Kotaro Tamura, Adjunct Professor, Lee Kuan Yew School of Public Policy at the National University of Singapore (NUS)
With Japan’s vaccine rollout gaining speed, how should Japanese business leaders capitalise on economic recovery and leverage on opportunities as the market starts warming up? As consumers have been noted to be more financially prudent during the pandemic, there will be an expected surge in spending once the economy recovers. This increased spending will be particularly prominent in the food and travel industry – where consumers previously held back from spending during the pandemic.
Japan is the world’s third largest economy and a global technology leader. Singapore is the world’s most advanced and competitive economy, surpassing the United States, according to the World Economic Forums’s 2019 Global Competitiveness Report. Both countries contribute to one another’s advancement said Ambassador Peter Tan Hai Chuan, Ambassador of Singapore to Japan; “Singapore and Japan enjoy long-standing economic ties, underpinned by strong trade, investment and tourism linkages.”
Singapore and Japan enjoy long-standing economic ties, underpinned by strong trade, investment and tourism linkages. Japan was Singapore’s 7th largest trading partner in 2019, with total bilateral trade amounting to S$50.5 billion. In 2018, Singapore was Japan’s largest Asian investor, while Japan was Singapore’s 3rd largest foreign investor.
Japan and Singapore are enjoying very strong economic ties. Japan is Asia’s biggest investor in Singapore, while Singapore is the biggest investor in Japan among the Asian countries. Japan’s trade value with Singapore is increasing in both exports and imports, and the number of Japanese companies in Singapore is on the rise.