Retail in Asia

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More Japanese firms relocating to Singapore

A growing number of Japanese companies have moved some of their headquarters or key functions to Singapore, viewing the city-state as a strategic location where they can oversee a new wave of investment in Southeast Asia.

Panasonic Corp. and Mitsui Chemicals Inc. recently moved some key functions from Japan to Singapore, while Hoya Surgical Optics Inc. not only established its headquarters in Singapore, but had CEO Hiroshi Suzuki transfer in to oversee the company’s global operations.

According to a survey by the Japan External Trade Organisation released earlier this year, 36 percent of the 213 Japanese companies in Singapore that responded to its survey said they are involved in regional headquarters functions, while another 27 percent said they were considering moving more of their headquarters functions to Singapore.