Tashkent, Uzbekistan (UzDaily.com) -- The Japanese government is taking active steps to increase the role of foreign capital in the country’s economy.

To solve these problems, the following measures were proposed:

- revision of administrative procedures. Starting from October 2020, the paperwork will begin in English during the implementation of administrative procedures, including business registration. Previously, investors had to use only Japanese, which made it difficult for foreigners to work;

- improving the quality of life for employees of foreign companies in Japan. Local authorities will expand opportunities to provide foreign businessmen with information about education and medical services in English for a more comfortable stay;

- simplification of the process of carrying out cross-border mergers of local firms and attracting foreign investment.

Experts attribute these measures to the following factors.

1) A sharp decline in investment flows. Due to the decline in business activity amid the pandemic, investments in Japan in the II quarter of this year fell by 11.3% (72.5 billion dollars) - the maximum decrease since 2010. In the non-manufacturing sector, investments fell by 12.1% to 63 billion

2) Attracting companies leaving Hong Kong. According to a survey by the US Chamber of Commerce, more than 50 respondents said they are considering moving capital, assets or business outside of Hong Kong.

After Beijing passed the Hong Kong National Security Law, the area was deprived of special economic preferences from the United States, which caused an outflow of foreign investors.

In general, according to experts, despite the measures taken by Tokyo, such unfavorable factors as high prices for real estate and labor, closed entrepreneurial practice, impede the attraction of foreign capital. When attracting foreign companies from Hong Kong, the Japanese authorities will need to compete with Singapore, which has an English-speaking environment and lower tax rates, which makes it more attractive to investors.