Azerbaijan, Japan ink cooperation accord

By Azernews

By Ayya Lmahamad

Azerbaijan's National Confederation of Organizations of Entrepreneurs and Japan's TET International Development have signed a memorandum of understanding and cooperation on October 4.

The memorandum was signed by the National Confederation President Mammad Musayev and TET International Development President Taro Sawada during the Japan-Azerbaijan Investment Forum held in Baku.

The agreement envisages increasing the number of joint projects, identifying additional areas of joint activities, increasing trade turnover between Japan and Azerbaijan, and the attraction of additional investments in various sectors of Azerbaijan's economy.

Cooperation to restore Karabakh

During the forum, Musayev underlined that Japanese investors and companies will be invited to participate in the reconstruction work in Karabakh.

He underlined that in order to encourage investment in the country, a number of incentive programs and relevant economic zones are being created.

Taro Sawada noted the company's readiness to work in Karabakh in the field of agriculture.

"With the liberation of Karabakh, new areas of activity have emerged for entrepreneurship. I am ready to attract the maximum volume of investments to this region," the president of the Japanese company said.

Moreover, Karabakh Revival Fund's Board Chairman Rahman Hajiyev said that the fund is negotiating to attract investments in the field of renewable energy sources. He added that the fund is developing a special project for this purpose.

"Cooperation has already been established with some companies from Japan and other countries. We see great potential for the implementation of projects in the field of renewable energy in Karabakh. Various projects will be implemented in this direction," Hajiyev said.

Bilateral cooperation

Musayev noted that Japanese companies in Azerbaijan work in the fields of oil and gas as well as agriculture.

"Last year the trade turnover between our countries exceeded $200 million and the growth of this sector will increase up to four times in the near future," he said.

He added that hundreds of projects have already been implemented in Azerbaijan at the expense of Japanese loans during the entire period of cooperation.

Likewise, the Agency for Development of SMBs's First Deputy Chairman Natig Hasanov noted that Japan has invested $7.1 billion in Azerbaijan, during the entire period of cooperation between the two countries.

"I am sure that in the coming years Japanese businessmen will be able to increase investments in our country, as well as trade in non-oil products," Hasanov said.

The trade turnover between the two countries amounted to $178.1 million in the first eight months of 2021.