Japan Interested in Chemical Industry and Infrastructural Projects in Azerbaijan

Japan is seriously eyeing to invest in Azerbaijan, the priorities of which are chemical industry and infrastructure projects, based on the availability of raw materials and favorable logistics of the country.

This topic was a priority at the meeting of Azerbaijani President Ilham Aliyev on Monday with a Japanese delegation headed by the Minister of Economic Recovery, Taxes, and Social Security Reform, the State Minister for Economic and Financial Policies of Japan Akira Amari.

Amari arrived in Baku, accompanied by representatives of leading Japanese companies, which did not go unnoticed by Aliyev at the meeting with the guests in the presidential administration.

Official Baku invites Japanese companies to Azerbaijan by offering cooperation in the energy, petrochemical and other fields.

The Japanese delegation was presented the Sumgait chemical industrial park, which requires an investment of at least $ 1 billion. Also, the Japanese were offered to become investors and contractors in the Azerbaijan steel production complex, the creation of which was advised by Marubeni Corporation. This was said by the Minister of Economy and Industry Shahin Mustafayev, who presented investment projects after the delegation met with President Aliyev.

Earlier this year, Azerbaijan presented Japan a draft agreement for the protection and promotion of investments, thereby to ensure the safety of the Japanese capital. The Japanese capital is most actively involved in ACG, the main Azerbaijani oil project on the Caspian Sea.

In Azerbaijan in various fields there are 18 Japanese companies. Japanese investment in the first half of the year amounted to about 130 million manat or 4.9% of all foreign investment. Last year, the State Oil Fund of Azerbaijan (SOFAZ) and Mitsubishi UFJ Trust and Banking Corporation jointly acquired commercial real estate Kirarito Ginza in Tokyo for 52.3 billion yens (over $ 436 million). This year new investments were planned in Japan, but falling oil prices thwarted those plans.

Azerbaijan and Japan have signed 17 documents and are working on more than 20 documents.

Japan also implements the humanitarian program Grassroots and Human Security mainly in the regions of Azerbaijan. It covers education, health, water, agriculture, and environment. A total of 195 projects worth $ 16.54 million have been implemented. -0-