News

Cool Japan Fund Invests US$50 Million in Indonesia's Gojek

Cool Japan Fund, the public-private company that the Japanese government employs to fund projects as part of its "Cool Japan" program, revealed on Wednesday that it invested about US$50 million to Indonesian courier and ride-hailing service Gojek. Cool Japan Fund will use the investment to add Japanese content to Gojek's video and music streaming service, as well as promote Japanese cuisine.

It will also promote the production of Japan-related content locally, as well as help Japanese restaurants to cater to Gojek's Food Festival locations.

The investment is the largest so far that the Cool Japan Fund has made in Southeast Asia.

Cool Japan fund appointed Naoki Kitagawa as the company's new CEO in June 2018.

Nikkei reported in November 2017 that Cool Japan Fund Inc. was underperforming in many of its investments, in particular projects that were spurred by business ties from company's leadership, including previous CEO Nobuyuki Ota and Chairman Kazunobu Iijima.

"Cool Japan" is a program supported by the Japanese government and various companies that promotes modern Japanese culture such as anime and manga abroad. The program revolves around the premise that Japan's strength in business and international affairs lies in anime, manga, films, fashion, and other fields of Japanese arts and entertainment content.

Thanks to ccccrse for the news tip.

Source: Nikkei Asian Review (Ryo Suzuki)