Japan and the United States, which were once huge economic rivals, are now preparing for economic integration to face for the challenges that come on behalf of them from their revivals from different sides.
Prime Minister Fumio Kishida said Japan welcomes American collaboration in “critical and emerging technology” and assured them that any investment would flow both ways.
“The economic growth our country obtains through your investments shall serve as the funding source of further investments into the United States by Japanese entities,” he said Tuesday.
Kishida is in the US ahead of a Wednesday summit with President Joe Biden expected to focus on defense and economic ties.
In last year Japan lost their position of third largest economic giant to the Germany and now they have an eager to acquire their previous title back. Besides, from USA view, they are now on a extremely hot war against China in economic world and have a huge confrontation about who will gain the title of the king in semiconductor industry. China banned all the American Semiconductors companies to avoid using American semiconductors on their Pcs while making a huge loss for American economy.
The prime minister of Japan praised US-Japan joint investment in the semiconductor industry. Rapidus, a Tokyo-backed chipmaker, is working with IBM to bring advanced chip technology to Japan.
“In the semiconductor field, Rapidus is partnering with a US company in research and development of next-generation chips. And there will surely be more such opportunities for collaboration between Japan and the United States,” he said.
Earlier this month, Japan’s industry ministry approved subsidies worth up to 590 billion yen ($3.9 billion) for Rapidus. That’s on top of some 330 billion yen ($2.17 billion) in subsidies already pledged by the government.
Last year, Japanese foreign direct investment to the US exceeded $750 billion, Kishida said, making Japan the biggest foreign investor in America and creating more than 1 million jobs.
Microsoft (MSFT) announced it plans to invest $2.9 billion to increase its cloud computing and AI infrastructure in Japan, and open its first Microsoft Research Asia lab in the country. It is reportedly the company’s largest ever investment in Asia’s second largest economy.
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