On 26 September, minister of economic development Farhad Aliyev met with the visiting delegation of Japan led by president of the Organization of development of foreign trade Mr. Khirosi Tsukamoto.

Noting that thanks to established in Azerbaijan strict political stability, economy of the country develops dynamically, set up favorable conditions to make investments, Minister Farhad Aliyev underlined that Azerbaijan is leading among the CIS countries on volume of foreign investments.

Underlining that the Azerbaijani-Japan relations were given particular attention, the Minister noted that after official visit of President Heydar Aliyev to Japan in February 1998 started new stage of cooperation between the two countries, undertaken significant steps for further expansion of bilateral relations.

Currently, the Japan companies take active part in financing a number of projects, being realized in numerous spheres of economy of Azerbaijan.

Highly appreciating current meeting as new step in the development of the widening economic links between the two countries, minister Aliyev underlined that Azerbaijan is keen in expansion of these links, called on the Japan companies to raise investment flow in the Country, expansion of cooperation, in the field agriculture, machine-building, chemical industry and other spheres.

Head of the Japanese delegation Khirosi Tsukamoto, noting that he attentively watches the ongoing economic reforms, stressed that his country attaches particular attention to the development of bilateral links with Azerbaijan. He said that beginning since 1999, the Japan Organization of Development of Foreign Trade actively boosts development of the non-oil sector of Azerbaijan. The Organization realized the program on raising export potential of Azerbaijan in the field of food, technical-economic basing, of construction of plants on processing of strata waters in the oil fields, organized in Baku seminars on the topic ‘Development of small and medium business’, while in Tokyo - seminars ‘Exhibition of three countries of the South Caucasus’ and ‘Putting investment in Azerbaijan’.

Then, between the Republic of Azerbaijan and Organization of Development of Foreign Trdae of Japan was signed a memo on mutual understanding, bound with rendering of technical assistance to the development of the oil machine-building field in the Country.

The Memo was signed by minister of economic development of Azerbaijan Farad Aliyev and president of the Japan Organization Khirosi Tsukamoto.

On the base of the document, it is planned to realize a joint project on the ground of technical assistance of the Japan Organization.

According to the Project, with the technical promotion of the Organization of Development of Foreign Trade of Japan, at the ‘Azerneftkimyamash’ will be installed equipment meeting standards of the American Oil Institute (AOI).

Realization of the project will let to apply in Azerbaijan the technology and ‘know-how’ for development of machine-building industry corresponding standards of AOI. In addition, this, in its turn, will give chance to the ‘Azerneftkimyamash’ SC not only expand sale of its productions in Azerbaijan, but also export it to the foreign countries.

The mentioned project at amount 1,4 billion Japanese yen (some 13 million USD) will be realized by the Company ‘Mitsui and Jo Ltd’.