A Plan to Regain the Leadership
The manufacturing industry in Japan added the most value to the real GDP in 2022, with about 119.5 trillion Japanese yen. However, things are starting to take a U-turn. According to data published by the Japan Automobile Manufacturers Association (JAMA), China recently surpassed Japan as the world's biggest vehicle exporter. Japanese automobile manufacturers shipped 4.42 million vehicles in 2023, the figures showed. That compared with 4.91 million exported by China, as the China Association of Automobile Manufacturers (CAAM) reported. China's customs bureau put the number even higher at 5.22 million, a year-on-year rise of 57 percent.
However, the Japanese brands quickly assessed the situation and devised plans to push the country’s automobile manufacturing industry. The recently signed deal with Kenya is a case in point. Kenya and Japan have entered an agreement that promises to be huge for Kenya’s automobile industry. The deal could bring about Sh99 billion in investments in green energy and making vehicles. The deal is with Toyota Tsusho Corporation, Japan.
On the other hand, a spokesperson from the Thai government recently announced that major Japanese auto manufacturers are set to invest 150 billion baht ($4.34 billion) in Thailand over the next five years, supporting the Southeast Asian country's transition to making electric vehicles. The Japanese manufacturing industry is determined to hold on to the leadership position, and the industry leaders will have a huge role to play in it. This special issue of CEO Insights Asia delves deeper into the Japanese corporate segment’s leadership ecosystem. Do let us know your thoughts.