Russia eyes big business projects in Japan – prime minister

Other News Materials 28 February 2007 13:59 (UTC +04:00)

( RIA Novosti ) - Russian companies are looking to participate in large-scale business projects in Japan, particularly in the energy sphere, Russia's prime minister said Wednesday.

Mikhail Fradkov, who arrived in Tokyo Tuesday on a two-day official visit, will have talks with Emperor Akihito, Prime Minister Shinzo Abe and meet with other top officials.

"While opening our markets to Japanese investment and inviting you to participate in major infrastructure projects, we naturally expect some reciprocity," he said at a working lunch with leaders of the Federation of Economic Organizations of Japan.

"We have capabilities, primarily in the energy sphere, to get actively involved in projects in Japan, as well as with Japanese companies in third country markets," Fradkov said, adding that Russia is ready to cooperate in infrastructure, transport and high technology projects.

He urged Japanese companies to expand and intensify their operations in Russia, adding Russia gives priority to the development of its Far East, Transbaikal, and East Siberia regions and hopes to attract substantial private investment.

"A substantial role in these projects is assigned to foreign organizations, and Japanese companies are key players here," he said.

Russian car manufacturer Severstal Avto and one of Japan's leading truck producers, Isuzu, signed Wednesday an agreement to produce trucks in Russia.

Russian Industry and Energy Minister Viktor Khristenko said the deal is aimed at developing the vehicle manufacturing industry in Russia, particularly passenger and commercial transport

According to Vitaly Savelyev, Russian deputy economic development and trade minister, Japanese accumulated investment in Russia has reached $2.5 billion, increasing more than fivefold since September 2005.