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Tuesday June 28 2022

Azerbaijan, Japan mull cooperation prospects in trade, investment, green energy

23 June 2022 11:10 (UTC+04:00)
Azerbaijan, Japan mull cooperation prospects in trade, investment, green energy

By Ayya Lmahamad

As part of a visit to Japan, representatives of Azerbaijan's Export and Investment Promotion Foundation (AZPROMO) held business meetings with companies operating in various sectors, Azernews reports.

During the meetings with the Japanese company H.I.S. Co. LTD and representatives of KOIKE Corporation Limited operating in the field of packaging, logistics, and tourism, the parties exchanged views on the prospects for cooperation in trade and investment, the implementation of joint projects, and export procedures to Japan.

Moreover, representatives of Japan's Jetro (Japan External Trade Organization) and AZPROMO discussed the favorable business and investment climate in Azerbaijan and the issues related to the participation in international exhibitions in Japan.

During the meeting with the leadership of the JICA Agency, the sides exchanged views on establishing ties in the field of bilateral cooperation and the implementation of joint activities. It should be noted that during all meetings, information was provided on the economic potential of Azerbaijan's liberated territories.

Currently, Azerbaijan and Japan are cooperating in different fields of economy. Japanese companies in Azerbaijan work in the fields of oil and gas as well as agriculture. Japan has invested $7.1 billion in Azerbaijan, during the entire period of cooperation between the two countries. The trade turnover between the two countries amounted to $274.8 million in 2021.

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.

It should be also noted that 2022 is the “year of friendship between Azerbaijan and Japan”.

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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad

Follow us on Twitter @AzerNewsAz

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