Economy
Hiroshima is the center of industry for the Chūgoku-Shikoku region, and is by and large centered along the coastal areas. Hiroshima Bank is the leading regional bank in Hiroshima. Hiroshima has long been a port city and Hiroshima port or Hiroshima International Airport can be used for the transportation of goods.
Its largest industry is the manufacturing industry with core industries being the production of Mazda cars, car parts and industrial equipment. Mazda Motor Corporation is by far Hiroshima's dominant company. Mazda accounts for 32% of Hiroshima's GDP. Mazda makes many models in Hiroshima for worldwide export, including the popular MX-5/Miata, Mazda Demio (Mazda2), Mazda CX-9 and Mazda RX-8. The Mazda CX-7 has been built there since early 2006. Other Mazda factories are in Hofu and Flat Rock, Michigan.
General machinery and equipment also account for a large portion of exports. Because these industries require research and design capabilities, it has also had the offshoot that Hiroshima has many innovative companies actively engaged in new growth fields (for example, Hiroshima Vehicle Engineering Company (HIVEC)). Many of these companies hold the top market shares in Japan and the world, or are alone in their particular field. Tertiary industries in the wholesale and retail areas are also very developed.
Another result of the concentration of industry is an accumulation of skilled personnel and fundamental technologies. This is considered by business to be a major reason for location in Hiroshima. Business setup costs are also much lower than other large cities in the country and there is a comprehensive system of tax breaks, etc. on offer for businesses which locate in Hiroshima. This is especially true of two projects: the Hiroshima Station Urban Development District and the Seifu Shinto area which offer capital installments (up to 501 million yen over 5 years), tax breaks and employee subsidies. Seifu Shinto, which translates as West Wind, New Town is the largest construction project in the region and is an attempt to build "a city within a city." It is attempting to design from the ground up a place to work, play, relax and live.
One important industry in Hiroshima is the steel industry. The Japan Steel Works (formerly Nihon Seiko, established in 1907) has one of its plants in Hiroshima out of total of three plants (the other two are at Muroran and Yokohama).
Hiroshima recently made it onto Lonely Planet's list of the top cities in the world. Commuting times rank amongst the shortest in Japan and the cost of living is lower than other large cities in Japan such as Tokyo, Osaka, Kyoto, or Fukuoka.
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Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)