Message from the Prime Minister of JapanJETRO IBSC Invest Japan Business Support Center

The Japan that I am pursuing is a Japan that is wide open to the entire world.
What is necessary for Japan's revival is a powerful catalyst that will restyle the oldJapan and then make the "new" Japan even stronger. These are the expectations I
hold towards direct investments into Japan.
By 2020, we will expand the balance of direct investment in Japan by foreigncompanies to 35 trillion yen, a doubling of the current figure.

PHOTO: CABINET PUBLIC RELATIONS OFFICE-Shinzo Abe, Prime Minister

JETRO IBSC is a one-stop
center for establishinga business base andstarting your business inJapan.

Consulting

Facilities

Information

Free individual
consultation for yourcompany

Temporary officespace offered free ofchargeGather a wide range
of information needed
for your business・Legal system
・Cost estimation
・Taxation・Market regulation
・Business practice・Human resource
・Location
・Subsidy application

・50 working days free・Located in 6 major cities
・Fully equipped
・Shared reception
・PC room with printer/scanner etc.
・Conference rooms available
Event hall available

・Market reports
・Business advisor
・Online database
・Platform of professional
service provider
・Connection to ministries
and regulatory authority
・Deregulation Request

Talk to
JETRO
First

about business in Japan!
Tokyo One-Stop Business Establishment Center
Integration of procedures for establishing business by overseas-affiliated companies in one location

Message from the Chairman of JETRO
We at JETRO welcome international companies into Japan with open arms! Japanis an ideal country for innovation, and offers you a business and living environment
unparalleled in the world.
As Japan’s core organization for promoting inward foreign direct investment, JETRO
has provided support to more than 12,000 overseas companies interested in setting
up business bases, of which over 1,200 have gone on to successfully establish
operations. Our core competency is in our experienced bilingual staff and reputable
experts. JETRO offers free temporary offices and one-stop support services to giveclients the resources and connections they need to get started. In addition, we provide
assistance for foreign-affiliated companies already present in the country in order tofurther expand their potential.
We are a committed and reliable partner for your company.
When it comes to doing business with Japan, please “Talk to JETRO first!”-Hiroyuki Ishige, Chairman & CEO
Japan External Trade Organization (JETRO)The Tokyo One-Stop Business Establishment Center has been jointly established by both the Japanese Government and the Tokyo Metropolitan
Government on the same floor as JETRO IBSC. The center provides assistance with completing applications and other procedures required whenstarting a business, including those for certification of articles of incorporation, company registration and notification of incorporation, taxes,
social security, and immigration in one place. The center will also provide interpretation and translation services in multiple languages.

That Are Seeing Success in the Japanese Market.

http://www.jetro.go.jp/en/invest/ibsc/one-stop.html

JETRO’s Global Network

Tommy Bahama Group (United States)
A casual lifestyle clothing brand with their base of operations in the US, Tommy Bahama Group operates over 100
stores, mainly in North America. They offer a wide variety of products, including men’s and women’s sportswear,
swimsuits, shoes and accessories, as well as interior decor. They are expanding into Asia as well, with stores in Macao,
Singapore and Hong Kong, and they will be opening shops in Japan, which is a focal point of their Asian strategy.
In April 2013 they opened a freestanding store in Ginza, Tokyo that combines both a bar and restaurant – the firstsuch store of theirs outside the US. JETRO IBSC provided them with general consultation on penetrating the Japanesemarket and information on import regulations, and also introduced them to service providers.

Juneyao Airlines Co., Ltd. (China)

Examples of Foreign-affiliated Companies
Umicore Japan K.K. (Belgium)
Umicore is Belgium’s leading functional material manufacturer founded in 1837. The company operates businessin the fields of secondary battery materials, solar cells, fuel cells, exhaust gas purification catalysts and recycling of
precious metals for the global market with over 80 business bases around the globe. In April 2011, the company
established its Japanese base to produce positive-electrode materials for lithium ion batteries in Kobe. CEO Mr. Marc
Grynberg says, "It is crucial for Umicore group as a whole to demonstrate our presence to these leading companies
and our existing Japanese customers, and to underline our commitment to the Japanese market. We also believe that
it is necessary to locate R&D functions near our existing customers."

ChengduLitePoint Japan K.K. (United States)

Rabat
Hanoi

Vientiane

Juneyao Airlines is a Chinese commercial airline company based in Shanghai, with many international airline routes
to Asian countries. Following the airline routes to Okinawa (Naha) and Osaka (Kansai), the carrier opened scheduled
flight routes to Fukuoka this June, to Tokyo (Haneda) in August, and to Nagoya (Chubu) in September. For the new
operations, the company set up new sales offices in Fukuoka, at Haneda Airport and in Nagoya. Prior to the openingof the new routes, JETRO provided Juneyao with location-specific market information and arranged meetings
with relevant authorities. JETRO also introduced candidate partner companies such as travel agencies, hotels andtemporary staff agencies, and provided various other support including leasing temporary office space (IBSC Fukuoka
and Nagoya) and assistance with a joint press release and press conference.

According to Mr. Spiros Bouas, COO of LitePoint, U.S. based provider of test solutions for the development of
wireless devices, the company’s sales in Japan have been growing steadily since the company established its Japanesesubsidiary in 2010. "It is not easy to find engineers of the same high caliber as Japan’s engineers", says Spiros. "Theexistence of top-notch engineers makes the Japanese market very attractive."
Spiros asserts that Japan remains an attractive market even after the Great East Japan Earthquake of 2011. He
personally is optimistic, saying, "If the world did not already know the resilience of the Japanese people, theearthquake showed why Japan is one of the leading countries in the world. The Japanese are tough and possess astrong spirit of cooperation. "Spiros says that this cohesiveness and ability to cope are linked to the appeal of theJapanese market."Prudential Holdings of Japan, Inc. (United States)
AVL Japan K.K. (Austria)
Austria based AVL List GmbH established a subsidiary in Japan in 1995 for the development of powertrain systems
and instrumentation and test systems in the Japanese automotive market.
AVL Japan accounts for over 10% of total group sales. Mr. Naoki Okada, President of AVL Japan, views the Japanesemarket as "highly technology- and service-oriented."
In 2016, AVL will start operation of a new technical center in Kawasaki and expand its service network to respond to
customer expectations in Japan.

For further information:www.investjapan.org

Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form orby any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of JETRO. All
information in this publication is verified to the best of the writers' and the publisher's ability. However, JETRO does not
accept responsibilities for any loss arising from reliance on it.
(Notice for U.S. Users Only) This material is disseminated by the JETRO offices (New York, San Francisco, Los Angeles,
Chicago, Houston and Atlanta), which are all registered under the Foreign Agents Registration Act as agents of the Japan
External Trade Organization, Tokyo, Japan. This material is filed with the U.S. Department of Justice where the required
registration statement is available for public inspection.Registration does not indicate approval of the contents of the material
by the United States Government.
December 2015

The life insurance subsidiaries of Prudential Holdings of Japan, Inc. (The Prudential Life Insurance Company, Ltd., The
Gibraltar Life Insurance Co., Ltd., and The Prudential Gibraltar Financial Life Insurance Co., Ltd.) ranked third in theJapanese life insurance industry in FY2012 in terms of face amount of new business.
Since entering the Japanese market over 30 years ago, they have steadily grown their business and in FY2012
accounted for nearly half of the total operating income of U.S. based parent company Prudential Financial, Inc. Mr.
Tomoyuki Inoue, Senior Officer for Corporate Planning, says "Japan is the world's second largest market next to the
U.S. It is an attractive market not only because of continued liberalization, but also because customers place proper
value on high quality services."Message from the Prime Minister of JapanJETRO IBSC Invest Japan Business Support Center

The Japan that I am pursuing is a Japan that is wide open to the entire world.
What is necessary for Japan's revival is a powerful catalyst that will restyle the oldJapan and then make the "new" Japan even stronger. These are the expectations I
hold towards direct investments into Japan.
By 2020, we will expand the balance of direct investment in Japan by foreigncompanies to 35 trillion yen, a doubling of the current figure.

PHOTO: CABINET PUBLIC RELATIONS OFFICE-Shinzo Abe, Prime Minister

JETRO IBSC is a one-stop
center for establishinga business base andstarting your business inJapan.

Consulting

Facilities

Information

Free individual
consultation for yourcompany

Temporary officespace offered free ofchargeGather a wide range
of information needed
for your business・Legal system
・Cost estimation
・Taxation・Market regulation
・Business practice・Human resource
・Location
・Subsidy application

・50 working days free・Located in 6 major cities
・Fully equipped
・Shared reception
・PC room with printer/scanner etc.
・Conference rooms available
Event hall available

・Market reports
・Business advisor
・Online database
・Platform of professional
service provider
・Connection to ministries
and regulatory authority
・Deregulation Request

Talk to
JETRO
First

about business in Japan!
Tokyo One-Stop Business Establishment Center
Integration of procedures for establishing business by overseas-affiliated companies in one location

Message from the Chairman of JETRO
We at JETRO welcome international companies into Japan with open arms! Japanis an ideal country for innovation, and offers you a business and living environment
unparalleled in the world.
As Japan’s core organization for promoting inward foreign direct investment, JETRO
has provided support to more than 12,000 overseas companies interested in setting
up business bases, of which over 1,200 have gone on to successfully establish
operations. Our core competency is in our experienced bilingual staff and reputable
experts. JETRO offers free temporary offices and one-stop support services to giveclients the resources and connections they need to get started. In addition, we provide
assistance for foreign-affiliated companies already present in the country in order tofurther expand their potential.
We are a committed and reliable partner for your company.
When it comes to doing business with Japan, please “Talk to JETRO first!”-Hiroyuki Ishige, Chairman & CEO
Japan External Trade Organization (JETRO)The Tokyo One-Stop Business Establishment Center has been jointly established by both the Japanese Government and the Tokyo Metropolitan
Government on the same floor as JETRO IBSC. The center provides assistance with completing applications and other procedures required whenstarting a business, including those for certification of articles of incorporation, company registration and notification of incorporation, taxes,
social security, and immigration in one place. The center will also provide interpretation and translation services in multiple languages.
http://www.jetro.go.jp/en/invest/ibsc/one-stop.html

JETRO’s Global Network

Tommy Bahama Group (United States)
A casual lifestyle clothing brand with their base of operations in the US, Tommy Bahama Group operates over 100
stores, mainly in North America. They offer a wide variety of products, including men’s and women’s sportswear,
swimsuits, shoes and accessories, as well as interior decor. They are expanding into Asia as well, with stores in Macao,
Singapore and Hong Kong, and they will be opening shops in Japan, which is a focal point of their Asian strategy.
In April 2013 they opened a freestanding store in Ginza, Tokyo that combines both a bar and restaurant – the firstsuch store of theirs outside the US. JETRO IBSC provided them with general consultation on penetrating the Japanesemarket and information on import regulations, and also introduced them to service providers.

Juneyao Airlines Co., Ltd. (China)

Examples of Foreign-affiliated Companies
That Are Seeing Success in the Japanese Market.
Umicore Japan K.K. (Belgium)
Umicore is Belgium’s leading functional material manufacturer founded in 1837. The company operates businessin the fields of secondary battery materials, solar cells, fuel cells, exhaust gas purification catalysts and recycling of
precious metals for the global market with over 80 business bases around the globe. In April 2011, the company
established its Japanese base to produce positive-electrode materials for lithium ion batteries in Kobe. CEO Mr. Marc
Grynberg says, "It is crucial for Umicore group as a whole to demonstrate our presence to these leading companies
and our existing Japanese customers, and to underline our commitment to the Japanese market. We also believe that
it is necessary to locate R&D functions near our existing customers."

ChengduLitePoint Japan K.K. (United States)

Rabat
Hanoi

Vientiane

Juneyao Airlines is a Chinese commercial airline company based in Shanghai, with many international airline routes
to Asian countries. Following the airline routes to Okinawa (Naha) and Osaka (Kansai), the carrier opened scheduled
flight routes to Fukuoka this June, to Tokyo (Haneda) in August, and to Nagoya (Chubu) in September. For the new
operations, the company set up new sales offices in Fukuoka, at Haneda Airport and in Nagoya. Prior to the openingof the new routes, JETRO provided Juneyao with location-specific market information and arranged meetings
with relevant authorities. JETRO also introduced candidate partner companies such as travel agencies, hotels andtemporary staff agencies, and provided various other support including leasing temporary office space (IBSC Fukuoka
and Nagoya) and assistance with a joint press release and press conference.

According to Mr. Spiros Bouas, COO of LitePoint, U.S. based provider of test solutions for the development of
wireless devices, the company’s sales in Japan have been growing steadily since the company established its Japanesesubsidiary in 2010. "It is not easy to find engineers of the same high caliber as Japan’s engineers", says Spiros. "Theexistence of top-notch engineers makes the Japanese market very attractive."
Spiros asserts that Japan remains an attractive market even after the Great East Japan Earthquake of 2011. He
personally is optimistic, saying, "If the world did not already know the resilience of the Japanese people, theearthquake showed why Japan is one of the leading countries in the world. The Japanese are tough and possess astrong spirit of cooperation. "Spiros says that this cohesiveness and ability to cope are linked to the appeal of theJapanese market."Prudential Holdings of Japan, Inc. (United States)
AVL Japan K.K. (Austria)
Austria based AVL List GmbH established a subsidiary in Japan in 1995 for the development of powertrain systems
and instrumentation and test systems in the Japanese automotive market.
AVL Japan accounts for over 10% of total group sales. Mr. Naoki Okada, President of AVL Japan, views the Japanesemarket as "highly technology- and service-oriented."
In 2016, AVL will start operation of a new technical center in Kawasaki and expand its service network to respond to
customer expectations in Japan.

For further information:www.investjapan.org

Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form orby any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of JETRO. All
information in this publication is verified to the best of the writers' and the publisher's ability. However, JETRO does not
accept responsibilities for any loss arising from reliance on it.
(Notice for U.S. Users Only) This material is disseminated by the JETRO offices (New York, San Francisco, Los Angeles,
Chicago, Houston and Atlanta), which are all registered under the Foreign Agents Registration Act as agents of the Japan
External Trade Organization, Tokyo, Japan. This material is filed with the U.S. Department of Justice where the required
registration statement is available for public inspection.Registration does not indicate approval of the contents of the material
by the United States Government.
December 2015

The life insurance subsidiaries of Prudential Holdings of Japan, Inc. (The Prudential Life Insurance Company, Ltd., The
Gibraltar Life Insurance Co., Ltd., and The Prudential Gibraltar Financial Life Insurance Co., Ltd.) ranked third in theJapanese life insurance industry in FY2012 in terms of face amount of new business.
Since entering the Japanese market over 30 years ago, they have steadily grown their business and in FY2012
accounted for nearly half of the total operating income of U.S. based parent company Prudential Financial, Inc. Mr.
Tomoyuki Inoue, Senior Officer for Corporate Planning, says "Japan is the world's second largest market next to the
U.S. It is an attractive market not only because of continued liberalization, but also because customers place proper
value on high quality services."Message from the Prime Minister of JapanJETRO IBSC Invest Japan Business Support Center

The Japan that I am pursuing is a Japan that is wide open to the entire world.
What is necessary for Japan's revival is a powerful catalyst that will restyle the oldJapan and then make the "new" Japan even stronger. These are the expectations I
hold towards direct investments into Japan.
By 2020, we will expand the balance of direct investment in Japan by foreigncompanies to 35 trillion yen, a doubling of the current figure.

PHOTO: CABINET PUBLIC RELATIONS OFFICE-Shinzo Abe, Prime Minister

JETRO IBSC is a one-stop
center for establishinga business base andstarting your business inJapan.

Consulting

Facilities

Information

Free individual
consultation for yourcompany

Temporary officespace offered free ofchargeGather a wide range
of information needed
for your business・Legal system
・Cost estimation
・Taxation・Market regulation
・Business practice・Human resource
・Location
・Subsidy application

・50 working days free・Located in 6 major cities
・Fully equipped
・Shared reception
・PC room with printer/scanner etc.
・Conference rooms available
Event hall available

・Market reports
・Business advisor
・Online database
・Platform of professional
service provider
・Connection to ministries
and regulatory authority
・Deregulation Request

Talk to
JETRO
First

about business in Japan!
Tokyo One-Stop Business Establishment Center
Integration of procedures for establishing business by overseas-affiliated companies in one location

Message from the Chairman of JETRO
We at JETRO welcome international companies into Japan with open arms! Japanis an ideal country for innovation, and offers you a business and living environment
unparalleled in the world.
As Japan’s core organization for promoting inward foreign direct investment, JETRO
has provided support to more than 12,000 overseas companies interested in setting
up business bases, of which over 1,200 have gone on to successfully establish
operations. Our core competency is in our experienced bilingual staff and reputable
experts. JETRO offers free temporary offices and one-stop support services to giveclients the resources and connections they need to get started. In addition, we provide
assistance for foreign-affiliated companies already present in the country in order tofurther expand their potential.
We are a committed and reliable partner for your company.
When it comes to doing business with Japan, please “Talk to JETRO first!”-Hiroyuki Ishige, Chairman & CEO
Japan External Trade Organization (JETRO)The Tokyo One-Stop Business Establishment Center has been jointly established by both the Japanese Government and the Tokyo Metropolitan
Government on the same floor as JETRO IBSC. The center provides assistance with completing applications and other procedures required whenstarting a business, including those for certification of articles of incorporation, company registration and notification of incorporation, taxes,
social security, and immigration in one place. The center will also provide interpretation and translation services in multiple languages.
http://www.jetro.go.jp/en/invest/ibsc/one-stop.html

JETRO’s Global Network

Tommy Bahama Group (United States)
A casual lifestyle clothing brand with their base of operations in the US, Tommy Bahama Group operates over 100
stores, mainly in North America. They offer a wide variety of products, including men’s and women’s sportswear,
swimsuits, shoes and accessories, as well as interior decor. They are expanding into Asia as well, with stores in Macao,
Singapore and Hong Kong, and they will be opening shops in Japan, which is a focal point of their Asian strategy.
In April 2013 they opened a freestanding store in Ginza, Tokyo that combines both a bar and restaurant – the firstsuch store of theirs outside the US. JETRO IBSC provided them with general consultation on penetrating the Japanesemarket and information on import regulations, and also introduced them to service providers.

Juneyao Airlines Co., Ltd. (China)

Examples of Foreign-affiliated Companies
That Are Seeing Success in the Japanese Market.
Umicore Japan K.K. (Belgium)
Umicore is Belgium’s leading functional material manufacturer founded in 1837. The company operates businessin the fields of secondary battery materials, solar cells, fuel cells, exhaust gas purification catalysts and recycling of
precious metals for the global market with over 80 business bases around the globe. In April 2011, the company
established its Japanese base to produce positive-electrode materials for lithium ion batteries in Kobe. CEO Mr. Marc
Grynberg says, "It is crucial for Umicore group as a whole to demonstrate our presence to these leading companies
and our existing Japanese customers, and to underline our commitment to the Japanese market. We also believe that
it is necessary to locate R&D functions near our existing customers."

ChengduLitePoint Japan K.K. (United States)

Rabat
Hanoi

Vientiane

Juneyao Airlines is a Chinese commercial airline company based in Shanghai, with many international airline routes
to Asian countries. Following the airline routes to Okinawa (Naha) and Osaka (Kansai), the carrier opened scheduled
flight routes to Fukuoka this June, to Tokyo (Haneda) in August, and to Nagoya (Chubu) in September. For the new
operations, the company set up new sales offices in Fukuoka, at Haneda Airport and in Nagoya. Prior to the openingof the new routes, JETRO provided Juneyao with location-specific market information and arranged meetings
with relevant authorities. JETRO also introduced candidate partner companies such as travel agencies, hotels andtemporary staff agencies, and provided various other support including leasing temporary office space (IBSC Fukuoka
and Nagoya) and assistance with a joint press release and press conference.

According to Mr. Spiros Bouas, COO of LitePoint, U.S. based provider of test solutions for the development of
wireless devices, the company’s sales in Japan have been growing steadily since the company established its Japanesesubsidiary in 2010. "It is not easy to find engineers of the same high caliber as Japan’s engineers", says Spiros. "Theexistence of top-notch engineers makes the Japanese market very attractive."
Spiros asserts that Japan remains an attractive market even after the Great East Japan Earthquake of 2011. He
personally is optimistic, saying, "If the world did not already know the resilience of the Japanese people, theearthquake showed why Japan is one of the leading countries in the world. The Japanese are tough and possess astrong spirit of cooperation. "Spiros says that this cohesiveness and ability to cope are linked to the appeal of theJapanese market."Prudential Holdings of Japan, Inc. (United States)
AVL Japan K.K. (Austria)
Austria based AVL List GmbH established a subsidiary in Japan in 1995 for the development of powertrain systems
and instrumentation and test systems in the Japanese automotive market.
AVL Japan accounts for over 10% of total group sales. Mr. Naoki Okada, President of AVL Japan, views the Japanesemarket as "highly technology- and service-oriented."
In 2016, AVL will start operation of a new technical center in Kawasaki and expand its service network to respond to
customer expectations in Japan.

For further information:www.investjapan.org

Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form orby any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of JETRO. All
information in this publication is verified to the best of the writers' and the publisher's ability. However, JETRO does not
accept responsibilities for any loss arising from reliance on it.
(Notice for U.S. Users Only) This material is disseminated by the JETRO offices (New York, San Francisco, Los Angeles,
Chicago, Houston and Atlanta), which are all registered under the Foreign Agents Registration Act as agents of the Japan
External Trade Organization, Tokyo, Japan. This material is filed with the U.S. Department of Justice where the required
registration statement is available for public inspection.Registration does not indicate approval of the contents of the material
by the United States Government.
December 2015

The life insurance subsidiaries of Prudential Holdings of Japan, Inc. (The Prudential Life Insurance Company, Ltd., The
Gibraltar Life Insurance Co., Ltd., and The Prudential Gibraltar Financial Life Insurance Co., Ltd.) ranked third in theJapanese life insurance industry in FY2012 in terms of face amount of new business.
Since entering the Japanese market over 30 years ago, they have steadily grown their business and in FY2012
accounted for nearly half of the total operating income of U.S. based parent company Prudential Financial, Inc. Mr.
Tomoyuki Inoue, Senior Officer for Corporate Planning, says "Japan is the world's second largest market next to the
U.S. It is an attractive market not only because of continued liberalization, but also because customers place proper
value on high quality services."

Japanese Market

Did you know that Japan is a sophisticated,
attractive, and enormous market?
GDP Comparison Between Japan’s Regions
and Select Foreign Countries

Business Environment

Number of lawsuits related to IP (patents, utility models, designs)
in Japan, the US, and China

Did you know that Japan offers an
ideal environment as a business hub?

(cases)
10,000

China
U.S.

8,000

Comparison of Research Expenditures Between G8 Countries

9,680
7,819

Japan
5,785

6,000

4,000

4,041
3,196

2,830

4,422

4,074

2,896

5,189
4,015

3,301

2,909

2,792

2,000
(1B USD)
0

917.5

188

173
2006

2007

179
2008

189
2009

146
2010

230
2011

187
2012

(Y)

Source: Japan Patent Office
Note: There is no utility model system in the US
Jan to Dec for Japan and China, Oct to Sep for the US

919.0
Indonesia

936.5
Kinki region

919.0
Indonesia

698.4
631.2

(%)

Foreign-affiliated companies in Japan ①
5.3

Chugoku region

315.2

5.6

4.6

3
4

United States
France

2.79
2.29

4,535
554

2012
2012

5
6

United Kingdom
Canada

1.73
1.69

391
248

2012
2012

7

Italy

1.27

263

2012

8

Russian Federation

1.12

379

2012

3.0
3

3.5

Kanto region

2461.8
United Kingdom

3.4

2

3.2
2.4

3.3

3.5

155.6
Vietnam
Source: IMF "World Economic Outlook Database" ;"Prefectural Economic Almanac FY 2012",
Economic and Social Research Institute, Cabinet Office

2006

2007

2008

2009

2010

2011

18

50

9
43

42

43

20

20

30

14

20

21

17

10
0

Comparison of College
Graduation Ratios byCountry

France(Paris)China(Shanghai)

Korea(Seoul)1215

14
UnitedKingdom(London)Germany(Dusseldorf)

Singapore

Japan

45

44

43

(%)
70
66

60

59

50

48

40
30

29

20
10
0

Korea

Source: World Economic Forum, “The Global Competitiveness Report 2014-2015”

Global Peace Index 2015 Global Ranking

162.2
0

Employer contribution ratio

22

60

40

Source: Compiled based on data from JETRO’s "Survey of
Investment Related Costs" FY 2014 Survey
Note: Numbers are rounded to the nearest whole percent.
Where there is a range, the largest value is used.

Source: Education at a Glance 2014
Note: Countries ranked in decending order by ratio of college
graduates between the ages of 25-34.
Here, college graduate means anyone who has completed
tertiary education, to include community college andequivalent educational institutions.

2.3

1

Shikoku region

Business Sophistication

Did you know that Japan offers a safe
and secure living environment?

4.2

2400.8The Global CompetitivenessIndex 2014-2015

Employee (self-contribution ratio)

70

Japan

UnitedKingdom

NorwayUnitedStatesFranceGermany

Living Environment

4.8

4Sweden

FY
2013
2012

(%)

5.7

All companies in Japan ②

5Denmark

523.9

Research expenditures (100M USD)
1,767
1,022

Source: World Economic Forum, “The Global Competitiveness Report 2014-2015”

6

Switzerland

571.5% of GDP
3.75
2.98

Comparison of Ordinary Profit Ratios Between
Foreign-affiliated Companies in Japan and All Companies in Japan

Hokkaido・Tohoku region

Kyushu region

CountryJapan
Germany

Source: Compiled by JETRO based on data from the Ministry of Internal Affairs and Communications Statistics Bureau

Chubu region

333.4

Rank
1
2

Comparison of Employer
Contribution Ratios forSocial Security by Country

2012

(FY)

Source: Survey of Trends in Business Activities of Foreign Affiliates
Note: ① Ministry of Economy, Trade, and Industry "Survey of Trends in Business Activities of Foreign Affiliates"(*)② Ministry of Finance Japan "Company Statistics"(*) Responses from financial, insurance, and real estate companies are excluded

Rank

Country

Score

1
2
3
4
5
6
7
8
9
10

Iceland

1.148
1.150

Denmark
Austria
New Zealand
Switzerland
Finland
CanadaJapan
Australia
Czech Republic

10.3
8.2
6.4

FranceSource: GLOBAL PEACE INDEX 2015, INSTITUTE FOR ECONOMICS & PEACE
Note: Ranking based on 23 indicators including but not limited to number ofpolice officers and violent crimes, risk of internal strife, respect for human rights,
potential for terrorism, relationship with neighboring countries, and others.

China

3.8

Italy

3.4

United States

2.9

United Kingdom

2.9

Canada2.7

0Source: "World Statistics 2015", Ministry of Internal Affairs andCommunications
Note: Data from the most recent available years (2007-2012)

13.7

Germany

1.277
1.287

1.341

Japan
Korea

1.198
1.221
1.275

1.322
1.329

Number of hospital beds per 1000 people

3

6

9

12

15

(Number of hospital beds)

Japanese Market

Did you know that Japan is a sophisticated,
attractive, and enormous market?
GDP Comparison Between Japan’s Regions
and Select Foreign Countries

Business Environment

Number of lawsuits related to IP (patents, utility models, designs)
in Japan, the US, and China

Did you know that Japan offers an
ideal environment as a business hub?

(cases)
10,000

China
U.S.

8,000

Comparison of Research Expenditures Between G8 Countries

9,680
7,819

Japan
5,785

6,000

4,000

4,041
3,196

2,830

4,422

4,074

2,896

5,189
4,015

3,301

2,909

2,792

2,000
(1B USD)
0

917.5

188

173
2006

2007

179
2008

189
2009

146
2010

230
2011

187
2012

(Y)

Source: Japan Patent Office
Note: There is no utility model system in the US
Jan to Dec for Japan and China, Oct to Sep for the US

919.0
Indonesia

936.5
Kinki region

919.0
Indonesia

698.4
631.2

(%)

Foreign-affiliated companies in Japan ①
5.3

Chugoku region

315.2

5.6

4.6

3
4

United States
France

2.79
2.29

4,535
554

2012
2012

5
6

United Kingdom
Canada

1.73
1.69

391
248

2012
2012

7

Italy

1.27

263

2012

8

Russian Federation

1.12

379

2012

3.0
3

3.5

Kanto region

2461.8
United Kingdom

3.4

2

3.2
2.4

3.3

3.5

155.6
Vietnam
Source: IMF "World Economic Outlook Database" ;"Prefectural Economic Almanac FY 2012",
Economic and Social Research Institute, Cabinet Office

2006

2007

2008

2009

2010

2011

18

50

9
43

42

43

20

20

30

14

20

21

17

10
0

Comparison of College
Graduation Ratios byCountry

France(Paris)China(Shanghai)

Korea(Seoul)1215

14
UnitedKingdom(London)Germany(Dusseldorf)

Singapore

Japan

45

44

43

(%)
70
66

60

59

50

48

40
30

29

20
10
0

Korea

Source: World Economic Forum, “The Global Competitiveness Report 2014-2015”

Global Peace Index 2015 Global Ranking

162.2
0

Employer contribution ratio

22

60

40

Source: Compiled based on data from JETRO’s "Survey of
Investment Related Costs" FY 2014 Survey
Note: Numbers are rounded to the nearest whole percent.
Where there is a range, the largest value is used.

Source: Education at a Glance 2014
Note: Countries ranked in decending order by ratio of college
graduates between the ages of 25-34.
Here, college graduate means anyone who has completed
tertiary education, to include community college andequivalent educational institutions.

2.3

1

Shikoku region

Business Sophistication

Did you know that Japan offers a safe
and secure living environment?

4.2

2400.8The Global CompetitivenessIndex 2014-2015

Employee (self-contribution ratio)

70

Japan

UnitedKingdom

NorwayUnitedStatesFranceGermany

Living Environment

4.8

4Sweden

FY
2013
2012

(%)

5.7

All companies in Japan ②

5Denmark

523.9

Research expenditures (100M USD)
1,767
1,022

Source: World Economic Forum, “The Global Competitiveness Report 2014-2015”

6

Switzerland

571.5% of GDP
3.75
2.98

Comparison of Ordinary Profit Ratios Between
Foreign-affiliated Companies in Japan and All Companies in Japan

Hokkaido・Tohoku region

Kyushu region

CountryJapan
Germany

Source: Compiled by JETRO based on data from the Ministry of Internal Affairs and Communications Statistics Bureau

Chubu region

333.4

Rank
1
2

Comparison of Employer
Contribution Ratios forSocial Security by Country

2012

(FY)

Source: Survey of Trends in Business Activities of Foreign Affiliates
Note: ① Ministry of Economy, Trade, and Industry "Survey of Trends in Business Activities of Foreign Affiliates"(*)② Ministry of Finance Japan "Company Statistics"(*) Responses from financial, insurance, and real estate companies are excluded

Rank

Country

Score

1
2
3
4
5
6
7
8
9
10

Iceland

1.148
1.150

Denmark
Austria
New Zealand
Switzerland
Finland
CanadaJapan
Australia
Czech Republic

10.3
8.2
6.4

FranceSource: GLOBAL PEACE INDEX 2015, INSTITUTE FOR ECONOMICS & PEACE
Note: Ranking based on 23 indicators including but not limited to number ofpolice officers and violent crimes, risk of internal strife, respect for human rights,
potential for terrorism, relationship with neighboring countries, and others.

China

3.8

Italy

3.4

United States

2.9

United Kingdom

2.9

Canada2.7

0Source: "World Statistics 2015", Ministry of Internal Affairs andCommunications
Note: Data from the most recent available years (2007-2012)

13.7

Germany

1.277
1.287

1.341

Japan
Korea

1.198
1.221
1.275

1.322
1.329

Number of hospital beds per 1000 people

3

6

9

12

15

(Number of hospital beds)

Japanese Market

Did you know that Japan is a sophisticated,
attractive, and enormous market?
GDP Comparison Between Japan’s Regions
and Select Foreign Countries

Number of lawsuits related to IP (patents, utility models, designs)
in Japan, the US, and China

10,000

U.S.

7,819

Japan
5,785
4,041
3,196

2,830

4,422

4,074

2,896

5,189
4,015

3,301

2,909

2,792

2,000
(1B USD)
0

917.5

188

173
2006

2007

179
2008

189
2009

146
2010

230
2011

187
2012

(Y)

Source: Japan Patent Office
Note: There is no utility model system in the US
Jan to Dec for Japan and China, Oct to Sep for the US

919.0
Indonesia

936.5
Kinki region

919.0
Indonesia

698.4
631.2

CountryJapan
Germany% of GDP
3.75
2.98

Research expenditures (100M USD)
1,767
1,022

FY
2013
2012

3
4

United States
France

2.79
2.29

4,535
554

2012
2012

5
6

United Kingdom
Canada

1.73
1.69

391
248

2012
2012

7

Italy

1.27

263

2012

8

Russian Federation

1.12

379

2012

Foreign-affiliated companies in Japan ①
5.3

Chugoku region

315.2

5.6

4.6

4.8

4.2
4
3.0

2400.83

3.5

Kanto region

2461.8
United Kingdom

3.4

2

3.2
2.4

3.3

3.5

155.6
Vietnam
Source: IMF "World Economic Outlook Database" ;"Prefectural Economic Almanac FY 2012",
Economic and Social Research Institute, Cabinet Office

2006

2007

2008

2009

2010

2011

9
43

42

43

20

20

30

14

20

21

17

10
0

Comparison of College
Graduation Ratios byCountry

France(Paris)China(Shanghai)

Korea(Seoul)1215

14
UnitedKingdom(London)Germany(Dusseldorf)

Singapore

Japan

45

44

43

(%)
70
66

60

59

50

Source: Education at a Glance 2014
Note: Countries ranked in decending order by ratio of college
graduates between the ages of 25-34.
Here, college graduate means anyone who has completed
tertiary education, to include community college andequivalent educational institutions.

48

40
30

29

20
10
Korea

Japan

UnitedKingdom

NorwayUnitedStatesFranceGermany

Source: World Economic Forum, “The Global Competitiveness Report 2014-2015”

Living Environment

Living Environment

Did you know that Japan offers a safe andsecure living environment?

Number of hospital beds per 1000 people

2.3

162.2
0

18

50
40

Source: Compiled based on data from JETRO’s "Survey of
Investment Related Costs" FY 2014 Survey
Note: Numbers are rounded to the nearest whole percent.
Where there is a range, the largest value is used.

Employer contribution ratio

22

60

0

Global Peace Index 2015 Global Ranking

1

Shikoku region

Business Sophistication

Employee (self-contribution ratio)

70

5.7

All companies in Japan ②

5Denmark

The Global CompetitivenessIndex 2014-2015

Source: World Economic Forum, “The Global Competitiveness Report 2014-2015”(%)
6

Switzerland

523.9

Rank
1
2

(%)

Comparison of Ordinary Profit Ratios Between
Foreign-affiliated Companies in Japan and All Companies in Japan

Hokkaido・Tohoku region

SwedenComparison of Employer
Contribution Ratios forSocial Security by Country

Source: Compiled by JETRO based on data from the Ministry of Internal Affairs and Communications Statistics Bureau

Chubu region

Kyushu region

Did you know that Japan offers an ideal
environment as a business hub?
Comparison of Research Expenditures Between G8 Countries

9,680

China

8,000

4,000

571.5

Business Environment(cases)

6,000

333.4

Business Environment

2012

(FY)

Source: Survey of Trends in Business Activities of Foreign Affiliates
Note: ① Ministry of Economy, Trade, and Industry "Survey of Trends in Business Activities of Foreign Affiliates"(*)② Ministry of Finance Japan "Company Statistics"(*) Responses from financial, insurance, and real estate companies are excluded

Rank

Country

Score

1
2
3
4
5
6
7
8
9
10

Iceland

1.148
1.150

Denmark
Austria
New Zealand
Switzerland
Finland
CanadaJapan
Australia
Czech Republic

10.3

Korea

8.2
6.4

France

1.277
1.287

1.341

13.7

Germany

1.198
1.221
1.275

1.322
1.329

Japan

Source: GLOBAL PEACE INDEX 2015, INSTITUTE FOR ECONOMICS & PEACE
Note: Ranking based on 23 indicators including but not limited to number ofpolice officers and violent crimes, risk of internal strife, respect for human rights,
potential for terrorism, relationship with neighboring countries, and others.

China

3.8

Italy

3.4

United States

2.9

United Kingdom

2.9

Canada2.7

0Source: "World Statistics 2015", Ministry of Internal Affairs andCommunications
Note: Data from the most recent available years (2007-2012)

3

6

9

12

15

(Number of hospital beds)

Japanese Market

Did you know that Japan is a sophisticated,
attractive, and enormous market?
GDP Comparison Between Japan’s Regions
and Select Foreign Countries

Number of lawsuits related to IP (patents, utility models, designs)
in Japan, the US, and China

10,000

U.S.

7,819

Japan
5,785
4,041
3,196

2,830

4,422

4,074

2,896

5,189
4,015

3,301

2,909

2,792

2,000
(1B USD)
0

917.5

188

173
2006

2007

179
2008

189
2009

146
2010

230
2011

187
2012

(Y)

Source: Japan Patent Office
Note: There is no utility model system in the US
Jan to Dec for Japan and China, Oct to Sep for the US

919.0
Indonesia

936.5
Kinki region

919.0
Indonesia

698.4
631.2

CountryJapan
Germany% of GDP
3.75
2.98

Research expenditures (100M USD)
1,767
1,022

FY
2013
2012

3
4

United States
France

2.79
2.29

4,535
554

2012
2012

5
6

United Kingdom
Canada

1.73
1.69

391
248

2012
2012

7

Italy

1.27

263

2012

8

Russian Federation

1.12

379

2012

Foreign-affiliated companies in Japan ①
5.3

Chugoku region

315.2

5.6

4.6

4.8

4.2
4
3.0

2400.83

3.5

Kanto region

2461.8
United Kingdom

3.4

2

3.2
2.4

3.3

3.5

155.6
Vietnam
Source: IMF "World Economic Outlook Database" ;"Prefectural Economic Almanac FY 2012",
Economic and Social Research Institute, Cabinet Office

2006

2007

2008

2009

2010

2011

9
43

42

43

20

20

30

14

20

21

17

10
0

Comparison of College
Graduation Ratios byCountry

France(Paris)China(Shanghai)

Korea(Seoul)1215

14
UnitedKingdom(London)Germany(Dusseldorf)

Singapore

Japan

45

44

43

(%)
70
66

60

59

50

Source: Education at a Glance 2014
Note: Countries ranked in decending order by ratio of college
graduates between the ages of 25-34.
Here, college graduate means anyone who has completed
tertiary education, to include community college andequivalent educational institutions.

48

40
30

29

20
10
Korea

Japan

UnitedKingdom

NorwayUnitedStatesFranceGermany

Source: World Economic Forum, “The Global Competitiveness Report 2014-2015”

Living Environment

Living Environment

Did you know that Japan offers a safe andsecure living environment?

Number of hospital beds per 1000 people

2.3

162.2
0

18

50
40

Source: Compiled based on data from JETRO’s "Survey of
Investment Related Costs" FY 2014 Survey
Note: Numbers are rounded to the nearest whole percent.
Where there is a range, the largest value is used.

Employer contribution ratio

22

60

0

Global Peace Index 2015 Global Ranking

1

Shikoku region

Business Sophistication

Employee (self-contribution ratio)

70

5.7

All companies in Japan ②

5Denmark

The Global CompetitivenessIndex 2014-2015

Source: World Economic Forum, “The Global Competitiveness Report 2014-2015”(%)
6

Switzerland

523.9

Rank
1
2

(%)

Comparison of Ordinary Profit Ratios Between
Foreign-affiliated Companies in Japan and All Companies in Japan

Hokkaido・Tohoku region

SwedenComparison of Employer
Contribution Ratios forSocial Security by Country

Source: Compiled by JETRO based on data from the Ministry of Internal Affairs and Communications Statistics Bureau

Chubu region

Kyushu region

Did you know that Japan offers an ideal
environment as a business hub?
Comparison of Research Expenditures Between G8 Countries

9,680

China

8,000

4,000

571.5

Business Environment(cases)

6,000

333.4

Business Environment

2012

(FY)

Source: Survey of Trends in Business Activities of Foreign Affiliates
Note: ① Ministry of Economy, Trade, and Industry "Survey of Trends in Business Activities of Foreign Affiliates"(*)② Ministry of Finance Japan "Company Statistics"(*) Responses from financial, insurance, and real estate companies are excluded

Rank

Country

Score

1
2
3
4
5
6
7
8
9
10

Iceland

1.148
1.150

Denmark
Austria
New Zealand
Switzerland
Finland
CanadaJapan
Australia
Czech Republic

10.3

Korea

8.2
6.4

France

1.277
1.287

1.341

13.7

Germany

1.198
1.221
1.275

1.322
1.329

Japan

Source: GLOBAL PEACE INDEX 2015, INSTITUTE FOR ECONOMICS & PEACE
Note: Ranking based on 23 indicators including but not limited to number ofpolice officers and violent crimes, risk of internal strife, respect for human rights,
potential for terrorism, relationship with neighboring countries, and others.

China

3.8

Italy

3.4

United States

2.9

United Kingdom

2.9

Canada2.7

0Source: "World Statistics 2015", Ministry of Internal Affairs andCommunications
Note: Data from the most recent available years (2007-2012)

3

6

9

12

15

(Number of hospital beds)

Message from the Prime Minister of JapanJETRO IBSC Invest Japan Business Support Center

The Japan that I am pursuing is a Japan that is wide open to the entire world.
What is necessary for Japan's revival is a powerful catalyst that will restyle the oldJapan and then make the "new" Japan even stronger. These are the expectations I
hold towards direct investments into Japan.
By 2020, we will expand the balance of direct investment in Japan by foreigncompanies to 35 trillion yen, a doubling of the current figure.

PHOTO: CABINET PUBLIC RELATIONS OFFICE-Shinzo Abe, Prime Minister

JETRO IBSC is a one-stop
center for establishinga business base andstarting your business inJapan.

Consulting

Facilities

Information

Free individual
consultation for yourcompany

Temporary officespace offered free ofchargeGather a wide range
of information needed
for your business・Legal system
・Cost estimation
・Taxation・Market regulation
・Business practice・Human resource
・Location
・Subsidy application

・50 working days free・Located in 6 major cities
・Fully equipped
・Shared reception
・PC room with printer/scanner etc.
・Conference rooms available
Event hall available

・Market reports
・Business advisor
・Online database
・Platform of professional
service provider
・Connection to ministries
and regulatory authority
・Deregulation Request

Talk to
JETRO
First

about business in Japan!
Tokyo One-Stop Business Establishment Center
Integration of procedures for establishing business by overseas-affiliated companies in one location

Message from the Chairman of JETRO
We at JETRO welcome international companies into Japan with open arms! Japanis an ideal country for innovation, and offers you a business and living environment
unparalleled in the world.
As Japan’s core organization for promoting inward foreign direct investment, JETRO
has provided support to more than 12,000 overseas companies interested in setting
up business bases, of which over 1,200 have gone on to successfully establish
operations. Our core competency is in our experienced bilingual staff and reputable
experts. JETRO offers free temporary offices and one-stop support services to giveclients the resources and connections they need to get started. In addition, we provide
assistance for foreign-affiliated companies already present in the country in order tofurther expand their potential.
We are a committed and reliable partner for your company.
When it comes to doing business with Japan, please “Talk to JETRO first!”-Hiroyuki Ishige, Chairman & CEO
Japan External Trade Organization (JETRO)The Tokyo One-Stop Business Establishment Center has been jointly established by both the Japanese Government and the Tokyo Metropolitan
Government on the same floor as JETRO IBSC. The center provides assistance with completing applications and other procedures required whenstarting a business, including those for certification of articles of incorporation, company registration and notification of incorporation, taxes,
social security, and immigration in one place. The center will also provide interpretation and translation services in multiple languages.

That Are Seeing Success in the Japanese Market.

http://www.jetro.go.jp/en/invest/ibsc/one-stop.html

JETRO’s Global Network

Tommy Bahama Group (United States)
A casual lifestyle clothing brand with their base of operations in the US, Tommy Bahama Group operates over 100
stores, mainly in North America. They offer a wide variety of products, including men’s and women’s sportswear,
swimsuits, shoes and accessories, as well as interior decor. They are expanding into Asia as well, with stores in Macao,
Singapore and Hong Kong, and they will be opening shops in Japan, which is a focal point of their Asian strategy.
In April 2013 they opened a freestanding store in Ginza, Tokyo that combines both a bar and restaurant – the firstsuch store of theirs outside the US. JETRO IBSC provided them with general consultation on penetrating the Japanesemarket and information on import regulations, and also introduced them to service providers.

Juneyao Airlines Co., Ltd. (China)

Examples of Foreign-affiliated Companies
Umicore Japan K.K. (Belgium)
Umicore is Belgium’s leading functional material manufacturer founded in 1837. The company operates businessin the fields of secondary battery materials, solar cells, fuel cells, exhaust gas purification catalysts and recycling of
precious metals for the global market with over 80 business bases around the globe. In April 2011, the company
established its Japanese base to produce positive-electrode materials for lithium ion batteries in Kobe. CEO Mr. Marc
Grynberg says, "It is crucial for Umicore group as a whole to demonstrate our presence to these leading companies
and our existing Japanese customers, and to underline our commitment to the Japanese market. We also believe that
it is necessary to locate R&D functions near our existing customers."

ChengduLitePoint Japan K.K. (United States)

Rabat
Hanoi

Vientiane

Juneyao Airlines is a Chinese commercial airline company based in Shanghai, with many international airline routes
to Asian countries. Following the airline routes to Okinawa (Naha) and Osaka (Kansai), the carrier opened scheduled
flight routes to Fukuoka this June, to Tokyo (Haneda) in August, and to Nagoya (Chubu) in September. For the new
operations, the company set up new sales offices in Fukuoka, at Haneda Airport and in Nagoya. Prior to the openingof the new routes, JETRO provided Juneyao with location-specific market information and arranged meetings
with relevant authorities. JETRO also introduced candidate partner companies such as travel agencies, hotels andtemporary staff agencies, and provided various other support including leasing temporary office space (IBSC Fukuoka
and Nagoya) and assistance with a joint press release and press conference.

According to Mr. Spiros Bouas, COO of LitePoint, U.S. based provider of test solutions for the development of
wireless devices, the company’s sales in Japan have been growing steadily since the company established its Japanesesubsidiary in 2010. "It is not easy to find engineers of the same high caliber as Japan’s engineers", says Spiros. "Theexistence of top-notch engineers makes the Japanese market very attractive."
Spiros asserts that Japan remains an attractive market even after the Great East Japan Earthquake of 2011. He
personally is optimistic, saying, "If the world did not already know the resilience of the Japanese people, theearthquake showed why Japan is one of the leading countries in the world. The Japanese are tough and possess astrong spirit of cooperation. "Spiros says that this cohesiveness and ability to cope are linked to the appeal of theJapanese market."Prudential Holdings of Japan, Inc. (United States)
AVL Japan K.K. (Austria)
Austria based AVL List GmbH established a subsidiary in Japan in 1995 for the development of powertrain systems
and instrumentation and test systems in the Japanese automotive market.
AVL Japan accounts for over 10% of total group sales. Mr. Naoki Okada, President of AVL Japan, views the Japanesemarket as "highly technology- and service-oriented."
In 2016, AVL will start operation of a new technical center in Kawasaki and expand its service network to respond to
customer expectations in Japan.

For further information:www.investjapan.org

Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form orby any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of JETRO. All
information in this publication is verified to the best of the writers' and the publisher's ability. However, JETRO does not
accept responsibilities for any loss arising from reliance on it.
(Notice for U.S. Users Only) This material is disseminated by the JETRO offices (New York, San Francisco, Los Angeles,
Chicago, Houston and Atlanta), which are all registered under the Foreign Agents Registration Act as agents of the Japan
External Trade Organization, Tokyo, Japan. This material is filed with the U.S. Department of Justice where the required
registration statement is available for public inspection.Registration does not indicate approval of the contents of the material
by the United States Government.
December 2015

The life insurance subsidiaries of Prudential Holdings of Japan, Inc. (The Prudential Life Insurance Company, Ltd., The
Gibraltar Life Insurance Co., Ltd., and The Prudential Gibraltar Financial Life Insurance Co., Ltd.) ranked third in theJapanese life insurance industry in FY2012 in terms of face amount of new business.
Since entering the Japanese market over 30 years ago, they have steadily grown their business and in FY2012
accounted for nearly half of the total operating income of U.S. based parent company Prudential Financial, Inc. Mr.
Tomoyuki Inoue, Senior Officer for Corporate Planning, says "Japan is the world's second largest market next to the
U.S. It is an attractive market not only because of continued liberalization, but also because customers place proper
value on high quality services."