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Baku, Tokyo mull development of economic ties

6 May 2022 13:14 (UTC+04:00)
Baku, Tokyo mull development of economic ties

Azerbaijani Economy Minister Mikayil Jabbarov and Japanese Parliamentary Vice-Minister for Foreign Affairs Honda Taro have discussed the development of bilateral economic relations.

"During the meeting with Honda Taro, parliamentary Vice-Minister for Foreign Affairs of Japan, we discussed the development of economic relations between our countries, particularly in trade, the documents on the elimination of double taxation and investment protection, as well as cooperation in the field of green energy," Jabbarov wrote on his official Twitter page.

The minister notes that Azerbaijan attaches great importance to the development of relations with Japan and expanding economic cooperation. He stressed the importance of strengthening trade partnerships.

The parties noted that there are great opportunities for cooperation in industry, tourism, renewable energy, digital economy, the application of technologies of the Fourth Industrial Revolution, etc.

They recalled that 2022 is declared "the year of friendship between Azerbaijan and Japan" to mark the 30th anniversary of establishing diplomatic relations between the two countries.

Currently, Azerbaijan and Japan are cooperating in different sectors of the economy. Japanese companies in Azerbaijan work in the oil and gas sectors as well as in agriculture. In addition, throughout the entire period of cooperation between the two nations, Japan has invested $7.1 billion in Azerbaijan.

Additionally, in 2021, Azerbaijan’s Energy Ministry and Japan’s TEPSCO company signed an agreement on the establishment of the “green energy” zone in the newly-liberated lands. The agreement envisages the effective use of renewable energy potential such as wind, solar, hydro, geothermal, and bioenergy in the liberated territories. It considers the establishment of a “green energy” zone based on modern energy management approaches to supply the region with energy.

The trade turnover between the two nations amounted to $274.8 million in 2021.

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