Japan interested in Azerbaijan's non-oil sector
By Amina Nazarli
Shahin Mustafayev, Azerbaijan`s Economy and Industry Minister
met Atsuo Kuroda, Japan’s Deputy Director-General, Manufacturing
Industries Bureau, Ministry of Economy, Trade and Industry in Baku
on February 9.
During the meeting, a project called “Promotion and Protection of
Investments between Azerbaijan and Japan” was presented to the
Japan delegation.
Kuroda said Japan companies have become increasingly interested in non-oil sector of Azerbaijan.
“Currently, the two countries are cooperating in oil and gas, energy, financial and investment fields. However, the two sides have more potential to expand their ties. One of these opportunities is processing and packaging of agricultural products,” he said.
Noting that the countries have opportunities for expanding of relations, the minister added that Japan Investment Bank could support developing cooperation between entrepreneurs of the two sides.
The diplomatic relations between Azerbaijan and Japan were established in 1992. Relations between the two countries continue developing. Japan was one of the first countries to support Azerbaijan's forward-looking oil strategy.
Today two major Japanese companies Itochu and Impex are involved in the Contract of the Century. Leaders of Japanese business, Mitsubishi, Mitsui, Marubeni, and Sojits are involved in the energy and infrastructure projects in the country.
Azerbaijan considers cooperation with Japan in the field of high technology, particularly in the field of manufacture of innovative production, with their further entering the regional markets.
Until now, Japanese companies were involved mainly in projects in the energy sector, but in recent years their interest to cooperate in areas such as petrochemicals, oil refining, energy, medicine, high-tech and space industry has increased.
The trade turnover between Azerbaijan and Japan amounted to $311 million in 2013.
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Amina Nazarli is AzerNews’ staff journalist, follow her on Twitter: @amina_nazarli
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