Arab News Dubai

In order to adapt to modern society and new technologies the Japanese government and businesses need to work together, said Hitatchi’s Executive Chairman at the World Economic Forum in Davos, Switzerland.

The panel discussion on Wednesday entitled “Strategic Outlook: Japan” also included Associate Professor at Tokyo University of the Arts Hiromi Ozaki, Japan International Cooperation Agency (JICA)’s President Shinichi Kitaoka and Australian National University’s Chancellor Julie Bishop

The session examined the domestic reforms, weathering regional trade tensions, and strengthening geopolitical alliances in Japan. 

Associate Professor Ozaki said she wanted to see greater diversity throughout the Japanese environment and reflected on the need for Japanese politicians to include the younger populations within decision making, rather than comply to the needs of traditional ideologies set forth by the older generation.

Ozaki mentioned that the “xenophobia and lack of diversification present in Japanese businesses are barriers to growth and in need of change.”

She added that these could be reasons as to why Japan is not expanding like China or India or why they are not enjoying the same degree economic growth. 

JICA’s President Kitaoka said Japan is “still recovering from its defeat in 1945 and is gradually starting to integrate itself into Asia.”

He added that for Japan to reach its vision of an inclusive high-tech economy, “the business environment has to change.”

“We need to watch what is happening in China. For example, in the healthcare industry and aging system, it is really looking at advancements,” Kitaoka said, referring to the new business models that the country has created to adapt to the technological advancements. 

“If your population is shrinking and there are fewer taxpayers, you will have to diversify your workforce and bring in people from overseas,” Australian National University’s Chancellor Bishop said when discussing Japan’s dynamics.

Bishop also commented on the lack of diversification within Japanese businesses, saying the government will “have to embrace the participation of women to embrace the standard of living in Japan.”

The discussion ended with the panel participants commenting on Japan’s need to be more open to international communities and external ideologies, especially with the upcoming Tokyo 2020 Olympics and Expo 2025 Osaka.