Posted at 4:45 PM
Home to nearly 60 percent of the world’s GDP and the fastest growing economies, the Asia-Pacific region offers a wide array of opportunities for United States businesses and workers. To further improve the U.S. economy, the Obama Administration recognizes the critical importance of strengthening its well-established trading partnerships in the region, particularly with Japan and South Korea.
With the fourth and thirteenth highest GDP respectively, Japan and South Korea are highly developed, stable markets for trade and investment. The healthcare sector in both countries is expanding quickly to meet rising demand. In Japan, there is a rapidly-aging demographic profile, with a population aged above 65 years, which will increase from 25.1 percent in 2013 to 29.2 percent by 2023. In addition, South Korea is emerging as a hub for global medical tourism by attracting and training world-renowned doctors and developing more advanced clinical trials.
To take advantage of these growing market opportunities, U.S. Secretary of Commerce Penny Pritzker will leave tomorrow for Asia to lead 20 American firms on a Business Development Mission with stops in Japan and South Korea. The business delegation includes small and big companies, such as C3 Energy, HPI, and Oregon. The mission will focus on expanding opportunities for U.S. businesses in the healthcare and energy sectors and will also look for ways to help the region develop and manage energy resources and systems, and build out power generation, transmission, and distribution.
As the voice of business in the Administration, the U.S. Department of Commerce, plays a pivotal role in expanding market access for U.S. companies in countries around the world. Specifically on this mission, Secretary Pritzker and American businesses will meet with Japanese and South Korean business leaders in the medical device, biotechnology, regenerative medicine, energy and health IT sectors to explore opportunities for partnership and investment.
The Commerce Department is committed to creating more opportunities for American businesses to flourish both at home and abroad. During the mission, Secretary Pritzker will also focus on reinforcing trade agreements that reflect our values, such as the Trans-Pacific Partnership (TPP) and U.S.-Korea Free Trade Agreement (KORUS), that will help U.S. firms gain greater access to the Japan and South Korea markets.
This will be Secretary Pritzker’s first trade mission to Asia since taking office in June 2013 and will promote U.S. exports to Japan and South Korea by helping American companies launch or increase their business in these key markets. The mission will make stops in Tokyo, Japan and Seoul, South Korea.