Japanese Economic Mission To Arrive In Russia

The Japanese government intends to send its economic mission, the largest one in the past 25 years, to Russia in June to draft specific proposals on the development of economic cooperation between the two countries. A deputy to the Director General of the European Department at Japan's Foreign Ministry, Toshimitsu Mori, said the above as he was speaking at a fifth joint session of the Russian-Japanese and Japanese-Russian subcommittees of the intergovernmental commission on economic cooperation in the Far East. In his words, the Russia-Japan 2000 trade turnover stood at 5,200 million dollars, showing an increase of 15 percent year-on-year. However, the Japanese official noted that the attained level should be raised further. In his turn, the Executive Secretary of the Russian-Japanese subcommittee on cooperation, Vyacheslav Zenov, underscored that the adoption of related federal bills had considerably improved the investment climate in the country. Also, he said, some Russian regions, including the Far East, are drafting new laws on privileges and guarantees to foreign investors. At the same time, Japanese-Russian subcommittee chairman Susumu Yoshida indicated that successful cooperation required full governmental guarantees to investors on the part of Russia. Trade insurance and conclusion of a Japanese-Russian agreement on mutual legal assistance will contribute to the process. In addition, a joint agency should be set up to uphold the interests of investors, Yoshida said.

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