Japanese companies eye investing in Azerbaijan's industrial zones

By 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”.