Volume 39 – October 2024
Greetings from DISG Secretariat
Dear Readers,
Warm greetings. As we enter the final quarter of 2024, the momentum of ASEAN-Japan collaborations remains strong, building on the significant initiatives launched in celebration of the 50th anniversary of ASEAN-Japan Friendship and Cooperation last year. These ongoing efforts continue to strengthen ASEAN and Japan’s partnership, driving progress and fostering deeper ties across the region.
In this volume of our newsletter, we’re covering the “Inno Vietnam-Japan Fast Track Pitch Event 2024” in Hanoi, which showcased cutting-edge proposals for open innovation between Japan and Vietnam, as well as the recent activities of Parliamentary Vice-Minister Yoshida, which highlight Japan’s growing engagement in fostering economic cooperation and innovation across Southeast Asia. His visit to Lao PDR reinforced bilateral ties and supported Japanese business expansion, with efforts that underscore Japan’s commitment to regional partnerships. Additionally, his attendance at the Indo-Pacific Economic Framework for Prosperity (IPEF) Ministerial Meeting further demonstrates Japan’s active role in shaping economic policies and fostering collaboration for a more prosperous and interconnected Indo-Pacific region.
Including the aforementioned topics, this volume will be covering 3 topics, as follows:
- • Report on “Inno Vietnam-Japan Fast Track Pitch Event 2024” in Hanoi
- • Parliamentary Vice-Minister Yoshida Visit to the Lao People’s Democratic Republic
- • Parliamentary Vice-Minister Yoshida Attendance to the Ministerial Meeting of the Indo-Pacific Economic Framework for Prosperity (IPEF)
Best regards,
ISHIKAWA Hiroshi
Chair of DISG Task Force
Executive Director, JETRO Singapore
Special Advisor to Minister, Ministry of Economy, Trade and Industry, Japan
Report on “Inno Vietnam-Japan Fast Track Pitch Event 2024” in Hanoi
On October 3, 2024, the Ministry of Economy, Trade and Industry (METI) and the Japan External Trade Organization (JETRO), together with co-organizers including the Ministry of Planning and Investment and the Vietnam National Innovation Center, held the Inno Vietnam-Japan Fast Track Pitch Event 2024 in Hanoi to accelerate global open innovation of Japanese companies, startups, and SMEs.
Before an audience of approximately 180 participants, 15 finalists from Japan, Vietnam, and other countries presented their proposals addressing the open innovation challenges posed by six challenge owners. In the opening session, Mr. Ito Naoki, Ambassador of Japan to Vietnam, and Mr. Vu Quoc Huy, Director of the National Innovation Center (NIC), delivered remarks emphasizing the importance of enhancing cooperation between the two countries to foster innovation.
During the application period, approximately 55 proposals were submitted from around the world, and 15 finalists were chosen by the six challenge owners to present their proposals. Each challenge owner selected their top proposal, and an award was also given for the best overall presentation of the event.
For more details on challenge statements and finalists, see JETRO’s special website click LINK.
■ Future Event Schedule
The next “Fast Track Pitch” will take place in Jakarta, Indonesia. Applications to the challenges by the six challenge owner companies will be open until October 27, 2024.
For the details, please see the official website of “Indonesia-Japan Fast Track Pitch Event 2024”: LINK.
Parliamentary Vice-Minister Yoshida Visit to the Lao People’s Democratic Republic
From September 20 to 23, 2024, Mr. Yoshida Nobuhiro, Parliamentary Vice-Minister of Economy, Trade and Industry, visited Vientiane, Lao People’s Democratic Republic (Lao PDR), to attend the 56th ASEAN Economic Ministers’ Meeting. During his visit, he held discussions with ministers from member countries, the Secretary-General of ASEAN, the President of ERIA, and other key participants. Additionally, he took part in a signing ceremony for Letters of Intent (LoIs) concluded by Japanese-affiliated companies.
■ 30th AEM-METI Consultation
On September 21, 2024, the 30th AEM-METI Consultation was held, where participants reviewed the progress of ASEAN-Japan economic cooperation over the past year. Parliamentary Vice-Minister Yoshida presented the revised Future Design and Action Plan, developed by Japan and ASEAN member countries to implement the ASEAN-Japan Economic Co-Creation Vision established in 2023. He also introduced Japan's proposal for an AI Innovation Co-Creation Roadmap, aimed at fostering AI collaboration between Japan and ASEAN.
Parliamentary Vice-Minister Yoshida highlighted Japan’s plan to deepen discussions on key topics at the ASEAN-Japan Economic Co-Creation Forum in Tokyo in December 2024. ASEAN members agreed on the revised Action Plan and welcomed the AI roadmap proposal.
Representatives from the Economic Research Institute for ASEAN and East Asia (ERIA) provided updates on the ASEAN-Japan Master Plan for the Next-Generation Automotive Industry and the progress of the ERIA Digital Innovation and Sustainable Economy Centre (E-DISC). Parliamentary Vice-Minister Yoshida emphasized the importance of promoting diverse vehicle production, from hybrids to electric vehicles, and called for ERIA’s support in developing the AI roadmap. ASEAN members acknowledged ERIA’s contributions and stressed balancing competitiveness and sustainability in the automotive sector.
A joint media statement summarizing the discussions was issued after the meeting.
■ 12th East Asia Summit Economic Ministers Meeting (EAS-EMM)
On September 21, 2024, the 12th East Asia Summit Economic Ministers’ Meeting was held, bringing together ministers from ASEAN, Japan, China, the Republic of Korea, Australia, New Zealand, India, the United States, and Russia to discuss the region's economic conditions and development.
Parliamentary Vice-Minister Yoshida voiced concerns about Russia’s aggression against Ukraine and the situation in Myanmar. He emphasized the need for free and fair-trade systems with clear rules and highlighted the importance of regional cooperation between Japan and ASEAN for global economic progress.
The Economic Research Institute for ASEAN and East Asia (ERIA) presented on achieving a net-zero economy to promote decarbonization and sustainability. Parliamentary Vice-Minister Yoshida underscored the importance of advancing decarbonization in the East Asian and ASEAN regions and expressed his expectations for ERIA’s role.
A joint media statement summarizing the discussions was issued after the meeting.
■ 27th AEM+3 (Japan, China, and the Republic of Korea) Consultation (APT)
On September 22, 2024, the 27th AEM+3 Consultation was held, bringing together representatives from ASEAN, Japan, China, and the Republic of Korea. Participants reviewed the progress of economic cooperation programs under the AEM+3 framework and discussed ongoing efforts by member countries within the ASEAN+3 (APT) economic cooperation.
Parliamentary Vice-Minister Yoshida highlighted Japan's initiatives, including activities led by the ASEAN-Japan Centre (AJC). The meeting reaffirmed the importance of continued cooperation between ASEAN, Japan, China, and the Republic of Korea.
A joint media statement summarizing the discussions was issued after the meeting.
■ 3rd RCEP Ministerial Meeting after the enforcement of the RCEP Agreement
On September 22, 2024, the 3rd RCEP Ministerial Meeting was held to discuss various issues related to the operation of the RCEP Agreement. Parliamentary Vice-Minister Yoshida emphasized the importance of transparent implementation to uphold a regional economic order based on free and fair rules, a point that was reaffirmed by participating ministers. The meeting also highlighted significant progress in establishing the RCEP Support Unit (RSU), including the appointment of its Executive Director of the RSU, and welcomed the adoption of the “Procedures for Accession to the RCEP Agreement.”
A joint media statement summarizing the discussions was issued after the meeting.
■ Signing ceremony for LoIs concluded by Japanese, Lao PDR, and other related companies
Parliamentary Vice-Minister Yoshida and H.E. Mr. Malaythong Kommasith, Minister of Industry and Commerce of Lao PDR, attended a signing ceremony for Letters of Intent (LoIs) between Japanese, Lao PDR, and other related companies. The LoIs formalized the launch of the “Demonstration Project toward Carbon Neutrality in the Pakse-Japan SME Special Economic Zone,” which aims to achieve decarbonization using green hydrogen.
The project will involve installing advanced water electrolysis equipment developed by Japanese companies to produce green hydrogen from renewable energy sources, such as hydropower. This green hydrogen will be used within the Special Economic Zone to support its decarbonization efforts. The project is part of METI’s Global South Future-Oriented Co-Creation Project.
At the ceremony, attendees enjoyed coffee made from coffee beans produced in Lao PDR that were roasted using green hydrogen.
■ Bilateral meetings
Parliamentary Vice-Minister Yoshida held bilateral meetings with key officials. In talks with Minister Malaythong of Lao PDR, they welcomed Japanese business efforts in Lao PDR and discussed the ASEAN-Japan AI Innovation Co-Creation Roadmap, with Lao PDR chairing ASEAN in 2024. In a meeting with ASEAN Secretary-General Dr. Kao Kim Hourn, they exchanged views on ASEAN-Japan cooperation, including RCEP, the AI Innovation Roadmap, and the Next-Generation Automotive Industry Master Plan. Parliamentary Vice-Minister Yoshida also met with Mr. Watanabe Tetsuya, President of ERIA, where they discussed collaboration efforts, including the Asia Zero Emission Center, agreeing to work together on the ASEAN-Japan Economic Co-Creation Vision.
■ Exchanging views with local Japanese companies
Parliamentary Vice-Minister Yoshida met with senior officials from the Japanese Chamber of Commerce and Industry in Lao PDR and representatives of Japanese companies operating in the country. They discussed the business environment, opportunities for expansion, and challenges related to investment in Lao PDR.
Parliamentary Vice-Minister Yoshida Attendance to the Ministerial Meeting of the Indo-Pacific Economic Framework for Prosperity (IPEF)
On September 24, 2024, a Ministerial Meeting of the Indo-Pacific Economic Framework for Prosperity (IPEF) was held online. Mr. Yoshida Nobuhiro, Parliamentary Vice-Minister of Economy, Trade and Industry, attended the meeting as a representative of Japan.
At the meeting, participating countries welcomed the upcoming entry into force of the Clean Economy Agreement and the Agreement on IPEF, both following their signing ceremonies in June 2024, with implementation set for October 11, 2024. The Fair Economy Agreement will also come into effect on October 12, 2024. Additionally, IPEF member countries reaffirmed their commitment to advancing cooperation and efforts within the IPEF framework.
■ Supply Chain Agreement
Japan reaffirmed its commitment to the Supply Chain Agreement, which came into effect in February 2024, and emphasized its role as vice-chair of the Crisis Response Network in preparing for emergency responses in the event of supply disruptions. In terms of peacetime measures, Japan stressed its ongoing cooperation to enhance supply chain resilience, particularly through the formation of action plan teams focused on critical goods, including semiconductors and essential minerals.
■ Clean Economy Agreement
Regarding the Clean Economy Agreement, participants welcomed the successful completion of the 400 million dollars fundraising for the Hydrogen Fund, launched by industry players under Japan’s Regional Hydrogen Supply Chain Initiative. Japan announced that it would leverage the IPEF Window to promote investment in the IPEF region. Additionally, by the end of 2024, Japan plans to co-host a seminar with the Republic of Korea to encourage the private sector to procure clean electricity under the Clean Electricity Initiative, led by both countries.
Beyond these initiatives, Japan will continue to collaborate on other initiatives led by IPEF partner countries, including sustainable aviation fuels (SAF), small modular reactors, and emissions calculation methods.
Editorial Note