You are here: Home › Two giants spur growth from opposite sides of the world

Two giants spur growth from opposite sides of the world

By Angelo Romualdez,Elizabeth Arcega
-    Jul 08, 2014
Credit : GMI Post

According to official figures, if the state of New York, including New York City, were an independent country, it would be the 16th largest economy in the world with a gross domestic product of $1.2 trillion.

To mark 160 years of diplomatic relations with Japan, U.S. President Barack Obama met with Prime Minister Shinzo Abe in April this year as part of a four-nation Asian tour, wherein regional security and increased trade cooperation dominated the agenda. The state visit — the first by an American president in nearly 20 years — started with Obama’s unequivocal commitment on mutual defense cooperation between the two longtime allies.

Both sides also expressed their resolve to finalize a deal under the Trans-Pacific Partnership, a far-reaching trade agreement potentially worth around $1.5 trillion in the trade of goods and around $242 billion in services.

The TPP members — Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam — account for an estimated 40 percent of the world’s gross domestic product and 26 percent of global trade. The TPP figures significantly in Abe’s objective to revitalize Japan’s economy and expand international trade.

“Japan is at a very interesting point wherein it really needs to gear up its externality. What any expatriate or any corporate person can do is to push Japan to look and reach outward,” explained Nikko Asset Management Senior Managing Director Christina Alfandary.

Having the second-largest Japanese population in the country, New York and the U.S. East Coast play an important role in expanding investment.

Ambassador Sumio Kusaka, Consul-General of Japan in New York

“With more than 800 Japanese companies generating over 80,000 jobs, the East Coast plays a vital role in the growth of the Japanese business community here in the United States,” said Ambassador Sumio Kusaka, consul-general of Japan in New York.

Japanese investment in the region is currently about 40 percent in manufacturing and 60 percent in services. And with organizations such the Japanese External Trade Organization and the Japanese Chamber of Commerce and Industry located in the one of the world’s financial centers, foreign direct investment from Japan is forecast to grow even further over the next few years.

While New York may boast the legacy and infrastructure to remain a preferred destination for investment, the highly cosmopolitan city has also remained attractive for its deeply ingrained can-do spirit.

“New York is a wonderful city that attracts many Japanese because of its ingenuity and opportunity. We are committed to promoting investment and trade between the East Coast and Japan to allow both of them to flourish,” stressed JETRO New York President Kazuhito Sakurai.

Meanwhile, local investment groups, among them The Partnership for New York City, have chosen to support homegrown startups, recognizing that a conducive environment for small business also leads to more international business opportunities.

“New York is a gateway to the Americas for many companies coming out of Asia. We both welcome them and are prepared to assist them,” said Partnership for New York City's President and Chief Executive Officer Kathryn Wylde, who works closely with the JCCI to identify potential investment partners. “We would be happy to hear from Japanese companies interested in setting up in New York in the high-tech startup sector and working with more established companies from the country."

As an offshoot of Japanese investment in manufacturing and trade on the East Coast, several service companies — namely in the banking, accounting and legal fields — have thrived in New York and the tri-state area.

“With more than 800 Japanese companies generating over 80,000 jobs, the East Coast plays a vital role in the growth of the Japanese business community here in the United States”

Ambassador Sumio Kusaka, consul-general of Japan in New York

“The ability to access critical service organizations is just one of the many advantageous factors that make New York City an ideal businesses domicile,” said ALAC International Chief Operating Officer Alan Frishman.

Alongside the service sector, many well-known Japanese fast-moving consumer goods and chemical companies have also decided to venture halfway around the world very confident their brands will prove popular among discriminating American consumers.

In one of the world’s largest fashion capitals, Japanese clothing giant Uniqlo has already seen positive results in just a few years.

“From a suburban brand, Uniqlo has repositioned itself to the city. Fifth Avenue is among the key Uniqlo flagship stores in the world. Our stores in New York have made Uniqlo a recognizable brand here in the country,” said Uniqlo USA Chief Executive Officer Larry Meyer.


- Note: This Special Report on the East Coast originally appeared in The Japan Times on July 2, 2014 (Credit: Angelo Romualdez and Elizabeth Arcega)

Business opportunities in Latin America for Japanese companies

Thanks to Texas' proximity to the emerging markets of Central and South America, several major Japanese companies with significant investments in L...

The Evolving Military Balance in the Taiwan Strait

Panelists discuss the risk of an armed conflict between the United States and China over Taiwan and how the United States should adapt its defense ...

Young Professionals Briefing: The Future of Democracy Around the World

Panelists discuss democratic backsliding, the rights of marginalized populations living under authoritarian regimes, and the prospects for and obst...

TWSE: Cultivating Growth

When gauging a country's economic prospects, analysts first study the historical performance of its financial market and activity that characterize...

Philippines' top EdTech startup secures Series A funding as it boosts reach and engagement

Edukasyon, the leading education technology platform in the Philippines, recently closed its Series A financing round, joined by Asian and European...

Japanese carmakers: A vital part of the U.S. economy

Over nearly four decades, Japanese-brand automakers have built up a vast American presence. It has made a cumulative manufacturing investment of ab...

Casino slot manufacturer attributes success to hard work, vision, and dedication to core values

Japanese gaming giant Konami has invested heavily in Las Vegas, setting up a huge head office in the city from where it develops and markets indust...

Reaffirming a commitment to create equal opportunity

Tracing its origins back more than a century, LHAG has nurtured a reputation for excellence and expertise in dispute resolution, international arbi...

Malaysia: A fresh start

Ten months since historic elections that rocked the nation's political landscape, Malaysia, once again headed by Prime Minister Mahathir Mohamad, i...

latest special Reports:

Upcoming Reports from

MG Group HR Services: All about top talent and meaningful connections

See Preview »

Serving both local and multinational companies in Serbia for more than 17 years, MG Group HR Services has set the standard in the country's human r...

Chattanooga, TN: Opening the doors to Asia

See Preview »

Following the protracted global economic slowdown that resulted from the Covid-19 pandemic, many cities across the world are well on the way to rec...

Florida: A trillion-dollar economy in the big leagues

See Preview »

Since the beginning of the Covid-19 pandemic, Florida has experienced a boom in its property, financial services, tourism sectors, to name just a f...

Auburn City, Alabama: If you build it, they will come

See Preview »

Auburn in Alabama has remained steadfast in its commitment to become an attractive and safe city, an environmentally conscious community, and one t...

Blount County EDC take small, sure steps towards growth

See Preview »

Situated between Birmingham and Huntsville, two of Alabama's largest cities, Blount County has harbored huge ambitions for the 12 municipalities th...

Townhouse 27: Feels just like home

See Preview »

In the global hospitality industry, big is not necessarily better. In the past several years, the trend for cozier properties and customized servic...

  • Global Media is your partner in reaching a powerful international audience through high-level economic reporting.

    Our ambition is to highlight under-reported developments and opportunities around the world, and allow leaders in these regions and sectors to take their message to the highest global level. We partner with top media to communicate with the world’s most powerful audiences. We specialize in communication and branding initiatives that help our clients effectively get their messages to their existing and potential partners. We achieve results for our clients by introducing them and their initiatives to an audience of elite international business and government leaders.

    Global Media Inc. is an independent media agency with offices in Hong Kong and Canada. GMI has more than a decade of experience in the writing, researching, and production of promotional country reports, with media partners from East Asia to North America. We have teams worldwide that develop country and thematic reports on the latest economic trends and developments.

    We are a media partner of Foreign Affairs,the United States’ most influential publication, published by the New York-based Council on Foreign Relations.

    Nearly a century old, there isn’t a more influential or higher-reaching publication in the United States than Foreign Affairs. The journal is ranked #1 in influence by U.S. opinion leaders in a recent nationwide study conducted by Erdos and Morgan, the premier business-to-business research firm. Their findings place Foreign Affairs ahead of all media, both print and broadcast, including The New York Times, The Wall Street Journal, The Economist, and The Washington Post.


    “We were extremely impressed with how efficient, well-coordinated, responsive and reliable the Global Media Inc. team was. We owe them a lot for their professionalism. We were very pleased with the outcome, and the article was very well-written. We hope to have an opportunity to work with Global Media Inc. again in the near future.� – Japan Airport Terminal Co. Ltd.
    “The Global Media team’s professionalism was excellent. Their team was great and always gave us the right suggestions and information. The product was excellent, and we were very happy to have such a great opportunity working with their excellent team.â€� – National Graduate Institute of Policy Studies (GRIPS)
    “We were honored to be chosen as one of the good universities in Japan. This article conveyed Seigakuin University’s educational ideals and the message from President Akudo. The advertisement was conspicuous and gave a good impression that Seigakuin nurtured students to contribute to world peace. We really appreciated what Global Media Inc. had did for us.â€� – Seigakuin University

    Whom we have featured:

    • Australian Prime Minister Julia Gillard
    • Australian Foreign Affairs Minister (and former Prime Minister) Kevin Rudd
    • Japanese Prime Minister Shinzo Abe
    • Qatari Minister of International Trade and Industry Dato’ Sri Mustapa bin Mohamed
    • Japanese Minister of Education, Culture, Sports, Science and Technology Yoshiaki Takaki
    • Taiwanese Foreign Minister Yang Chin-Tien
    • Taiwanese Finance Minister Lee Sush-Der
    • Taiwanese Economic Affairs Minister Shih Yen-Shiang
    • Taiwanese National Science Council Minister Lee Lou-Chuang,
    • Taiwanese Deputy Minister of Transport and Communications Yeh Kuang-Shih
    • Taiwanese Political Deputy Minister of Education Dr. Lin Tsong-Ming
    • Indonesian Ambassador to the United States Dr. Dino Patti Djalal
    • Indonesian Investment Coordinating Board Chairman Gita Wirjawan
    • Philippine President Benigno S. Aquino III
    • Philippine Senate President Juan Ponce Enrile

Join our newsletter

Sign up for our weekly newsletter to get the latest news and updates directly to your inbox.