January 2021

Special Feature

Using Collaborations with Overseas Companies
to Drive the Realization of Society 5.0

Supporting Japanese Companies along Dual Axes of “Nordic and Baltic Region” and “Investment in Start-ups”
Backed by Entrepreneurs with Proven Track Records, Angel Investors, and Governments
How Scandinavia Creates Innovation

Our Global Challenges - Sunrose Co., Ltd.

Transformed from “Local Industry” by Leveraging Planning and Development Capabilities
Established Sewing Factories of Curtains and Other Products in Three Asian Countries

Project Frontline Our People and Their Work

Passion and conviction in the project lead to success in tough negotiations
Africa’s largest project financing, materialized by the mutual trust among the parties

Special Feature

Using Collaborations with Overseas
Companies to Drive the Realizationof Society 5.0
Society 5.0 is a concept that will use a variety of innovative technologies to create new value, with the aim of maintaining
a human-centered society. An increasingly important factor in making Society 5.0 a reality is for Japanese companies tobuild their overseas presence, through such initiatives as creating innovation through collaborations with overseas
companies and expanding their business into growing overseas markets. This edition’s special feature presents part ofthese efforts through examples of JBIC support and provides an outlook for the society that Society 5.0 aims to create.
Society 5.0, a world in which all people and things are connected, and information is shared
To make this world a reality, collaboration between companies is essential, regardless of nationality or business size

Both quantity and quality of healthcare provided in the rapidly expanding Asianmarket are inadequate
Leading-edge technology is being used to aim for patient-centered healthcare
What kinds of specific sectors are

in IHH Healthcare Berhad (IHH), Asia’ s

attracting the most attention? Innovations

largest private-sector hospital group,

such as CASE (Connected, Autonomous/and is engaged in the transition from

Automated, Shared, Electric), which is

the quantitative expansion of healthcare

being pursued primarily by the automotivein the region to the improvement ofindustry, MaaS (Mobility as a Service),quality. Project leader, NAGAHIRO Tomo,

which aims to turn all kinds of mobility

commented, “The healthcare industry is a

into services, and smart factories, in whichconservative one that has fallen behind inadvanced technologies are used to reform

digitization, but with the simultaneous

the site of production, are particularlypressures of increased volume of datacompatible with Japan’ s manufacturing

during treatment and the reduction ofindustries. Further, the themes of remotetreatment costs, there is no time to lose in

medicine and ICT education, for example,

making use of that data.”

are directly connected to the creation of aSince Mitsui made an additionalsociety without inequality, which is one ofinvestment in March 2019, becoming

Society 5.0 is a concept that wasthings are being implemented in society. In

will be an important option for its realization.

the 17 goals in the SDGs. There are

IHH’s majority shareholder, IHH’s businessproposed in the 5th Science and Technology

the United States and China, platformers are

The “economic advancement with the

expectations for worldwide innovations instrategy has changed significantly. It had

Basic Plan released by Japan’s Cabinet

emerging to provide service infrastructure

resolution of social problems” thatthese kinds of areas.

already been expanding the number of

Office. It is defined as a human-that has innovative technologies at its core.

Society 5.0 advocates have much in common

centered society that balances economic

Tech companies in Silicon Valley and Israelwith the United Nations’ Sustainableacquiring and building new hospitals,

advancement with the resolution of socialthat have their own, unique technologies are

Development Goals (SDGs). By teaming up

extending beyond its original area ofproblems by a system that highly integrates

the focus of fervent attention from aroundwith overseas companies and start-ups

Singapore and Malaysia out into Turkey,

cyberspace and physical space.

the world, while M&As and head-huntingthat possess outstanding technologies,

India, and other regions. Now, it isare becoming more widespread.

Japanese companies, with their strengths inpursuing the merger of businesses underWith the advent of the 20th century, theMitsui & Co., Ltd. (Mitsui) has invested

hospitals and hospital beds it owned by
NAGAHIRO Tomo

General Manager, Healthcare Business 1st Dept.
Healthcare Business Division
Healthcare & Service Business Unit
Mitsui & Co., Ltd.

volume of knowledge and information

Although Society 5.0 is a concept

manufacturing, will be able to contribute toits umbrella and the creation of synergies,

with both patients and hospital staff. It

handled by the human race increased

originated in Japan, collaborations withthe world and extend new businesses out

and its strategy has changed course towardreceived a commendation from Singapore’ s

exponentially, but there has not been

companies that have outstanding

into overseas markets.

raising the quality of its medical services to

Infocomm Media Development Authority

sufficient development of technology thattechnologies, regardless of their nationality,

provide patient-centered healthcare. With

as an excellent example of innovation.”

would connect that information acrossthis revised strategy, it is aiming for further

different sectors. For this reason, depending

growth.

The project to develop this predictive
hospital bill estimation system was led byon age, location, and other factors, there“Due to the asymmetry of information in

staff on temporary assignment from Mitsui.

have been limitations in the information

the healthcare sector, it tends to be a world

They involved local operations staff andthat is centered on the medical institutions

took the lead through the project, fromand doctors. Moreover, unlike Japan,

defining the requirements to developing

treatment is not covered by healthand installing the system.

and services that can be accessed andconstraints on behavior, and responses tosocial issues such as the declining birthrate,

In Society 5.0 a variety of knowledge
and information will be shared,
and new value will be created.

IHH, a hospital operator with 80 hospitals across 10 countries
mainly in Asia

aging population, and depopulation ininsurance, so there were problems with

“Asia’ s healthcare market is expected toregional areas have been far from adequate.

treatment fees charged differing frombecome increasingly competitive. To

doctor to doctor and patients not knowing

ensure that we are patients’ hospital of

how much their treatment would cost until

choice, we will continue to leverage

they were discharged from hospital. To

leading-edge technology and the network

realize greater fee transparency, we had AI

we have as a trading firm to engage inand a variety of knowledge and information

learn the actual costs being charged inresolving problems and realize thewill be shared with IoT. Sensors installed in

Singapore and proposed a predictive

transition from hospital - centered tohospital bill estimation system that could

patient-centered healthcare. In future, we

provide an estimate of inpatient hospitalhope to bring our overseas experiencescharges. The system’ s accuracy rate hashome to Japan and achieve even further

increased to 80% and has proved populardevelopment.”

Society 5.0 represents a vision in which
the challenges we are facing today havebeen resolved.
All people and things will be connected

the physical space will collect massive

Remotemedicine
CASE

MaaS

Smart factories

volumes of information, and this big data
will be analyzed by AI in the cyberspace.
The results obtained will be fed back to theE-government

IHH is focusing its efforts also on the introduction of leading-edge
equipment

physical space and create new value.
Advanced technology such as robots andautonomous vehicles will likely contribute

ICT education
Financial support for Japanese companies’ overseas business expansion

to the resolution of regional problems suchas the declining birthrate, aging population,and depopulation.
Already, technologies to realize these

Infrastructure

Society 5.0

First proposed in the 5th Science and Technology Basic Plan as a future society that Japan should aspire to. It follows the hunting society (Society 1.0),
agricultural society (Society 2.0), industrial society (Society 3.0), and information society (Society 4.0).
2

IHH introduced online medical services in eight countries in
response to the COVID-19 pandemic

In March 2019, Mitsui & Co., Ltd. (Mitsui) acquired an additional 16% stake in IHH
Healthcare Berhad (IHH) from a holding company wholly owned by Khazanah Nasional
Berhad (Khazanah) at a cost of approximately MYR8.4 billion (approx. JPY220 billion).
Together with Mitsui’s existing stake, this acquisition brought its total shareholding to 32.9%,
making it IHH’s leading shareholder. JBIC signed a loan agreement for up to USD400 million(JBIC portion) with Mitsui to assist with the purchase of the shares in IHH. In doing so, JBIC
supported the expansion of Mitsui’s business overseas in the healthcare sector.

3

Using Collaborations with Overseas Companies to Drive the Realization of Society 5.0

Supporting Japanese Companies along
Dual Axes of “Nordic and Baltic Region”
and “Investment in Start-ups”

The target of investment is not thetechnology, but the problem thatthe technology aims to resolve

JBIC has established a venture capital fund in the Nordic and Baltic, a region that is attracting attention as one of theworld’s major start-up hubs, to create opportunities for Japanese companies to collaborate with start-ups.

untidy. To counter these problems, Voi

There are two distinctive projects that

optimal deployment of scooters based on theNordicNinja has invested in recently.

Venture capital fund established jointly by the JBIC Group and a local firm
Leading Japanese companies also participating as LP investors
As the speed of global businessis worth EUR100 million and primarily

Nordic and Baltic region may be attracting

accelerates, financing needs are also

targets technology companies in the seedattention, the fact is that Japanesediversifying and swift responses are

and early stages. In addition to the fund’ scompanies have only made limited entry

required. In the past, JBIC’ s support ofmanagement through JBIC IG Partners,

Japanese companies for their overseas
business has primarily been through loans,and on data, including demand forecasting. By

Voi Technology operates a sharing service

recalling defective scooters immediately andusing electric scooters.

actively working to mitigate unevenvariety of problems. Voi Technology is notvery well known, but in Europe, they are

merely an operator; it is also a tech company

into the region. For this reason, JBIC has

widely used as a means of traveling shortthat owns technology that fuses the virtual and

JBIC participates as an LP investor

initiated to establish a fund first and thendistances. With over six million users, Voi

the real worlds.

alongside Omron, Panasonic, and Honda.

attracted Japanese companies in the region.

Technology has Europe’ s top share of theNordicNinja’ s other recent investment was

JBIC intends to support the companies’

market. With fewer people using public

in Veriff, an Estonian company that provides

strategic effort through this initiative.

transport due to the COVID-19 pandemic, Voi

online ID verification solutions.

focus on the Nordic and Baltic region.
The first is that entrepreneurship in the

JB Nordic Fund has already invested inParticularly, in a joint venture withtechnology sector is gaining momentum in

12 local companies (as of October 31, 2020)

Industrial Growth Platform, Inc., which has

the region. Its consequent potential has

since it was established in January 2019.

an extensive track record as a hands-on

earned the region the moniker of “theThe many different areas it has invested inconsulting firm, JBIC established the

Silicon Valley of Europe.” The second isinclude mobility, XR ( * 2 ) , logistics, andinvestment advisory firm, JBIC IG Partners,that competition there is not as intense as

AI/enterprise software.

in June 2017. The first project for this new

in Silicon Valley or Israel. Compared with

The establishment of JB Nordic Fund isfirm was the management of an investment

those regions, which have attracted

the first project in JBIC’ s efforts to be thefund for projects targeting Russia.

investors from all over the world, causing

first to venture into regions that have major

Its next project is JB Nordic Fund I

competition to overheat, it is consideredpotential but on which Japanese companies(commonly known as NordicNinja), a

possible to invest in companies at more

have not yet focused their attention. JBIC

venture capital fund targeting the Nordic

reasonable valuations. The third reason is

also intends to extend this initiative intoand Baltic region (*1) . Jointly establishedthat it is a region that has not yet beenwith a local firm, AS BaltCap, this fundcovered by Japanese companies. While theTechnology’ s service has drawn even more
attention as an alternative.

JB Nordic Fund invests in wide-ranging areas,
including the mobility sector
IoT

AI / enterprisesoftware17%8%

algorithms for scooter deployment, as well as

status. The key to this system was the ID

its hardware, specifically the scooters’

verification technology. Japan had also seen aable to continue to grow by responding to thereplaceable inbuilt batteries. Voi Technology’ s

growth in opportunities to register a facialchange. Both Voi Technology and Veriff haveelectric scooters do not have to be returned tophotograph for ID confirmation purposes, butjust started to expand into Japan in earnest, so

where they were originally picked up, but if

the processing of the verification was still

you may see them somewhere close to you

they are left just anywhere for long, it could

performed manually by humans, making it aone of these days.

lead to the problems of batteries running out

time-consuming process. However, Veriff has

We are still very much a newcomer to thisand the uneven distribution of scooters acrosssucceeded in automating the ID verificationindustry, so it is a process of trial and error

the city. It could also make the cityscape lookprocess with the use of machine learning.

day by day as we work out how to get people

After the necessary information is registered,

to realize Japan’ s appeal and NordicNinja’ s

new regions other than the Nordic andthe process takes only 20 to 30 seconds andstrengths. One thing I have noticed is that, in

Baltic region.

also guarantees a high degree of accuracy.

states with a high degree of social security

IGPI

A policy-based financial institution wholly owned by thegovernment of Japan.
As professionals in international financing, through its
network of 17 overseas locations, it has an approximate
JPY15 trillion balance of equity participations, loans,and guarantees targeting projects all over the world.

A consulting and investment firm with theobjective of enhancing long-term, sustainablecorporate and business value.
As a group of management professionals, it
has an extensive track record in hands-on
growth support.

51%

Investment
sectors(by number ofprojects)

Logistics

17%

49%
SOHARA Tomosaku

JBIC IG Partners

Investment Director, JBIC IG Partners and Managing
Partner, JB Nordic Ventures Oy (NordicNinja VC)

Diagram of JB Nordic Fund Scheme
JBIC IG Partners
XR*2

17%

*2: XR, or extended reality, is a collective term for technology that fuses the real world
and digital information. It includes technologies such as virtual reality (VR),augmented reality (AR), mixed reality (MR), and substitutional reality (SR).

4

JBIC

33%

BaltCap

Investment Advisory Company / General Partner
Strategic Services

Omron
Panasonic
Honda Motor
JBIC

Voi Technology’s sharing service, used by more than six
million people across Europe

e-Residency, the world’ s first online residency

Overview of JBIC IG Partners

Mobility

Estonia is well known for its pioneering
policies, such as the introduction of

Voi Technology’ s strength lies in its*1: The region comprises eight countries: Finland, Sweden, Denmark, Norway, and Iceland (the Nordic countries); and Estonia, Latvia, and Lithuania (the Baltic countries).

8%

condition of their batteries and other hardware

One of them is Voi Technology in Sweden.

distribution, it has been able to resolve a

There are three reasons for JBIC’ sInnovative solution for ID verification developed by Veriff

the vehicles in real time. It decides on theclassified as motorized bicycles, so are notsupport by taking more in-depth risk.

Healthcare

Technology employs central management of

In Japan, electric scooters are still

but JBIC has now enhanced its equity
function to provide more flexible, diverse

JBIC staff members battling hard in
the arena of Nordic investment fundLP equity
investment

Management

Fund
Investment

Panel discussion with Veriff CEO, Kaarel Kotkas at
FinanceEstonia Forum 2019

Financial institutions were the first to focus

where trust in the government is high, thetheir attention on this ID verification solution,

input of capital from JBIC, which is abut demand has since increased in educational

policy-based financial institution wholly owned

settings as well. With schools shutting downby the Japanese government, leads to a sensedue to the COVID-19 pandemic, this solutionof trust. This does seem to be a major

is being considered for use in situations such

advantage.

as online exams. Also, with the expansion of

Venture capital may look like a glamorous

remote work, employees have more occasion

job. I, too, thought like that in the beginning.

to access their companies’ in-house systems

However, start-up owners have staked theirfrom home, so general businesses are also

whole lives on their business, and there arefocusing their attention on it as an application

times when they feel under pressure andfor their own employees.

whine. How we support them at such times

As described, both Voi Technology andbecomes the issue, and while “hands-on”

Veriff boast high levels of technologicalmight sound good, it is important that westrength. However, when we decide where tosimply listen to their grumbles. This job isinvest, we do not look at the technologies andactually much more down-to-earth and human

products alone. We look at what kind of

than you might think.

problems they are seeking to resolve with

In closing, on a personal note, I find myself

those technologies and what kind of society

more and more often imagining what society

they will be able to create. That is because

will look like for my three children when they

companies that adhere stubbornly to their own

grow up. The job we are doing now will createtechnologies alone can find it hard to keep up

the future, so as I go about my work every day,in markets that are changing at a bewildering

I think about what I want society to be like inpace, whereas companies that focus on

the future and how I can help realize that

resolving the problems facing society will beusing the strengths of Japanese companies.

Start-ups in the Nordic and Baltic region
5

Using Collaborations with Overseas Companies to Drive the Realization of Society 5.0

Backed by Entrepreneurs with Proven Track
Records, Angel Investors, and Governments
How Scandinavia Creates Innovation

What Japan should do forSociety 5.0 given its breadthand depth of industry

Society 5.0 is a concept of a society built on various innovative technologies—IoT, big data, AI, robots,
drones, and so on. What kinds of future maps are envisioned for the Nordic and Baltic region—centers ofinnovation in Europe—and are companies there looking to do business with Japan? We spoke with Marek
Kiisa (MK) and Rainer Sternfeld (RS), the leaders of JB Nordic Fund.
An ecosystem supported through private and government collaborations in which
successful entrepreneurs nurture the next generation of entrepreneurs— How will society in the future

the popularization of 5G, autonomous

MK Many entrepreneurs have been

entrepreneurs, and so on — have the

RS I think it is important for largechange with new technologies such as

electric vehicles will replace logistics

successful in the region’ s start-up

potential to connect businesses andcompanies that are active on a global level

AI and IoT?

trucks, and carbon-neutral vehicles andecosystems, and these successful

governments and build a new society forto collaborate with start-ups tackling issues

MK First, I think the role of governments

services such as electric bike sharing

entrepreneurs help advise and fund thethe 21st century. In order to create entirelyin their respective fields in order to quickly

will shift to become service providers forservices will become widespread in urban

next generation of entrepreneurs. We

new products and business models, suchacquire new ideas. It is, of course,

their citizens. Citizens will be able to obtainareas.

cannot overlook the fact that thesetalents need opportunities to try their own

important to know where the start-up is in

useful information and receive helpful— How are entrepreneurs andsuccessful entrepreneurs not only provide

experiments and ideas, just as thetheir development (early stage,

services provided by government agencies

investors working together to support

funding but also visit schools and help withengineers who founded large Japanese

high-growth stage, or pre-IPO). But for an

and so on through apps provided by theinnovation in the Nordic and Baltic

robotics and coding lectures, which in turn

companies did in the past.

already established organization,

government that utilize AI. In addition, with

region?

inspire students to start new businesses.

— What do you think is necessary to

collaborating with a start-up can be a new

The role of government is also important.

make global expansion aimed atsource of vitality. A win-win relationship can

Governments, along with the European

promoting innovation a success?

be built by working with sound incentives.

theSustainable(SDGs).

Development

Goals

RS If Japanese companies are to— How do you feel about yourcollaborate with companies in this region, it

collaboration with JBIC so far throughpast, there are an increasing number ofwill be important to manage theirworking as a member of JB Nordic

expectations. It is extremely important to

Fund?

clearly communicate what your aim is, what

R S JB Nordic Fund has proved thatsort of timeline you have, and what yourgovernment-affiliated financial institutions

budget is, from the beginning. Sharing yoursuch as JBIC and private companies canperspectives is also critical.

successfully work together with private— Given the intensifying competition

equity partners abroad. One of the keys tofor advanced technologies development

success is building a quality team. This teamand market acquisition globally, what

consists of members that bring a diverse

strengths do Japanese companies

range of experiences to the table, including

bring? And what do you see as the

Silicon Valley entrepreneurs, Scandinavian

challenges facing them?

angel investors, and Japanese fundopen innovation and collaborating withcompanies in the Nordic and Baltic
region?

I think automation in the

managers. In addition, I am very grateful totransportation and logistics sectors is abe able to actively exchange opinions withgreat opportunity for Japan to takeour three Japanese LP investors and haveadvantage of, similarly to its success infrank discussions on both investment

factory automation. Large, successful

returns and technology with them.

companies would be able to gain fresh

MK JB Nordic Fund has become Europe’ sinternational perspectives through themost valued Japanese venture capital fundacquisition of start-ups or partnerships with

thanks to JBIC, our LP investors, a diverse

such companies.

team (as RS also stated), and a reasonable

RS Japan has a wealth of experience infund size.

overcoming numerous challenges. I believe

I am grateful for the insights gainedthat creative talents in Japanese —through JBIC into what Japan is seeking

inventors, engineers, designers,

within our rapidly changing world.

MK

6meet all 17 Global Goals, also known as

can provide funds in all forms, fromcompanies take if they are interested inManaging Partner of JB Nordic Ventures Oy (NordicNinja VC)
ProfileBorn in Estonia. Founded several data-driven businesses andworked in Silicon Valley and Europe. Prior to his current
position, Sternfeld was the CEO of Planet OS, a provider ofgeographic, energy, and IoT data platforms that he founded.
Planet OS was acquired by Intertrust in 2017.

(1)Japan is arguably the only country

with the breadth and depth of industry to

Talents with diverse backgrounds
come together at JB Nordic Fund
Exchanges with Japanese LP
investors are also a source of energy
for team activities

investing in regional venture capital funds.
— What approach should JapaneseManaging Partner of JB Nordic Ventures Oy (NordicNinja VC)
ProfileBorn in Estonia. Holds a master’s degree in machine design in
Sweden. Founder of Estonian Angel Investor Network (EstBAN)
and NordicBAN, which bridges national networks. Board
member of Estonian Private Equity and Venture Capital
Association (EstVCA).

Japan has four strengths in advancing

Society 5.0.

and private and public institutions, Japan

programs to help launch start-ups as well as

Rainer Sternfeld

Nikkei ESG Publisher /General Manager, Consulting Service Bureau,
Nikkei BP Intelligence Group(2)In finance such as stocks, funds,

Investment Fund, are offering numerous

Marek Kiisa

SAKAI Kouichi

investing in projects that produce results

in a short period of time such as AI to
those that take a long period of time suchas infrastructure development.

(3)Unlike Japanese companies of thecases where companies are actively

wo r k in g t o re s o lv e s o c ia l is s u e s
Autonomous EV truck developed by Swedish start-up Einride

overseas. This is a growing trend inJapan. Instead of one company making a

profit for itself in a developing country,
improving quality of life indicators andresolving social issues by reducing

p o l l ut io n a n d in c re a s in g s c h o o lenrollment rates will lead to greater
profits for all.

(4)Japanese companies are skilled

in a va rie t y o f f ie ld s , in c lu d in g I T,t e l e m e d ic in e , d ru g d is c o v e ry , a n d
QR code system for supply chain management developed by
Finnish start-up Logmore

e-commerce

payment

systems,

andproviding such systems can help resolve
problems in various countries.

Public institutions such as JBIC can

support long-term projects, unlike private

investment funds that emphasize
profitability. In addition, having public

institutions lead the way will make iteasier also for the private sector toparticipate going forward. I look forward
to seeing the know-how and networks
Industrial ultra-high resolution VR/XR device platform developed
by Finnish start-up Varjo

gained in past overseas projects put tofurther use.

7

Our Global Challenges

Transformed from “Local Industry” by Leveraging
Planning and Development Capabilities
Established Sewing Factories of Curtains
and Other Products in Three Asian Countries
Sunrose Co., Ltd.

Factory in Vietnam, established as the third sewing base in Asia. Manufacturing a variety of decorative interior products with fabrics procured
from Japan, China, South Korea, and Turkey.

Sunrose provides curtains with cutting-edge designs from Europe and other regions.
It has established sewing factories in China, Indonesia, and Vietnam, and has set its sights on the global market.

Planning staff sent to Europe
Quick to incorporate popular patterns and designs
With more and more people re-thinking the way they spend
their time at home during the COVID-19 crisis, demand forinterior fabrics such as curtains is growing. Sunrose Co., Ltd.
delivers curtains with cutting-edge designs and assured quality
to its markets. It is now expanding its business globally, having
recently established a sewing factory in Vietnam, adding to its
existing factories in China and Indonesia.
‘We undertake all aspects of our business, from productplanning to production and marketing within our corporate groupand practice responsible manufacturing.’ This is how Sunrose

President

SAKAKIBARA Hirotaka
8

Sewing factories in China and southeast Asia
Sights set on expanding into the global market
Co., Ltd. President, SAKAKIBARA Hirotaka, explains thecompany’s policy.
Sunrose was established in 1967. It began when Hirotaka’s
father, Hideo, established his own business after resigning fromthe textile company he had been working for and started contract
manufacturing of sheets, pillowcases and other bedding
products. Around 1970, Hideo expanded the business to include
the manufacture and wholesale of ready-made curtains with
Jacquard textiles, which was then a thriving industry in his
hometown of Gamagori in Aichi Prefecture.
Initially, he sold his products to wholesalers, but he gradually
expanded to dealing directly with retailers such as home
improvement stores and interior furniture outlets. With this new
direction, the company’s product range also expanded into allkinds of interior fabrics, including roman shades, roll screens,noren (traditional Japanese door curtains), cafe curtains, andcushion covers. In 1989, Sunrose established two subsidiaries,
namely, Sun Régent Co., Ltd., which operates company-owned
retail stores, and Sun Rideau Co., Ltd., which sews the products.
Sunrose itself specialized in product planning and development.
Sunrose’s strengths lie in the high standard of its planning anddevelopment capabilities. President SAKAKIBARA recalls, ‘In
order that we can incorporate cutting-edge design, we havealways had our own in-house product planners, even when wewere only a small company.’ The company currently employs
seven planning staff, some of whom are graduates of fine arts
universities. These product planners are sent to interior fabrictrade shows held in Europe. While being there, they research
European trends, seek out the latest designs, and enter into
contracts with designers. In recent times, Sunrose has engaged
Finnish designers and is focusing on products of Scandinavian
design. The product planners make fine adjustments to colors
and patterns to better suit the preferences of Japanese
consumers. The designs are then applied to fabric made inJapan and turned into products.
Some 80-90% of the curtains sold by Sunrose are thecompany’s original designs. ‘We deal with retailers nationwide,with NITORI Co., Ltd. being our largest customer. Although ourbrand does not appear on the products, our designs are very
popular and sell very well, to the delight of our customers,’
President SAKAKIBARA says proudly.

In the late 1990s, Sunrose began exploring the idea of moving
into overseas markets. ‘Around that time, made-in-China
ready-made curtains had started to come into the Japanesemarket. Because of the large disparity in the cost of sewing labor
between Japan and China, our products sewn in Gamagori wereno longer competitive on price,’ says President SAKAKIBARA. In
1999, Sunrose established a joint-venture company with aChinese company and set up a sewing factory in China. In manycases, local companies wanted nothing to do with themeticulousness of orders that were based on Japan’s exacting
standards, but Sunrose was able to build a good working
relationship with companies that were serious about
manufacturing. Two years later, it established a wholly-owned
subsidiary, Shanghai Sunrose. Since then, Sun Rideau’s sewing
factory in Japan has specialized in the production ofcustom-made curtains, while Shanghai Sunrose manufactures
ready-made curtains.
In 2012, Sunrose established Shanghai Sunrose Trading,which engages in import/export and sales of interior products
other than curtains. In the same year, it established PT. Sunrose
Indonesia in Indonesia to undertake sewing and other processes
in a location other than China, at a time when the talk was allabout the wisdom of having a “China + 1” structure due tosoaring labor costs and political risks.
As President SAKAKIBARA explains, ‘Indonesians are very
good at fine detailed work, so as well as curtains, Sunrose
Indonesia has also taken on the sewing of interior products that
require that kind of delicate work, such as cushions, cafe
curtains, and tote bags. The company is able to handle various
requests from Japanese companies in Indonesia, and it has
become a significant asset to our business.’
However, due to strict regulations in Indonesia, theyoccasionally ran into difficulties when they wanted to sew fabrics
procured from third countries, so in 2018, Sunrose established
SRTI Vietnam Company Limited in Vietnam in a joint venturewith Toray International Inc. When it was looking for a third
location for a sewing factory after China and Indonesia, Toray
International, which was one of its suppliers, proposed
establishing a joint venture, which led to the move into Vietnam.
A sewing factory was commissioned in September that year andbegan sewing fabrics procured from Japan, China, South Korea,

and Turkey.
In May 2020, SRTI signed a loan agreement with JBIC. The
loan was provided under JBIC’s Growth Investment Facility,
which was established in January 2020 with the aim of providing
wide-ranging support in assisting Japanese companies withoverseas development, and was co-financed with Gamagori
Shinkin Bank. ‘Gamagori Shinkin Bank, with whom we hadalready had dealings, proposed this arrangement to us. We will
use the funds obtained through this loan on the factory’s interiors
and for machinery and equipment. We look forward to JBIC’s
support in the expansion of our business in Vietnam andIndonesia going forward,’ says President SAKAKIBARA.
Sunrose’s overseas operations are currently focused primarily
on sewing curtains for the Japanese market, but the company
also has its sights on selling the curtains it manufactures
overseas in global markets. ‘We have been searching for theright opportunities, including exhibiting at a trade show inFrankfurt, Germany, for the past eight years. Shanghai Sunrose
has launched an online-sales website and has started selling
directly to consumers. The market for ready-made curtains insoutheast Asia is sure to grow more and more going forward. We
hope to expand our business in local markets as well,’ says
President SAKAKIBARA. Sunrose will continue to embark on its
global challenge.

Sunrose Co., Ltd.
Head Office1-15 Yaotomicho, Gamagori, Aichi, 443-0055 Japan
URL
http://www.sunrose.co.jp/
FoundedJanuary 1967
Capital
JPY30 million
Sales Volume
Approx. JPY7 billion (Year Ended March 2020)
President
SAKAKIBARA Hirotaka
Employees
60
Business
Manufacture of home furnishings

9Project Frontline
Our People and Their WorkJBIC is engaged in an array of different projects in various parts of the world.
JBIC’s leaders talked about their work on the front lines, their commitment toprojects, and what they find most appealing as professionals in theirrespective fields.

Africa’s largest project financing,materialized by the mutual trust among the parties

Passion and conviction in the project lead to success intough negotiations
Bangladesh has been achieving growth

For

this

reason,the

In July 2020, a loan agreement wasenvironment over the long term; and (3) tosigned for an LNG project in Mozambique.

structure such that the project’s outcomes

governmentofprogress in the negotiations came to a

The project entails developing an offshore

benefit Mozambique at as early a stage aspaths

at breakneck speed in recent years. This has

Bangladesh

thecomplete halt. Nevertheless, we held agas field off Mozambique’s north coast andpossible. Facing the macro-economic

led to a sharp rise in demand for electricity,

development and operation of electric power

series of discussions with the sponsors,transporting the feed gas through a pipeline

vulnerability of the host country and given

which is expected to increase by about 6.6%

plants with foreign capital by releasing thehost-country government and government

to an onshore liquefaction plant to be

the difficulty in foreseeing the economic

on average every year until 2040. On therights to the electric power business toagencies, and the co-financing banks, whichconstructed, where the liquified natural gas

outlook due to the pandemic as well as theother hand, the country is suffering from a

private companies. Eventually, in September

finally led to approval of the loan. This was(LNG) will be produced and will be

prevailing low oil price environment,

chronic budget deficit, making it difficult to2019, JERA, which possesses a wealth of

the result of the passion and effort oftransported by LNG carriers to customers

decision-making by financial institutions

cover the development of electrical power

expertise in thermal power generation, won

everyone involved, but it was also due to theworldwide. It is Mozambique’s first onshore

naturally tends to be conservative. However,resources with government spending alone.

the rights to this business.

conviction held by all parties in the trueliquefaction project.

by understanding the project’s vision andexploredforIn this project, a Bangladesh company inneed for this project. Due to the pandemic,

On the financing side, export credit

discussing things from the same perspective

which JERA holds an equity stake will build,the people involved were forced to stay atagencies of seven countries as well as theas the concessionaires, we were able toown, and operate a thermal power plant inhome, but with the use of online meetings

African Development Bank played abuild up a mutual trust with the parties

the Meghnaghat region, southeast of theand other initiatives, we persisted and were

pathfinding role and had had continuous

involved and I believe that this ultimately

capitalelectricity

able to achieve progress little by little. This,

discussion with the sponsor group including

helped to enhance the stability of thegenerated by the new plant will be sold totoo, is evidence of that passion anda Japanese investor. During the process, theproject.

Bangladesh Power Development Board

conviction. We believe not only that will thisnegotiations were impacted by various

The global energy market is currently on(BPDB) for 22 years. After JERA obtained

project

theexternal factors, ranging from a change inthe verge of structural change. Compared

the business rights, our team commenced

international competitiveness of Japanese

the operatorship, host nation’s fiscal

with other fossil fuels, natural gas places aloan negotiations in what would be our firstcompanies, but that it also fits in with the

problems to a structural change in thesmaller burden on the environment, so it iscase of project financing in Bangladesh.

Japanese government’s policy direction ofnatural gas market or the sharp fall in oil

expected to continue to play an important

After due diligence by the syndicate ofoverseas development of infrastructure andprice caused by the COVID-19 pandemic.

role. Given its high transportability, demandbanks and negotiations with the government

energy industries. Furthermore, it will help

Nevertheless, supported by the solidfor LNG is expected to grow among newof Bangladesh and BPDB, the loan was

to realize Bangladesh’s Power System

feasibility and the strong commitment of all

consumer countries, including those in Asia.

signed on July 30, 2020.

Master Plan, lending significance to JBIC’s

the parties involved, the project assembled

However, it is also the fact that theparticipation in the project.

21 private financial institutions, ultimatelyinternational community is exploringin the project on the ground with passion

forming Africa’s largest ever projectfurther developments as it moves toward theand energy. In the years to come, I truly

financing.

realization of a decarbonized society. In thishope that the natural gas produced fromcity,

Dhaka.

The

In our consideration of the loan, we

contributetoimproving

Director, Corporate and Operation Planning Division,
Corporate Planning Department(then Director, Division 1, Oil and Gas Finance Department)

TATSUMI Tomonori

focused on Bangladesh’s country risk andMoving forward, I hope to work on more

how to assess BPDB’s and the otherof these kinds of meaningful projects thatgovernment-related organizations’ capacity

will lead to the growth and prosperity of

The factors I paid particular attention tocontext, we believe that this project is wellthis project will support the everyday lives of

to fulfill the agreement over the long term.

Japan and the world, with a focus on thein organizing the finance were: (1) to best

positioned to play an appropriate transitional

people around the world, including in Japan

There were many issues that needed to be

infrastructure sector. To realize the kind ofadjust the loan terms and conditions in line

role in that long-term trend.

and that, at the same time, it will

Director, Division 3,
New Energy and Power Finance Department I

resolved through negotiations with thehigh-quality infrastructure projects that thewith the prevailing commercial realities; (2)The business climate remains harsh on aconsequently contribute to Mozambique’s

project sponsors, EPC contractor, and otherrecipient countries hope for, we will work

to allow a certain level of flexibility inglobal scale, but I would like to pay myeconomic growth and help raise the

MATSUI Daisuke

relevant

hard to assist to the extent possible from theanticipation of likely changes in the external

personal respects to those who are involved

standard of living of its people.

parties.

Moreover,

with

the

COVID-19 pandemic, the government ofearly stages of the projects’ development.

Bangladesh went into lockdown, so all

Project Financing for Mozambique LNG Project (Rovuma Offshore Area 1 Block)
JBIC signed on July 15, 2020 a loan agreement in project financing amounting up to USD3

Project Financing for Meghnaghat Natural
Gas-Fired Combined Cycle Power Plant Project in Bangladesh

billion (JBIC portion) with MOZ LNG1 FINANCING COMPANY LTD in Abu Dhabi, United

Arab Emirates. The loan is extended under JBIC's Growth Investment Facility. It is
co-financed with the African Development Bank (AfDB), the Export-Import Bank of theUnited States (US-Exim), UK Export Finance (UKEF), the Export-Import Bank of Thailand

JBIC signed on July 30, 2020 a loan agreement, in project financing, amounting to up to USD265(Exim Thailand) as well as 21 private financial institutions, bringing the total co-financing

million (JBIC portion), with Reliance Bangladesh LNG & Power Limited (RBPL) in the People's

amount to USD14.4 billion. The loan is intended to finance mainly the development of a gas

Republic of Bangladesh (Bangladesh), in which JERA Co., Inc. holds an equity stake for thefield off the coast of Cabo Delgado, Mozambique’s northernmost province, and theMeghnaghat Natural Gas-fired Combined Cycle Power Plant in Bangladesh, under JBIC's Growth

Investment Facility. The loan is co-financed with the Asian Development Bank (ADB) and private
financial institutions, including Mizuho Bank, Sumitomo Mitsui Banking Corporation, MUFG Bank,

Image of the power plant

and Société Générale. The total co-financing amount is USD642 million. Part of the loan provided
by the private financial institutions is insured by Nippon Export and Investment Insurance (NEXI).

https://www.jbic.go.jp/en/information/press/press-2020/0731-013532.html

10Image of the LNG plant development

production of LNG in the project. Part of the co-financing loans provided by the private

financial institutions is insured or guaranteed by Nippon Export and Investment Insurance(NEXI), UKEF, SACE S.p.A. (SACE) of Italy, the Export Credit Insurance Corporation ofSouth Africa Soc Ltd (ECIC), as well as Atradius Dutch State Business N.V.

https://www.jbic.go.jp/en/information/press/press-2020/0716-013514.html

11

Project Financing forFirst Large-Scale Solar PV Project in Qatar
Supporting Japanese company’s participation in earnestly growing renewableenergy business in oil and gas producing country
In July 2020, the Japan Bank for International Cooperation(JBIC) signed a loan agreement with Siraj (1) (SIRAJ1) of
Qatar. JBIC provides project financing amounting to
up to approximately USD165 million (JBIC portion) for the
Al Kharsaa Solar PV Plant, which is to be constructed in
Qatar, under JBIC’s Growth Investment Facility. The loan is
co-financed with Mizuho Bank, Ltd., and the total
co-financing amount is approximately USD330 million.
The project is the first large-scale solar PV plant in Qatar.
In this project, SIRAJ1 builds, owns, and operates the800MW solar PV plant in Al Kharsaa, located to the west of
Doha, the capital of Qatar. The electricity produced by theplant will be sold to Qatar General Electricity and Water
Corporation for 25 years after completion of the plant.

Solar PV projects are booming in the Middle East,utilizing one of its characteristics: plenty of sunshine. In
fact, the government of Qatar aims to increase theproportion of renewable energy in the country’s total
electricity generation to 20% by 2030 in its National Vision
2030. Meanwhile, the government of Japan, in the Export
Strategy for Infrastructure System and the Strategic Energy
Plan, calls for the strengthening of Japanese companies’
international competitiveness and overseas expansion withfinancial support from policy-based financial institutions. The
project conforms with the policies of both governments andis expected to contribute to deepening the relationship with
Qatar, one of the world’s leading natural gas producing
countries and an important LNG exporter to Japan.

Bahrain
Qatar
Doha

Saudi Arabia

Qatar

UnitedArab Emirates

Population
Approx. 2.8 million (June 2020/Ministry of Development
Planning and Statistics of Qatar)(including foreign national residents)
Area
11,427 sq. km.

Conceptional drawing of Al Kharsaa Solar PV Plant on completion

CapitalDoha
Language
Arabic
GDP in 2019
Approx. USD191.9 billion (IMF estimate)
Major traded goods in 2019 (Ministry ofDevelopment Planning and Statistics of Qatar)
Exports: LNG, oil, petrochemicals
Imports: Cars, airplane parts, offshore facilities
Major trading partners in 2019 (Ministry ofDevelopment Planning and Statistics of Qatar)
Exports: Japan, South Korea, India
Imports: United States, China, UAE, Japan, Germany
Information from Ministry of Foreign Affairs of Japan unless otherwise noted.

Doha, the capital of Qatar, is rapidly being modernized against a backdrop of enormous profits from oiland natural gas.

Visit the address below for Press Release about this matter
https://www.jbic.go.jp/en/information/press/press-2020/0727-013556.html
JBIC Today January 2021
Published by】Press and External Affairs Division, Corporate Planning Department,
Corporate Planning Group, Japan Bank for International Cooperation
4-1, Ohtemachi 1-chome, Chiyoda-ku, Tokyo 100-8144, Japan
Cover photo : iStock*No part of this magazine may be reproduced without the written permission of JBIC.

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