Remarks of Consul-General Hidenobu Sobashima at JCCIM 50th Anniversary Business Seminar on Tuesday 11 February 2014
The Hon David Hodgett, Minister for Manufacturing, Minister for Major Projects, and Minister for Ports of Victoria,
Officials of the Victorian Government,
Mr Takanobu Igarashi, Executive Officer and Chief Economist, Economic Research Department, Mitsubishi UFJ Research and Consulting Co.,
Mr Masato Ueno, Director, Ms Fumiko Ishiyama, Secretary-General and Members of the Japanese Chamber of Commerce and Industry, Melbourne (JCCIM),
Distinguished Guests,
Ladies and Gentlemen,
Good evening.
I appreciate this opportunity to say a few words at this seminar co-hosted by JCCIM and the Victorian Government, for further developing the business relations between Japan and Victoria is my top agenda item.
Japan and Australia have a long and important economic relationship, with Victoria playing a significant role, demonstrated by the very fact that this seminar is held to celebrate the 50 years anniversary of JCCIM.
Japan had been Australia’s largest trading partner for nearly 40 years until 2008 and Japan remains the largest source of Australia’s trade surplus.
Japan is currently the world’s third largest economy in terms of GDP, after the United States and China. That is a flow evaluation.
If you look at the stocks, Japan is the largest net creditor in the world.
I am not rich, but Japan as a whole is rich in that sense.
However Japan has suffered from deflation for two decades, and the Government of Japan is now implementing Abenomics consisting of aggressive monetary policy, flexible fiscal policy and growth strategy to promote investment, to get out of the deflation.
Currently the organizations of workers and company managers are negotiating salary increases in Japan.
Japan has its technology and financial resources, among others, to offer internationally.
Premier Dr Denis Napthine led a Victorian trade mission to Japan in October last year, with food, infrastructure and retail businesses as the mission’s main focuses.
Australia and Victoria have the golden soil and wealth for toil.
Under these circumstances, this seminar is quite timely and important.
I hope you will all take something useful from this seminar.
I intend to do so.
Thank you.