We are sharing the 2026 Q3 issue of the Global Industrial Ecosystem Index (GIEI), a quarterly report published by our partner JHC ECOSYSTEM (Kyokoushin Asset Management Co., Ltd.). It indexes companies’ overseas expansion (outbound) and the arrival of foreign companies (inbound) across 31 industrial markets on six continents and ten industry sectors.
The full report is available as a PDF in English and Chinese. Here are the main points.
The overall picture
- The composite index (GIEI) rose 0.5 points on the previous quarter to 63.8. The Outbound Index stands at 62.4 and the Inbound Index at 65.2.
- 5,927 cross-border industrial projects were tracked this quarter (+6.5% QoQ). Cross-border capital flows totaled USD 905.7 billion (+4.7%) and cross-border licensing deals 777 (+7.0%).
- North America leads the six continents at 76.8; Asia has the highest Outbound Index at 68.7. Intra-Asia projects, at 1,180, are about a fifth of the global total and the largest single flow.
Markets and sectors
- The top three markets are the US (81.1), Japan (70.2) and China (65.9).
- The largest one-way industrial corridors are China to Vietnam (148 projects), Japan to the US (142) and Germany to the US (118).
- Life Sciences (71.6) and AI & Digital Infra (69.8) are the leading sectors. In Semiconductors, the Inbound Index exceeds the Outbound Index by 19.8 points, the widest gap of any sector.
- Life Sciences (156 deals) and Culture & Entertainment (115) account for the most cross-border licensing deals.
Japan
- With an Outbound Index of 68.1 and an Inbound Index of 72.3, Japan is the only one of the 31 markets classed as a two-way hub.
- Japanese companies launched 880 projects abroad (+9.7% QoQ), led by the US (142), Thailand (84) and Vietnam (78).
- Foreign companies launched 236 projects in Japan (+15.7%). US to Japan grew 25.0% (50 projects), among the fastest-growing corridors, while Japan to China fell 14.3% (24 projects).
- Japan’s strongest outbound sectors are Culture & Entertainment and Beauty & Wellness; its strongest inbound sectors are Semiconductors and AI & Digital Infra.
- Japan’s capital outflows exceed its inflows by USD 37 billion, the largest net outflow among the 31 markets.
Full report (PDF)
The report was prepared by Kyokoushin Asset Management Co., Ltd. (JHC ECOSYSTEM) from official statistics, company announcements and other public information; copyright belongs to that company. Figures are as of publication and are recalibrated, including past quarters, every quarter. The report is not investment advice or a solicitation. See the report itself for the methodology and full disclaimer.
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