Japan to attain ‘twin-engine of growth and distribution,’ says premier

ISTANBUL

Japanese Prime Minister Fumio Kishida on Tuesday reaffirmed his determination of Japan achieving “full-scale twin-engine of growth and distribution” by launching new mechanisms to “inspire investment and change the way of sharing added values.”

“As we move forward, we must build a virtuous cycle where investment in people leads to a continuous increase in company value and attracts further investment in human capital,” Kishida told Davos Agenda, an annual event by World Economic Forum.

Kishida identified three challenges facing his government – tackling the raging COVID-19, reviving the economy through what he called as “New Form of Capitalism,” and pursuing “realism diplomacy for a new era.”

He underscored his determination to “transform the economy and society toward a new era while protecting the universal value of democracy.”

Kishida stressed the importance for the global leaders to work together to promote economic and social reforms, saying his “New Form of Capitalism” is an example of “how capitalism can evolve.”

Referring to “full picture of historic challenges facing Japan,” Kishida said: “The New Form of Capitalism would demonstrate to the people a clear and full picture of the historic challenges Japan is currently facing and the importance of having both the public and private sectors work together towards reforms, sharing the full picture of social and economic transformation, rather than leaving everything to the market and competition.”

The Japanese premier emphasized introducing policies for establishing a green society, promoting digitalization, as well as investment in people as a key to addressing these areas.

He committed to “boldly pursuing inclusive transformation of Japan’s economy and society and to designing and implementing a mechanism that will bring out the people’s endeavor and promote investment, especially, in the areas of vulnerability in the Japanese economy.”