Japanese Companies Eye Investing In Azerbaijan's Industrial Zones
(MENAFN- AzerNews)
By Ayya Lmahamad
Baku and Tokyo have discussed opportunities for Japanese
companies to invest in Azerbaijan's industrial zones, Azernews
reports.
The discussion took place during a visit of a delegation of
Japanese companies, led by ITOCHU Oil Exploration Co Ltd President
Takumi Hiraga to the Sumgait Chemical Industrial Park.
During the visit, company representatives were informed about
existing industrial zones in Azerbaijan, created favorable
investment conditions for entrepreneurs there, applicable tax and
customs privileges, as well as products manufactured in industrial
zones.
They also discussed export opportunities for products
manufactured in industrial zones and other issues of
cooperation.
Afterward, the representative of Japan got acquainted with the
work done in the Sumgait Chemical Industrial Park and the
production process at the plants of cable and electrical equipment
of the industrial park resident STP LLC.
Diplomatic relations between the two countries were established
on September 7, 1992. On October 12, 2005, the embassy of
Azerbaijan in Japan was opened, while the Embassy of Japan in
Azerbaijan was opened on January 21, 2000. Azerbaijan and Japan are
cooperating in different sectors of the economy. The trade turnover
between the two countries amounted to $274.8 million in 2021.
Additionally, 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
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