Japan to invest $40m in tobacco growing in Azerbaijan| MENAFN.COM

Monday, 16 May 2022 05:56 GMT

Japan to invest $40m in tobacco growing in Azerbaijan


(MENAFN- AzerNews) By Ayya Lmahamad

Japan will invest $40 million in tobacco growing in Azerbaijan, local media reported on September 9.

The cooperation in tobacco growing was discussed during the meeting between Vice President of National Confederation of Entrepreneurs of Azerbaijan Vugar Zeynalov and Vice President of the Japan International Development Company Munechika Tanio.

During the meeting, Tanio noted that the company unites more than a thousand investors and have been working in Azerbaijan since last year.

He stressed that an initial investment were made in tobacco, and a tobacco drying station has been built in Oguz region of Azerbaijan. In addition, funds are being invested for this purpose in Tovuz region.

Tanio informed that about 100 Japanese investors are expected to visit Azerbaijan in October, to gather detailed information in various areas during their visit to regions.

It should be noted that foreign enterprises and organizations directed AZN 2.8 billion ($1.6bn) to the fixed capital in Azerbaijan in the period between January and July in 2020. The UK, the U.S., Turkey, Japan, Switzerland, Malaysia, Norway, Russia and Iran accounted for AZN 2.5 billion ($1.4bn), or 87.6 percent of the funds directed to the fixed capital at the expense of foreign countries and international organizations.

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