5. Generating sustainable growth and driving Japan’s economy: A truly productive Tokyo

Next, I’ll go on to a truly productive Tokyo that drives Japan’s economy.

Toward the vision SMEs should pursue

Regarding promotion of the small and medium-sized enterprises (SMEs) that underpin Tokyo’s industrial base, last month, we formulated the Vision for the Promotion of SMEs based on the principles of the ordinance you approved at the last regular session of the Assembly. Based on discussions with experts, the vision lays out a solid policy direction, to allow many SMEs to accurately respond to changes in the business environment and to shine in the future. We will vigorously implement measures based on ambitious numerical targets to achieve the vision for SMEs a decade from now.

Cultivating global startups from Tokyo

I wish for Tokyo to produce many venture companies that will drive the city’s growth by being active on the world stage where global companies such as the U.S.’s GAFA (Google, Amazon, Facebook, Apple) and China’s BAT (Baidu, Alibaba, Tencent) are rapidly expanding. Next fiscal year, we will implement a range of support in areas including management, technologies, and funding for 1,000 companies according to their stage of development. We will also raise interest in entrepreneurship across a broad range of people through efforts such as holding programs to educate children and students and seminars for senior citizens.

And, by expanding programs to nurture startups by women, holding events that contribute to the success of women managing businesses, and other means, we will support women’s fresh approach to business management, and tie that to further growth for Tokyo’s industries.

Raising Tokyo’s earning potential by investing in growth sectors

Initiatives for making Tokyo a global financial city

Concerning attracting foreign companies involved in the growth sectors of asset management and fintech, we will raise our annual target to 15 companies and work to further advance efforts with the aim of making Tokyo a global financial city. The catalyst for this will be the establishment of Japan’s first financial promotion organization. Under public-private cooperation, I hope to effectively promote the attractions of Tokyo as a financial market.

Leading the realization of Society 5.0

To raise Tokyo’s “earning potential,” it is imperative that we support private sector innovation related to technologies that drive the Fourth Industrial Revolution such as big data and AI. And, as an extension of that, we will realize Society 5.0, a new society that strikes a balance between economic growth and resolution of social issues through the use of advanced technologies. To that end, we will launch the study of future policy direction and other matters in cooperation with experts. Along with field testing local digital currency, which will lead to the popularization of cashless payment, and Mobility as a Service (MaaS), which is capturing attention as the next generation of transportation services, we will advance examination and study on building a data infrastructure that supports such advanced services. I want Tokyo to pioneer initiatives for the future society our country should aspire to realize.

Invigorating industry in a range of fields

Additionally, to invigorate industry, we will support private sector initiatives that widely promote the appeal of Tokyo fashion. I hope to use this occasion to enhance Tokyo’s presence as a world-leading fashion capital of the likes of Paris and Milan, and link this to the creation of new business opportunities.

Furthermore, to promote sustainable growth of the agricultural industry in Tokyo, we will establish the Tokyo Agriculture Academy (temporarily known as) in fiscal 2020 to cultivate a range of human resources. Ahead of opening the academy, we will advance efforts to secure and train new human resources, including establishing an agriculture training farm next fiscal year to support those interested in working in the agricultural field.

Urban development that supports sustainable growth

Redevelopment to make Tsukiji a new face of Tokyo

To leverage the area’s great potential and have it contribute to Tokyo’s sustainable growth, last month, we released a draft of the urban redevelopment policy for the Tsukiji area. The plan outlines the creation of a hub for exchange to create and promote a new Tokyo brand with international convention functions at its core and other details. While taking into consideration the opinions of the people of Tokyo, I hope to compile the policy within this fiscal year and develop Tsukiji as a new face of Tokyo that is both advanced and global.

And, regarding the former site of Tsukiji Market, with an eye to urban development that aims to maximize Tokyo’s overall value, based on account balance estimates derived from an outside appraisal, we have decided to transfer jurisdiction of the property from the Central Wholesale Market Account to the General Account in accordance with public property regulations by selling/buying the property. And, to fully bring out interest in Tsukiji’s redevelopment among private developers early on, we will launch concrete studies for implementing the redevelopment project. As we have been able to identify the fiscal resources to achieve this transfer through examination of the settlement surplus and budget implementation situation, at this session of the Assembly, we are proposing a supplementary budget bill to allow transfer of the site from the Central Wholesale Market Account to the General Account. Through this transfer, sustainability of the Central Wholesale Market Account will be ensured for the foreseeable future, and we will also advance studies for strategic management practices and establishment of a solid financial structure to support the Central Wholesale Market.

Enhancement and strengthening of hub functions throughout Tokyo

At other locations throughout Tokyo as well, we will engage in urban development to support Tokyo’s growth. For example, the Shinagawa area, which is located close to Haneda Airport, will become more and more alive with international business exchange with the opening of the Chuo Linear Shinkansen Line and other developments. And, through integrated redevelopment of its station plaza and station building, Shinjuku aims to become an area that is more people-friendly. We will promote the formation of hubs that make the most of the characteristics of each area, including Tokyo’s bay area for which a new vision is currently being considered for cutting-edge urban development that creates growth for Tokyo and Japan.