The mega-city of Tokyo — 37 million residents, an output (GDP) that compares to Mexico’s. The Japanese capital, which will host the 2020 Olympic Games, is clear about its new economic ambitions. Tokyo wants to overtake New York, London, Hong Kong and Singapore to become the world’s top financial center.
These past few years, a dozen special economic zones have been created across Tokyo, including in the neighborhood of Toranomon, with the aim to create ecosystems for international business, with every asset to attract foreign investors and firms and to encourage interactions with Japanese companies.
It’s in one of these special zones, Shinjuku, that the South African firm Aspen, the world’s fifth largest maker of generic drugs, recently set up its R&D center. Japan is the world’s second biggest health care market after the United States, and this Tokyo neighborhood was particularly attractive, says Philippe Auvaro, president of Aspen Japan: “We were offered two months’ free rent, a huge flexibility in terms of our office arrangement… We built small clusters, which the Japanese call “Shimas”… All the cabling work had already been sorted. So in the end this was all very favourable to our installation costs.”
Incentives for companies
There are other advantages for the companies that settle in these special zones: a lower corporate tax, free consulting in English, subsidies for their move and their recruitment, and a one-stop system to speed up administrative procedures.