzker delivers the keynote address at the American Chamber of Commerce in Japan.

Tokyo,
22 October 2014

U.S. Secretary of Commerce Penny Pritzker continued her efforts October 21 to improve U.S. investment in the Japanese market.

She met in Tokyo with representatives from the Japanese health care and energy sectors as part of a series of roundtable discussions on American and Japanese business relationships, according to an October 21 Commerce Department blog post.

The event was part of Pritzker’s trade mission to establish new partnerships and expand the market presence of U.S. medical/pharmaceutical and energy-related companies with innovative products and services, the blog post said. She is leading a delegation of 20 American firms on a mission to Japan and South Korea.

The discussions provided U.S. and Japanese entities the chance to share views about the opportunities that exist in the Japanese market and to explore the development of partnerships that may lead to breakthroughs in the energy and health sectors, the blog post said.

While in Tokyo, Pritzker also delivered the keynote address at an event sponsored by the American Chamber of Commerce in Japan and the Japan Association of Corporate Executives, Keizai Doyukai. In her remarks, she emphasized the important role that U.S. and Japanese businesses play in anchoring the two countries’ relationship. She also spotlighted the United States as a key destination for investment, promoted the upcoming SelectUSA Summit on foreign investment, and highlighted the importance of the health care and energy sectors to growth, innovation and quality of life in both Japan and the United States.

Pritzker emphasized America’s drive to strengthen its commercial partnerships with Japan and help the country develop new energy technology, optimize its mix of energy imports and increase energy conservation.

She also said that American firms would like to be more present in Japan’s health sector as the country looks for ways to care for a rapidly aging population cost-effectively with state-of-the-art technologies.

Pritzker highlighted the importance of having a vision and an economic architecture that help build the future of U.S.-Japan trade, noting that the United States and Japan are negotiating with 10 other countries to conclude the Trans Pacific Partnership (TPP), which is expected to enhance trade and investment among participating countries and promote innovation, economic growth and development.

Concluding the agreement, Pritzker said, will give middle-class consumers better access to high-quality goods and services, and manufacturers, farmers and ranchers in both Japan and the United States will have access to markets that allow them to compete fairly.

If the TPP agreement occurs, the Peterson Institute estimates that Japan’s annual GDP gains from it will be close to $100 billion in 2025, the blog post said, and export gains for Japan are projected to be roughly $140 billion by 2025.