SINGAPORE, NNA - ReNet Japan Group Inc., known as a recycler of electric appliances, has set up a wholly owned subsidiary in Singapore to serve diverse and growing markets in Southeast Asia.
The new firm, ReNet Japan International, opened for business on Tuesday with capital of 50,000 Singapore dollars ($36,305 ).
The company said the Singapore unit will oversee a variety of business interests outside Japan, ranging from mergers and acquisitions consulting to raising capital.
ReNet Japan entered the vehicle leasing market in Cambodia in 2017, also offering micro-financing. The company has five leasing subsidiaries in Asia.
It is also looking at temporary employment brokering in Indonesia and Myanmar, with the aim of bringing more than 1,000 trainees to Japan to fill job vacancies.
Japan launched its Technical Intern Training Program in 1993 to support the transfer of Japanese skills, technology and knowledge to developing economies .
However, the program has been abused by Japanese firms seeking to hire cheap labor for farm and factory work, where the labor shortage is the most severe.
A Health, Labor and Welfare Ministry investigation has identified incidences of unpaid or illegal overtime work imposed on trainees by 70 percent of the 5,966 employers across the country in 2017.