Azernews.Az

By Sara Israfilbayova

Japanese businessmen may take advantage of the favorable investment atmosphere created in Azerbaijan.

Chairman of the Azerbaijani State Customs Committee Aydin Aliyev said made the remarks at a meeting with Japanese Ambassador to Azerbaijan Teruyuki Katori in Baku.

Addressing the meeting, Aliyev spoke about the business atmosphere created in the country, improvement of entrepreneurial activity, facilitation and acceleration of international trade.

“These reforms created opportunities for flexible and productive entrepreneurial activity,” he said. “Japanese businessmen may invest in Azerbaijan, in particular, in the establishment of big enterprises.”

Ambassador Katori, in turn, stressed the high level of bilateral relations between Azerbaijan and Japan in all spheres, including customs, and expressed readiness to work for further expansion of cooperation between the two countries.

Diplomatic relations between Azerbaijan and Japan were established in 1992. A number of important projects are being implemented in Azerbaijan through the financial support of Japan, while very important infrastructure projects had already been commissioned in the country through Japanese government’s loans.

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 [signed on September 20, 1994 in Baku, a large-scale international contract on the joint development of three oil fields - Azeri, Chirag, Gunashli in the Azerbaijani Sector of the Caspian Sea].

Moreover, the Japan International Cooperation Agency (JICA) has financed four loan projects in the country in the amount of $900 million in the sectors of energy, water supply and sewerage, since the beginning of its cooperation with Azerbaijan.

JICA has allocated $64 million for grant projects in the sectors of agriculture, health, energy, irrigation and road administration.

Leaders of Japanese business, Mitsubishi, Mitsui, Marubeni, and Sojits are involved in energy and infrastructure projects in the country.

In late October, Baku hosted an exhibition of Japanese food products for the first time, where about 500 high-quality Japanese products, including food products, drinks, cosmetics and many other products were presented.

Trade turnover between Azerbaijan and Japan for 11 months of 2017 amounted to $152.59 million, $148.9 million of which accounted for import of Japanese products, according to Azerbaijan's State Customs Committee.

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