An advisory panel of the Ministry of Economy, Trade and Industry on Tuesday began studying a new economic strategy aimed at boosting Japan’s industrial competitiveness by taking advantage of economic globalization.

The trade policy committee of METI’s Industrial Structure Council, headed by Canon Inc. President Fujio Mitarai, discussed an outline of the strategy involving Japan’s policy on free trade agreements and the World Trade Organization negotiations. METI plans to compile the plan by the end of March.

The governmental Council on Economic and Fiscal Policy is also scheduled to draft a similar global strategy in May and the ministry aims to reflect its plan in the compilation of the council’s scheme, according to METI officials.

In the run-up to discussions at the panel, METI conducted hearings with about 300 Japanese companies on desirable economic and trade policies for Japan in the era of economic globalization.

Many firms polled indicated that businesses which rely on the optimal division of labor system, which makes the most of each market’s strengths, have been successful.

These successful companies overcame the hollowing out of domestic industries by strengthening their research and development activities in Japan with profits earned from foreign markets, according to the METI survey.

Based on the views of Japanese companies, the ministry has proposed that Japan further pursue FTAs with East Asian countries, especially the 10-member Association of Southeast Asian Nations, to promote regional economic integration.

METI has also called for taking in talented human resources and capital from abroad to raise the country’s industrial competitiveness.

At the panel meeting Tuesday, some members urged the government to clarify its priorities in advancing FTA negotiations so that companies could improve their forecasts in doing business.

Others pointed out that Japan should reduce barriers to attract more foreign investment and strive to secure promising foreign students at Japanese universities as good future human resources for companies.

Mitarai also stressed the importance of boosting Japanese language education in Asian countries to facilitate business.

The panel members include university professors and executives of leading Japanese companies such as trading house Mitsubishi Corp., Mizuho Corporate Bank, Toyota Motor Corp., retailer Aeon Co. and Nippon Steel Corp.

METI has also been working to compile a new growth strategy involving measures to stimulate the country’s regional economies, as well as an energy strategy to enhance Japan’s energy security.

Source: asia.news.yahoo.com

This entry was posted by Taman Siswa on Wednesday, February 22, 2006 at 1:02 am and is filed under Education News, Study Abroad. Tags: Aeon Co., Association of Southeast Asian Nations, Canon Inc, Council on Economic and Fiscal Policy, Education News, energy security, energy strategy, Fujio Mitarai, Japan, METI's Industrial Structure Council, Ministry of Economy, Mitsubishi Corp., Mizuho Corporate Bank, Nippon Steel Corp, Student, Study, Toyota Motor Corp., Trade and Industry, World Trade Organization, . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.