The Greeks set their sights on Japan

About three months ago, the Prime Minister visited Japan, confirming the readiness and intention of the two countries to strengthen trade and economic relations.

Today, an open invitation to Japan in terms of attracting foreign capital and human resources provides Greek companies with a first-class opportunity to take a big step forward.

Advice on promotion of foreign direct investment in Japanheaded by the Minister of Economic and Fiscal Policy and with the participation of relevant ministers of the Japanese government, adopted an action plan to attract human and financial resources from abroad to stimulate the sustainable development of the Japanese economy.

According to the Greek Embassy, ​​over the past 30 years Japanese companies focused on cutting costs and increasing overseas production, resulting in a lack of domestic investment and lower wages. However, with the changing global dynamics, there is an opportunity to make Japan the center of manufacturing, research and innovation.

The action plan has five important components:

• Stimulating investment in strategic industries and restructuring global supply chains.
• Development of the largest startup hub in Asia.
• Attracting highly qualified foreign specialists and improving the system to create a global knowledge exchange center.
• Improving the business and living environment to attract human resources and investments from abroad.
• Making efforts to attract investment and monitoring the implementation of the action plan.

Specific commitments include the creation of investment consortiums, the development of a global startup ecosystem, the creation of new resident certification systems for highly qualified professionals and visa facilitation for startups. Emphasis is also being placed on attracting strategic investments that promote job creation.

So what is context of incentives that Greek businesses can take advantage of? The Japanese government offers incentives or tax breaks to companies that:

• They invest in innovation, research and development.
• Establish a facility (open an office) outside the Tokyo metropolitan area.
• Carry out an increase in economic activity in strategic areas for Japan (including those affected by natural disasters).
• Engaged in research in collaboration with Japanese companies or organizations.

In addition, the regional administrations (county and municipal authorities) of Japan provide tax incentives for certain types of commercial activities, for the acquisition of fixed assets or for the purchase of real estate.

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