| Press Statement Richard Boucher, Spokesman Washington, DC June 26, 2002 Joint Report on the U.S.-Japan Investment InitiativeOn June 25, the United States and Japan released their joint Investment Initiative report, prepared for President Bush and Prime Minister Koizumi. The report highlights the work of the U.S.-Japan Investment Group over the past year and illustrates progress toward improving the environment for two-way investment between the world's two largest economies. Foreign investment can be a powerful force of economic transformation--creating jobs, spurring competition and introducing new technology and management techniques. Areas in which the two countries made notable progress include significant revisions to the Japanese Commercial Code permitting Japanese companies to use U.S. corporate government systems, introduction of consolidated taxation, liberalization of labor laws, and improvement in accounting standards. The current agenda includes further work to allow the use of all types of mergers and acquisitions, greater transparency in real estate transactions, and improved market access for professional services. U.S. and Japanese private sector executives worked closely with government participants in Investment Group meetings providing valuable insights into the investment marketplace. Under Secretary of State for Economic, Business, and Agricultural Affairs Alan Larson and Japanese Ministry for Economy, Trade, and Industry Vice Minister for International Affairs Hidehiro Konno chair the Investment Initiative, which is part of the U.S.-Japan Economic Partnership for Growth (EPG). President George W. Bush and Prime Minister Junichiro Koizumi launched the EPG in June 2001 to drive economic renewal and revitalization in both Japan and the United States. The Investment Initiative report is located at http://www.state.gov/p/eap/rls/rpt/11438.htm |
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