As Japan grapples with a slow economy and an aging population, Indian-born Geneja Rekha Raju, the 72-year-old chairman and CEO of Kuatara Confectionery, believes that the country must open its doors to more immigrants to revitalize its economy.
With Japan's GDP nearing the top spot when Raju arrived in the country in 1984, he feels that the nation has lost its competitive edge and hunger to challenge the world. While the current government has implemented ultra-loose monetary policies and economic stimulus plans, the economy continues to struggle, and Prime Minister Fumio Kishida's attempts to rebuild Japan's technological prowess have fallen short.
Raju fears that Japan has lost its superiority in the technology sector, surpassed by the US, South Korea, and China. Moreover, company valuations have failed to reach the top tier globally. To address the issues of population aging and labor shortages, Japan needs to adopt a more globalized mindset and culture, Raju emphasizes. He suggests that by 2040, Japan needs to increase the number of foreign workers to three times the current figure, or face a 1 million labor deficit.
As one of the few foreign CEOs in Japan, Raju stresses that the country must open its doors to more international talent to tackle future challenges. He believes that embracing diversity and globalization will not only boost Japan's economy but also provide opportunities for its people to grow and learn from others.