• By The Financial District

COVID FORCES 70% OF JAPAN FIRMS TO RETHINK OVERSEAS BUSINESS TACK

Around 70 percent of Japanese companies keen on pursuing overseas operations are rethinking or have reviewed their business strategy amid global risks such as the coronavirus pandemic, a recently released survey showed, Kyodo News reported.

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With the spread of COVID-19 battering the world economy since last year, 64.8 percent of firms with business dealings abroad said they have been negatively impacted in terms of overseas sales for fiscal 2020 ending this month, according to Japan External Trade Organization (JETRO).


COVID-19, which resulted in lockdowns and battered the world economy since last year, has thrust companies in Japan into restructuring their business plans and organization to weather the fallout from the virus. Among other global risks, US-China trade tensions, as well as export restrictions by the United States and China, have also stirred worries among the companies.


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The survey found that 36.4 percent are concerned in the next two to three years over Beijing's strengthened export regulations, while 32.6 percent expressed the same for US export control restrictions.


In multiple answers, 42.5 percent of respondents, including those in the food and clothing, apparel, and electrical machinery sectors, cited a review of their sales strategy. As a specific measure on how to revise such strategy, 60.9 percent cited a review of their overseas customers.


Others are taking the digital route due to increased demand for digital technology amid the pandemic, with 38.5 percent looking to the utilization of virtual exhibits and business meetings and 30 percent with eyes on cross-border e-commerce.



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