Iran, Japan set to sign investment pact
Iran and Japan are set to strike a basic agreement on an investment pact as Japanese Foreign Minister Fumio Kishida is visiting Tehran on Monday, Tokyo-based media reported on Friday.
Japan aims to facilitate the return of its companies to Iran lest they fall behind European rivals which have been visiting the Middle Eastern country with an eye on the lifting of sanctions, The Nikkei daily said.
Kishida will meet with his Iranian counterpart Mohammad Javad Zarif in Tehran to confirm the terms, the world’s largest financial newspaper added.
Japan is the latest major US ally aiming to resurrect trade relations with Iran in the post-sanction era which could ironically keep American firms shut out of the massive market.
Representatives of 15 Japanese firms are already in Tehran to participate in Iran’s biggest trade fair. They are among more than 300 companies from around the world in their quest for new business opportunities in the country.
Among them is Nippon Steel and Sumitomo Metal, whose wares include seamless pipe for the oil and gas industry. NEC, which did business with the Iranian telecom sector before the sanctions, is displaying its network equipment and other technology.
On Tuesday, chairman of the Japan External Trade Organization Hiroyuki Ishige headed a delegation of representatives from 30 companies and other organizations on a visit to Tehran.
Their visit came after Japan's State Minister of Economy, Trade and Industry Daishiro Yamagiwa traveled to the Iranian capital in August with an aim to rekindle business ties.
Iran accounted for 10% of Japan’s oil imports before sanctions cut them to five percent as Tokyo fell in line with Washington to choke Tehran's vital sources of revenue. The Nikkei has said Japan now wanted to raise the purchases to the previous level.
Among the Japanese companies, Toyo Engineering, which has built refining facilities in Iran, is looking into returning to the energy-rich country. Nissan Motor is also eyeing Iran’s huge market.
According to the Fars news agency, Suzuki Motor Corp and Iran Khodro have agreed on supplying the Iranian market with four new models of the Japanese automaker.
Iran is also interested in the Japanese technology for establishing high-speed rail in order to expand its intercity transportation, Deputy Transportation Minister Valiollah Afkhami-Rad said last month.
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