JAPAN MARKET OVERVIEW
Japan is the worldfs third largest economy. The Japanese market is characterised by consumers with high levels of disposable income, and companies with a strong global orientation and willingness to invest in sustainable, long-term products and services.
Japan has a significant and long standing trade relationship with Queensland. It is Queenslandfs second largest trading partner, with merchandise exports valued at $8.8 billion or 19.8 percent of Queenslandfs total exports.
In April 2014, Japan and Australia finalised negotiations on the Japan-Australia Economic Partnership Agreement (JAEPA). Tariffs on agricultural exports will be significantly reduced for beef, sugar and horticulture. (Note: Australia also secured gmost favoured nationh status in relation to beef and dairy which means that if a country like the United States secures a better deal, those arrangements will automatically apply to Australia.) All tariffs on energy and mineral products will be eliminated within ten years. Australia will raise the screening threshold for private Japanese investment in non-sensitive sectors considered by the Foreign Investment Review Board, from $248 to $1,078 million paving the way for further Japanese investment into Australia.
Japanfs need for minerals and energy security, food safety and security, development of new markets in growing economies and response to its ageing population and desire for new technologies, particularly in the software and pharmacy sectors, present opportunities for Queensland.
TIQ Japan Key Priorities:
- Energy and Resources: TIQ continues to work with Japanese companies providing advice on Queenslandfs resources sector and identifying opportunities for Queensland companies seeking new markets or investment into viable alternatives to current energy stocks/technologies, i.e. coal seam gas (CSG), solar thermal or biomass.
- Education and Training: With over 30 percent of the student market, Queensland is Japanfs preferred education destination. In particular, Queensland held a firm number one position for school enrolments, more than double any other state. With Japanfs renewed interest in global education, TIQ Japan is currently focused on providing opportunities for secondary, tertiary and vocational training sectors.
- Food and Agribusiness: Japanfs food production is less than 40% self-sufficient. Already a significant importer of Queensland food commodities i.e. beef, seafood, grain and horticulture, TIQ will seek niche opportunities for suppliers of food ingredients as well as for value-added food products offering convenience or added health benefits.
- Construction: The 2020 Olympics in Tokyo opens new opportunities for Queenslandfs construction sector. TIQ will work with relevant companies and agencies to promote Queenslandfs capabilities in this sector and build on the international reputation earned by Australia in hosting large-scale sporting events.
- Tourism: Major Japanese property developers keen to invest in the international hotel accommodation or expand into residential property development will be targeted by TIQ to highlight Queensland as a viable investment destination.
Key Activities – TIQ Japan Office (2014/15)
- Education and Training: Australia future Unlimited Education Exhibition Japan 2014 - TIQ will participate and assist in promoting, advising, and facilitating Queensland participants at the fair as well as concurrent B2B events in Tokyo and Kansai during 9-14 October 2014.
- Food and Agribusiness: Agribusiness Investment Seminar - TIQ will conduct a joint seminar with a major law firm and Japanese bank to provide information on Queensland Agribusiness investment opportunities in response to increased interest following the signing of Japan-Australia FTA.
- Construction: Queensland Construction Day - TIQ will to invite top Japanese construction companies to G20 Queensland Construction Day to promote investment into Queenslandfs Construction/Infrastructure.
Contact Details - Tokyo
Trade & Investment Queensland
Level 1,Shiroyama Trust Tower
4-3-1 Toranomon, Minato-ku
A map showing the location of our office may be downloaded here