Expo 2025 Osaka expected to boost local economy

The World Expo 2025, which opened in Osaka, Japan on Sunday, is expected to boost local industrial transformation and economic growth.

It is the second time for Osaka, one of Japan's major cities well-developed in industry and commerce, to host the global event after the Expo 1970.

Since the beginning of the 21st century, Osaka has experienced a recession in development as Japan's economic center accelerated its concentration in the Tokyo metropolitan area, with the Osaka Securities Exchange acquired by the Tokyo Stock Exchange.

The Expo 2025 Osaka, which is set to last for six months till Oct 13, has been regarded as an important opportunity for Osaka to strengthen its infrastructure and revitalize its economy by boosting tourism.

"The economic benefits of the Expo are estimated to reach 2.9 trillion yen (around 20.20 billion U.S. dollars), and tourist flow will drive consumption in accommodation, catering, transportation, shopping and other fields," said Hideki Sho, director general of Japan External Trade Organization (JETRO) Osaka.

Taking advantage of hosting the Expo, Osaka Prefecture has raised its goal this year of attracting foreign tourists to 16 million, an increase of more than six percent.

"Many tourists come to Osaka, and it’s expected to increase our sales. Welcome here, everyone!" said a restaurant manager.

"Osaka has many interesting specialties. I hope tourists can come to see them," said a souvenir shop manager.

Osaka has decided to build a comprehensive complex with shopping, entertainment, hotel, exhibition and convention facilities based on the expo park following the event. It is expected to attract 20 million tourist trips from home and abroad every year. The up-front investment in the project will approach 1.3 trillion yen.

In addition to tourism, Osaka Prefecture and the city of Osaka also hope to attract more foreign institutions, particularly financial firms. A series of favorable policies, including targeted tax incentives, have been introduced to help Osaka attract 30 international financial institutions by the end of March next year.

Expo 2025 Osaka expected to boost local economy

Expo 2025 Osaka expected to boost local economy

Expo 2025 Osaka expected to boost local economy

The head of a Vietnamese car dealership is hopeful that Chinese President Xi Jinping's visit to the Southeast Asian country can help strengthen business ties between the two nations and attract greater Chinese investment to Vietnam.

Xi arrived in Vietnam on Monday for a two-day state visit at the invitation of General Secretary of the Communist Party of Vietnam (CPV) Central Committee To Lam and Vietnamese President Luong Cuong.

The visit coincides with the 75th anniversary of the establishment of diplomatic ties between China and Vietnam, as well as the China-Vietnam Year of People-to-People Exchanges.

Nguyen Thi Diem My, the CEO of a dealership that distributes vehicles from Omoda and Jaecoo -- two sub-brands under Chinese automaker Chery Automobile -- expressed the hope that Xi's visit would lead to deeper business engagement between the two sides.

"We ourselves are a company that distributes a Chinese car brand in Vietnam. I think that when President Xi visited Vietnam, it greatly encouraged many Chinese businesses to visit and invest in Vietnam in the near future. I think, and I hope that after this visit, it will open up even more opportunities for cooperation between businesses from the two countries," she said.

Xi departed Vietnam on Tuesday to wrap up the first leg of a three-nation Southeast Asian tour, which will also see the Chinese president pay visits to Malaysia and Cambodia from Tuesday to Friday.

Vietnamese car dealer hopes Xi’s visit can boost business tie, encourage investment