Azerbaijan, Japan eye boosting trade turnover, green energy co-op

By Azernews

By Ayya Lmahamad

Azerbaijan and Japan have discussed economic issues, in particular, an increase in trade turnover and investment between the two countries, Azernews reports.

The discussion occurred during the meeting between representatives of Azerbaijan's Economy Ministry and the delegation, headed by the Chairman of the Japan-Azerbaijan Economic Committee, Deputy Chairman of ITOCHU Corporation, Yoshihisa Suzuki.

During the meeting, the parties also discussed strengthening the legal framework, cooperation in the green energy sector, and other issues of mutual interest.

They emphasized that both countries attach great importance to the development of bilateral relations, expanding economic cooperation, and strengthening trade partnerships.

Moreover, the sides noted that there are great opportunities for cooperation in the areas of industry, digital economy, tourism, renewable energy, application of technologies of the Fourth Industrial Revolution, etc.

Currently, Azerbaijan and Japan are cooperating in different sectors of the economy. Japanese companies in Azerbaijan work in oil and gas as well as in agricultural sectors. During the entire period of cooperation between the two countries, Japan has invested $7.1 billion in Azerbaijan. 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”.