Primorye to start closer cooperation with Japan

Governor Vladimir Miklushevsky of the Primorye Territory has held a meeting with Isige Hiroyuki, the Chairman of the Board of Directors of JETRO Japan External Trade Organization

Primorye to start closer cooperation with Japan

Governor Vladimir Miklushevsky of the Primorye Territory has held a meeting with Isige Hiroyuki, the Chairman of the Board of Directors of JETRO Japan External Trade Organization. In the course of negotiations, the parties discussed potential cooperation in the territory of Primorye.

In his welcome speech, the Governor noted that comfortable conditions were being created in Primorye for both national and foreign investors. For example, a host of preferences for businesses were enshrined in such revolutionary laws as the laws on Vladivostok Free Port and priority development areas.

Isige Hiroyuki expressed readiness to develop Asian markets together with Primorye.

"At the second Eastern Economic Forum, Prime Minister Sinzo Abe of Japan urged to intensify business communications between Russian and Japanese companies in the Primorye Territory. One of his proposals was to assist in restructuring the Russian industry and creating export bases in the Russian Far East. JETRO could get Japanese businesses involved in this work. Investments and trade, however, are a reciprocal process and we, in our turn, are ready to welcome Russian companies to Japan," Mr.Hiroyuki noted.

Foreign trade transactions between the Primorye Territory and Japan in 2015 totaled $798.7 million. Currently, there are about 30 companies featuring Japanese investments in the Territory and there are also representative offices of such Japaneses companies as Troyka Inc., and Nissin Boeki Co. Ltd., Morikawa Sedzi, Kaisya Ltd., Ebistrade and others.

A number of joint Russian-Japanese projects relating to the automotive, timber processing and healthcare industries are being implemented. The main lines of business carried out by the companies featuring Japanese investments include trade, logistics, public catering, financial activities, timber harvesting and processing, car service, maintenance and other. Representative offices of such Japanese banks as Bank of Tokyo-Mitsubishi UFJ (Eurasia) and Hokkaido Bank, Ltd. have been opened in Vladivostok," Ekaterina Goleva, an officer of the Primorye Administration's Press Office, reported.

JETRO Organization dates back to 1958 and is an entity reporting to the Japanese Ministry of Economy, Trade and Industry.