The land of rising opportunity
As the 3rd largest economy in the world, it should come as no surprise that Japan is the final destination in our series on Economic Powerhouses. The Land of the Rising Sun ranks impressively high in the global economic stakes, hardly surprising given that Japan’s automotive and electronic influence in our daily lives is incredible – these dominant sectors are bolstered by industry giants like Toyota, Nissan, Sony and Olympus. Yet much like its namesake, many key sectors are on the rise, opening exciting doors for UK businesses to leap through. Let’s take a look at the possibilities worth exploring.
Japan and EU negotiating FTA agreement
2013 has seen the beginnings of discussions between Japan and the European Union regarding the establishment of a historic mutual Free Trade Agreement. If successful, trading opportunities could be on the rise across the board, and it’s predicted that this move could bring in an additional €40 billion to Europe!
Japanese ICT sector grows it network
The Japanese government plans to expand the market size of its already powerful ICT sector to $2.4 trillion by 2020. As such, Japanese ICT companies are seeking international investment. The key areas of opportunity for UK companies include cloud services, advanced wireless communications technology, cyber security and energy management.
Luxury fashion ‘en vogue’
The Japanese fashion market was estimated to be worth $93.6 billion in 2010, 62% of that being womenswear. Luxury brands such as Louis Vuitton, Burberry and Chanel view Japan as the perfect testing ground for their products due to the Japanese customers’ desire for excellent quality and image.
Military collaboration ‘secures’ UK-Japanese alliance
The UK and Japan recently signed an agreement allowing the two countries to share classified information so as to jointly develop defence equipment. This will include the joint development of radiological, biological, chemical and nuclear protection, with which many UK business can get involved.
Japan’s capital in command of international commerce
Tokyo is described as one of three ‘command centres’ for the global economy. Unsurprising really, considering that the city is located at the heart of the Greater Tokyo Area – the region boasts such accolades as being the world’s most densely populated metropolitan area with a population of over 35 million and the world’s largest urban agglomeration economy, having generated GDP of $1.479 trillion in 2008.
UK exporters to Japan can get research funding to meet potential customers
There is some great support available for UK exporters keen to do business with Japan, including research funding from UK Investment and Trade www.ukti.gov.uk
Things to consider when communicating with potential customers in Japan:
• Web users are 4x more likely to purchase from a website that communicates in their language
• Customers who buy online will pay more for a product if they can buy it in their own language
• Over 56% of consumers say that the ability to obtain information in their own language is more important than price
Expansion plans are often exciting but can also be daunting, especially as effective communication plays a major role in the success of market penetration. You may need to think about translating your website and print material, marketing materials and also technical and product-related content such as manuals.
You may find our guides helpful when thinking about translation requirements. Click here to download one of our guides.
If you have any questions about how to approach communication requirements for new markets or would like information on our Japanese translation services, please contact a member of our team on + 44 (0) 1926 335 681 or email email@example.com.