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	China is not the Only Opportunity Knocking in Asia... This spring, Virginia manufacturers and service providers interested in increasing sales in two of Asia's most developed economies, will benefit from personal introductions in Japan and Korea. Tremendous business opportunities exist for U.S. exporters in both Japan and Korea but these markets are often skipped-over because they require local expertise to help navigate and build relationships. Well, Virginia companies need not worry. While it is true that business opportunities in Japan and Korea should be initiated through personal introductions from within the country and then developed and nurtured by face-to face meetings in-country, Virginia companies are not alone. The Virginia Economic Development Partnership Division of International Trade (VEDP-IT) has offices in Tokyo and Seoul. These offices are staffed by local international trade professionals who are eager to assist with business introductions-giving Virginia companies interested in Japan and Korea a unique competitive advantage. This spring, Virginia companies will have the opportunity to expand their business in Korea and Japan by joining the VEDP sponsored Trade Mission to Japan and Korea, April 12 - 22, 2005. The mission will start in Tokyo, Japan and then continue on to Seoul, Korea. Trade mission participants enjoy one-on-one meetings with targeted, pre-screened Japanese and Korean companies that match their unique company and market objectives. Participants travel with Virginia's Tokyo and Seoul Trade Representatives, benefiting from their local connections and expertise. Finally participants enjoy pre-arranged, meeting rooms, in- country transportation, translation assistance, market briefings and networking functions. *Japan at a Glance: Why Japan?* Japan is the 2nd largest economy in the world Japan is the largest economy in Asia Japan is a strong U.S. ally with 150 year old relationship Japan is the 3rd largest U.S export market and the biggest outside North America Japan's U.S. imports totaled $54.4 billion in 2004 Japan is Virginia's 3rd largest export market Japan’s Virginia imports totaled nearly $940 million in 2004 Japan is a vibrant, prosperous country, with the world's second largest economy. Japanese consumers spend hundreds of billions of dollars on food, clothing, travel, entertainment and a wide variety of other consumer goods and services each year. Japan has a large elderly population. In 2001 approximately 18% of the population was 65 or older, but by 2050 this figure is projected to be about 36%. This creates a demand for elder care facilities, equipment and medication as well as for handicap retro-fittings for homes. Best prospects for exports to Japan are: Medical equipment, biotechnology, electronic components, computer software, pharmaceuticals, travel and tourism, aircraft and aircraft parts, new energy power generation and electric power equipment, dietary supplements/health food, lifestyle market, soil remediation and engineering services, auto parts and accessories, education and training services, telecommunications equipment, and building products. Major public-works projects currently under way in Japan include urban renewal in various cities, the Okinawa Graduate University, and the Tokyo Haneda Airport expansion. There are also excellent opportunities for U.S. companies in financial services, service industries in general, telecommunications, and power generation. Virginia's top exports to Japan include: plastic-polyamides, paper coated with Kaolin, plastic plate/sheet, antibiotics, non-woven textiles, synthetic filament tow textiles, wadding-textile fibers, other machinery to work rubber and plastic, new pneumatic rubber tires, and electric apparatus for line telephones. It is essential for U.S. companies that are serious about entering the Japanese market to hire a reputable, well-connected agent or distributor, and to cultivate business contacts through frequent personal visits. Japanese attach a high degree of importance to personal relationships, and these take time to establish and nurture. Patience and repeated follow-up are required to clinch a deal. *Korea at a Glance: Why Korea?* Korea is the 12th largest economy in the world Korea is the 3rd largest economy in Asia after Japan and China Korea has been a strong U.S ally and key U.S. defense center Korea is the 7th largest U.S export market Korea is the 5th largest market for U.S. high technology goods Korea's U.S. imports totaled $26.3 billion in 2004 Korea is Virginia's 10th largest export market Korea's Virginia imports totaled $247 million in 2004 Korea is a vibrant, prosperous country, with a large developed internet economy. Korea's broadband subscriber rate is the highest in the world at 22.7% with 71% of koreans connected to broadband internet. It is a leader in wireless local area network services. It also has the world's most wired population with 33 million South Koreans owning mobile phones. South Korea is an ideal test bed for U.S. suppliers, especially for information technology products. Best prospects for exports to Korea include: Infrastructure and construction related equipment, medical (including dental) equipment, pharmaceuticals and drugs, cosmetics, information technology and telecommunications, defense industry equipment, semiconductors (non-memory), electrical power systems, pollution control equipment, automotive parts/accessories, education and training services, franchising, architectural/engineering services, digital TV broadcasting equipment (for terrestrial TV services), telematics equipment and solutions. Virginia's top exports to Korea include: artificial yarn, air related pumps/compressors, paper coated with kaolin, plastics-polyamides, synthetic filament yarn, beauty products, pork -fresh/frozen, wadding-textile fibers, other organic-inorganic chemicals, and stainless steel wire-plate. Koreans have a unique way of doing business. Personal relationships are highly important, and Koreans value face-to-face contact with their Western business partners, rather than dealing over the phone or fax. Relationships are all-important. Consequently, "cold calling" is not recommended in this market. Introductions are an absolute prerequisite to setting up a meeting. Therefore, it is important that American companies be introduced into the market by a third party. As you can see there are many opportunities in Japan and Korea. Join Virginia's trade mission to Korea and Japan this spring and start cultivating a more diverse Asian export portfolio now. Virginia manufacturers and service providers interested in increasing sales in two of Asia's most developed economies will benefit from personal introductions made on the Trade Mission to Japan and Korea. Don't miss this opportunity - space is limited! Click here to register online for this event before March 1, 2005. For more details contact Joe Robinson at: 434-582-5182 or by e-mail at: JRobinson@YesVirginia.org or go to the events page of our website at www.ExportVirginia.org.