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TOKYO: Singapore Prime Minister Lee Hsien Loong said on Wednesday the business environment in Japan is still fairly pessimistic even though economic indicators have shown signs of improvement.
Mr Lee's assessment came after he met Japanese business leaders in Tokyo on Tuesday, and he said large companies could be taking a cautious approach until things are more stable.
However, smaller Japanese companies are taking the downturn as an opportunity to venture into Singapore.
PM Lee spent most of the day meeting Japan's big corporate leaders. He also discussed the economic climate with leading members of Japan's largest business organisation, Nippon Keidanren.
Mr Lee said: "I think it's fair to say they're concerned about the Japanese economy. It's stabilised, but they're not sure which way it's going to go. Also, they'll be watching to see which direction the new Japanese government policy work out."
Many smaller companies have recently begun to enter the Singapore market despite the recession.
John Ehara, partner and co-founder of Unison Capital, said: "Connection with Asia, including Southeast Asia, is becoming more and more important as Japanese companies target those markets to sell products and services, in addition to using those countries as sort of a manufacturing base."
Hidenari Tanaka, president of Menicon, said: "Singapore's economic stability, political stability, as well as the high level of education are very attractive."
PM Lee said: "What we need to do overall - a low tax environment and high skilled people who are working hard. Some of them explicitly told me corporate tax is 18 per cent - that's the big reason why (they're) happy to be in Singapore."
- CNA/yb
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