Jakarta. Over 15,000 Japanese businesses have operations across the ASEAN region today, and the number will likely grow as both Japan along with the regional bloc work to enhance economic cooperation.

ASEAN on Wednesday had its annual dialogue with the Japanese Chambers of Commerce Federation or FJCCIA, which seeks to make Southeast Asia a more attractive investment destination. According to ASEAN Secretary-General Kao Kim Hourn, ASEAN is popular among Japanese investors with many businesses expanding to the region.

“There are currently more than 15,000 Japanese companies operating in all of the 10 ASEAN member states. This makes Japan the only country with the largest foreign business presence in ASEAN,” Kao Kim Hourn told a press briefing in Jakarta shortly after the closed-door dialogue.

Japan was ASEAN’s fourth largest trading partner in 2022 with a total trade value of $268 billion. This represents around 7 percent of ASEAN’s overall trade figures last year. Japan was also ASEAN’s second-largest foreign investor in 2022 with investments amounting to $26.7 billion, Kao Kim Hourn said.

The ASEAN-Japan Economic Co-Creation Vision was also high on the agenda during Wednesday’s dialogue. This vision is a blueprint that lays out the future direction of the ASEAN-Japan economic partnership for the next decades. The secretary-general told the press conference that the blueprint anchored on innovation and sustainability with the private sector as a key driver.

The FJCCIA has also given over 60 inputs, among others, on advancing economic integration. The Japanese business association also gave advice on inclusive digital transformation, a more sustainable future, and human capital development.

“We always consider Japan a good neighbor, a good friend, and a good partner in economic cooperation,” Kao said.

The FJCCIA is a coalition of Japanese business chambers across nine ASEAN countries. This federation has a membership of 7,283 companies as of June 2023.