Japan and the United States say at least 10 Japanese companies are interested in launching projects in the US under a bilateral deal reached earlier this year.
The two governments on Tuesday released a fact sheet listing the value of investments and revenue in the projects at roughly 400 billion dollars in total. They cover energy, strengthening AI infrastructure and other areas vital for economic security.
Japanese Trade Minister Akazawa Ryosei said at a news conference: “We’re encouraged to see so many companies putting their hands up and showing interest. We will develop the projects that benefit both our nations and move forward together.”
Executives of major Japanese businesses that have expressed interest took part in a ceremony on Tuesday with US President Donald Trump.
They included SoftBank Group Chairman and CEO Son Masayoshi and Hitachi President and CEO Tokunaga Toshiaki.
In a speech at a banquet, Trump expressed confidence about further investments by Japanese companies. He said: “Since the election, we’ve secured all of that money coming in, and we have a lot more money coming in. And again, I mentioned SoftBank, Jera, JCB, Toyota, Mitsubishi, Hitachi, Honda.”
Japan committed to invest 550 billion dollars in the US under a trade agreement reached in July.
Under the deal, a Consultation Committee comprised of members from both nations first selects projects and forwards candidates to an Investment Committee consisting of US officials.
The Investment Committee recommends its selection to the president, who will have the final say.
Analysts are concerned how profitable the selected projects would be for Japanese companies, raising the question whether Japan will be able to ensure that the country can benefit from its investments.