site.btaMinister Loukarski Discusses Bulgaria-Japan Economic Relations in Tokyo

Minister Loukarski Discusses Bulgaria-Japan Economic Relations in Tokyo

Tokyo, May 12 (BTA) - Bulgarian Economy Minister Bozhidar Loukarski met with Japanese Economy, Trade and Industry Minister Motoo Hayashi in Tokyo, Loukarski's ministry reported on Thursday. The Bulgarian minister is paying a working visit to Japan between May 10 and 14, leading a delegation of representatives of 16 Bulgarian companies.

Loukarski said Japan has always been a major partner to Bulgaria in Asia. The signing of a trade agreement between the EU and Japan will open up many opportunities for Bulgarian businesses, he said, adding: "We have traditions and considerable potential on the Japanese market."

The guest went on to say that Sofia favours a prompt completion of the negotiations for the EU-Japan trade agreement. Bulgaria has no objections about the clauses of the agreement and will raise the question at the next EU Foreign Affairs Council in Brussels.

Hayashi thanked Bulgaria for its willingness to support the negotiations. He said the country is a promising investment destination for Japanese companies and they are showing more and more interest in investing in Bulgarian manufacturing industries, particularly auto making. Hayashi said the bilateral business forum held during Loukarski's visit has opened a new chapter in the two countries' economic relations. He noted that a list is being compiled of leading Japanese technologies which can be used in the EU, including Bulgaria.

Loukarski invited his host to visit Bulgaria in order to familiarize himself with the business and investment conditions in the country. He said Bulgaria has not been visited by a Japanese economy minister since 1974. Such a visit will help prepare a subsequent trip by Prime Minister Shinzo Abe to Bulgaria.

One of the ideas about attracting more Japanese investments to the Bulgarian economy is to create production networks of Japanese companies which will allow them to operate in multiple countries, including Bulgaria. The proposal was set forth by Toshimitsu Motegi, Chairman of the Japan-Bulgaria Group in the lower house of the Japanese Parliament and former minister of economy, trade and industry.

Loukarski presented Bulgaria's advantages as an investment destination during a meeting with Keidanren (the Japan Business Federation), a leading business organization. Talking with Keidanren's Europe Committee Chairman Hiroaki Ishizuka, who is also Vice Chairman at Mitsubishi Chemical Holdings, the guest said that the favourable tax policy of the Bulgarian government, the availability of skilled experts in the country and the special investment incentives established by law have put Bulgaria in leading positions in international investment attractiveness rankings. This, he said, is evidenced by successful projects of major Japanese companies, such as Yazaki Corporation, Sumitomo Electric Industries, and Mitsubishi Materials Techno Corporation. Loukarski invited Keidanren to send a mission to Bulgaria, which will be the first one since 2010. An invitation for JETRO (the Japan External Trade Organization) to restore its office in Bulgaria was extended during Loukarski's talks with JETRO Chairman Hiroyuki Ishige.

The business delegation led by the Bulgarian Economy Minister visited Japan IT Week 2016, the largest technology exhibition in Asia. The delegation includes senior executives of eight Bulgarian IT companies which are looking for business partners. Loukarski told the exhibition management that the information and communication technology industry in his country is developing dynamically and its share in GDP is 1.5 per cent.

Loukarski was entertained to an official dinner hosted by Koichi Kishi, Chairman of the Budget Committee and of the Japan-Bulgaria Group in the upper house of the Japanese Parliament. Loukarski and the Japanese lawmakers discussed parliamentary support for the promotion of bilateral economic relations.