Osaka has been described as the urban equivalent of the Elephant Man. But maybe Osaka is instead a city of pink elephants. This drink-happy, money-crazy megalopolis is most definitely the business heart of Japan. Tokyo may be renowned for its cutting-edge glamour and style, but Osaka has its sights set firmly set on the pursuit of the mighty yen — in fact, it is said that Osakans greet each other not with “good morning,” but with “are you making money?”

Osaka’s hard-work ethic seems to have paid off. GDP per capita in the Osaka region now exceeds $40,500 a year, compared to $23,700 for Hong Kong and $21,000 for Singapore. In the 15 years leading up to 2004, foreign trade between the Osaka region and overseas countries, especially within Asia, increased by more than 150 percent. Trade with China has shown an especially dramatic increase: China took just 3.4 percent of Osaka prefecture exports in 1989, but this share rose to 14.5 in 2004.

The 1970 Osaka World Expo, attended by more than 60 million visitors, put the city firmly on the global map. But Osaka’s history goes a long way back. Osaka was the site of Japan’s first capital, Naniwa-no-Miya and its port Naniwazu, built in the 7th century as a gateway to China. From here, the Silk Road ran all the way to Europe. For centuries Osaka was Japan’s leading economic hub, until Tokyo usurped that role in the early 20th century. Still, Osaka remains a major port city with a greater regional population (Osaka, Kobe and Kyoto) nudging 19 million.

Today, Osaka is home to a number of major Japanese corporations, including Sumitomo, Matsushita Electric and Sanyo. Many of these are headquartered in the new Osaka Business Park which has earned a place as the economic and cultural heart of the metropolis. OBP is also home to the International Market Place, featuring around 60 restaurants and shops selling an eclectic range of knick-knacks from around the globe.

The municipal government offers a wide range of incentives to international corporations wishing to open branch offices in Osaka. These incentives include a subsidy of up to six months’ rental payments for companies in the medical services, IT, bio- and nanotechnology and robotics sectors. For foreign companies, costs related to the setting up of operations (market surveys, feasibility studies, etc.) also attract a subsidy. Assistance to foreign investors is channeled through the Osaka Prefecture Investment Promotion Center, established in 2005.

Osaka claims easy access to information as one its main competitive edges. More than 55 percent of American and European companies cite convenient access to existing customers as their main reason for locating in Osaka, while the second most important reason is having an allied Japanese business partner.

To get a wider view of the future of Osaka, it is worth checking out the brand-new Saito Life Science Park, a 1,850 acre “community of the 21st century,” just north of Osaka International Airport. This so-called “hub of the northern bio-cluster” will eventually house up to 50,000 residents, with the added bonus of an international cultural park. Companies already onsite include MG Pharma and Japan’s National Institute of Biomedical Innovation, with the Peptide Institute set to open later this year.

LODGING

HOTEL NIKKO OSAKA

The main entrance to the 32-story (plus four basement levels) Hotel Nikko Osaka, in the throbbing Nishi-Shinsaibashi precinct is off the city’s main thoroughfare, Midosuji Avenue. Basement level entrances offer access to the attractions of Shinsaibashi’s winding side streets. The hotel is 40 minutes by train from Kansai International Airport (KIX) and a 25-minute drive from Osaka International Airport (ITM).

The hotel boasts several dining venues including Benkay where patrons enjoy Osaka’s specialty kaiseki banquet featuring an astonishing range of dishes from fish to tofu to duck to vegetable palate-pleasers. $$$-$$$$
HOTEL NIKKO OSAKA
1-3-3 Nishi-Shinsaibashi, Chuo-ku
tel 81 6 6244 1111, fax 81 6 6245 2432
http://www.hno.co.jp/english/index_e.html

HOTEL NEW OTANI
A three-minute walk from Osaka Business Park Station, the New Otani (a member of the prestigious Leading Hotels of the World) is strategically located for business travelers. Across the street, Osaka Castle Park provides some welcome green space in this bustling city. There are two bars and a dozen restaurants on site. Amenities include both indoor and outdoor pools, two outdoor tennis courts and a business center. The foyer is relaxing and inviting, with the Lobby Lounge and Trader Vic’s Boathouse Bar, both featuring live music. $$$$
HOTEL NEW OTANI
1-4-1 Shiromi, Chuo-ku
tel 81 6 6941 1111, fax 81 6 6941 9769
http://www.newotani.co.jp/en

WESTIN OSAKA

The Westin Osaka is an oasis of calm just minutes from Osaka’s bustling business and entertainment center. The property features a fitness center with an indoor heated pool. Dining venues include Hanano, featuring Japanese fare, and Stella Maris, serving Mediterranean specialties. Spacious guestrooms are outfitted in classic European style. Standard amenities include two telephones with fax, data ports and voicemail, and marble baths with separate tub and shower. $$$$
WESTIN OSAKA
1-1-20 Oyodonaka, Kita-Ku
tel 81 6 6440 1111, fax 81 6 6440 1100
http://www.starwoodhotels.com

DINING

PLANET 3RD

This fast-and-furious pub/restaurant gets its name from the fact that Earth is the third planet from the sun. A mixed crowd of locals and Westerners, particularly foreigners working in Japan, crowds the place from mid-morning to late at night. The huge menu includes everything from pizzas to local Japanese specialties, and the portions are generous. A good range of beers is on tap. Many patrons sit around a huge central table, but there are also more private spaces. A good collection of books and magazines in both Japanese and English, and excellent coffee, are added reasons for a visit. $
PLANET 3RD
1-5-24 Nishi-Shinsaibashi, Chuo-ku
tel 81 6 6282 5277

OKONOMIYAKI MIZUNO

Okonomiyaki is an Osaka specialty — a heavy omelet/pancake cooked on a griddle, with an assortment of fillings including chicken, seafood and/or vegetables. The dish, when garnished with salads and spices, tastes much better than it sounds, and the chances are you’ll be back for a second helping. Okonomiyakai Mizuno, right beside the Dotonbori Canal, has been run by three generations of one family, and is an Osaka landmark. $$
OKONOMIYAKI MIZUNO
1-4-15 Dotonbori, Chuo-ku
tel 81 6 6211 8975
http://r.gnavi.co.jp/fl/en/k137800/

KANI DORAKU

The original Kani Doraku crab restaurant in Osaka has now spawned more than 50 clones throughout Japan. The giant crab outside the restaurant has become an Osaka landmark. The venue specializes in seasonal crab served in more ways than you can count. Dishes range from crab sukiyaki to boiled king crab, fried crab with vegetables, roasted crab with salt and many others.Winter specialties include crab casseroles — just the thing to keep out the cold. $$$$
KANI DORAKU
1-6-18 Dotombori, Chuo-ku, Osaka
tel 81 6 6211 8975

DIVERSIONS

During the Edo era (1615-1868), Osaka came to be known as “the nation’s kitchen.” Food and other commodities were traded throughout the Kansai region (which also includes Kyoto and Nara) via an extensive network of rivers and canals. Near the Dotonbori Canal, Kuromon Ichiba market (established in 1822) supplies both local restaurants and home provisioners. Fish merchants have been selling their produce here for more than 150 years. Individual shop names — Octopus Happiness, Circular Glory Fresh Fish, Black Gate Glory Sushie — have a poetic ring.

Even today, Osaka is often referred to as the “City of Water,” with more than 750 bridges best appreciated during a two-hour river cruise. Daily cruises depart from Minato-machi Wharf (near Namba station) at 10 a.m., 12:30 p.m. and 4 p.m. The boardwalk along Dotonbori Canal, stretching between the Dotonboribashi Bridge and the Nipponbashi Bridge, is one of the best places in Osaka to hang out and enjoy “street theater.”

Osaka is a colorful patchwork of precincts, each with its own distinctive characteristics. The eastern Kita precinct is the largest shopping district in western Japan. Must-visit attractions include the Museum of Oriental Ceramics (tel 81 6223-0055, http://www.moco.or.jp/en), near Kitahama station, and the Science Museum Osaka (tel 81 6 4444 5656), between Fukushima and Higobashi stations, with its futuristic three-story exhibition floors. Namba and Tennoji precincts, in the south of Osaka, are also worth a visit. Here, the extensive Tennoji Park houses the Osaka Municipal Museum of Art (tel 81 6 6771 4874, http://osaka-art.info-museum.net/) and Tennoji Zoo (tel 81 6 6771 8401).

Osaka makes a great hub for day trips.To the south, Japan’s biggest temple complex, the mountaintop Koyasan (tel 81 7 3656-2616, http://www.shukubo.jp/eng/), easily accessible from Namba Station, is the dynamic face of esoteric Buddhism in the country. Nearby, the relaxed seaside city of Wakayama is noted for its stylistic roof architecture. North of Osaka, Okayama’s extensive Korakuen Gardens and the city of Kurashiki with its Bikan Historical Quarter and Tivoli Park (an over-sized replica of Copenhagen’s famous Tivoli Gardens) are also well worth a visit.

INFO TO GO

The main rail station on the north-south bullet train line (between Tokyo and Fukuoka) is Shin-Osaka. From Shin-Osaka station, a branch line runs to Osaka station at the north of a loop connecting Osaka Castle station in the east with Tennoji station to the south. Tennoji is the connecting station for trains running to Kansai International Airport (KIX), a trip of 30-40 minutes. For detailed rail schedules throughout Japan, visit http://www.hyperdia.com Comfo.rtable limousine buses also connect Kansai International Airport to Osaka city center, running every 20-30 minutes from 6 a.m. to 10 p.m. Taxis are available, but are very expensive. One-way fare is well over $100.