How did the Japanese Economy Minister describe trade relations with Russia?

How did the Japanese Economy Minister describe trade relations with Russia?
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Over the last 10 years, the volume of foreign trade between Japan and Russia has increased fourfold.


This is what the Minister of Economy, Trade and Industry of Japan, Moto Hayashi, said in his message, delivered at the business forum entitled “Industrial and Commercial Dialogue: Russia – Japan”, which has opened in Tokyo, reported RIA Novosti.

However, according to him, in 2015 there was a decrease in sales turnover of almost 40%, caused by the sharp fall in world oil prices. Nevertheless, Japanese-Russian economic relations can and should develop further, said the Minister.

Among the main points of economic cooperation between the countries, he pointed out the “Sakhalin-1” and “Sakhalin-2” projects. In 2011, an oil pipeline from Eastern Siberia to the Pacific Ocean was built.

At present, Russia is supplying Japan with 8% of its overall crude oil exports through this pipeline. This is the main supply after the Middle Eastern countries. Besides this, Japanese companies have invested in the manufacture of Russian automobiles, construction machinery and industrial equipment.

As a result 14% of automobiles manufactured in Russia were made by Japanese producers at local plants. Moreover, both countries are developing cooperation in the fields of energy efficiency, the construction of new facilities, and medicine.

The “Industrial and Commercial Dialogue: Russia – Japan” business forum has gathered representatives from the Ministry of Economy, Trade and Industry of Japan, the banking sector and the business elite. The Russian delegation is headed by the Minister of Trade and Industry, Denis Manturov, as well as representatives from RF regions and enterprises.