ArmInfo. The government of Armenia approved the Armenian- Japanese intergovernmental agreement on liberalization, promotion and mutual protection of investments at a regular meeting on October 18.
Submitting the draft decision to RA acting Minister of Economic Development and Investments Tigran Khachatryan noted that the document was signed on February 14, 2018 in Yerevan. He stressed that the document defines the principles of mutual investment, created a stable and transparent conditions for mutual investments. The parties undertake to mutually encourage capital inflows and guarantee their protection in accordance with internationally recognized regimes. The document also contains provisions for the reparation of the damage caused, the resolution of controversial issues and other possible problems.
To recall, last year Armenia and Japan celebrated the 25th anniversary of the establishment of diplomatic relations. In 2010, the Japanese Embassy was opened in Armenia, and the Armenian Embassy was opened in Tokyo in 2015. Recently, mutual visits at various levels have become frequent. Regular consultations are held between the foreign ministries of the two countries. Inter-parliamentary relations are at a high level. An important area of cooperation is Japan's provision of official technical assistance to Armenia, which is mainly provided by the Japan International Cooperation Agency (JICA). The ratification of the agreement, according to the parties, will give additional impetus to the development of bilateral economic relations and will raise them to a qualitatively new level. The presence of an appropriate legal framework will assist in increasing interest in the Armenian economy and attracting Japanese capital to the domestic market of the republic.
It should be noted, however, that up to this day no Japanese investments in the Armenian economy were registered. Bilateral cooperation mainly is limited to providing Armenia with loan and grant assistance. One example of such assistance is signed on February 10 of this year agreement, according to which the Japanese government will provide some fire brigades of Yerevan with 28 new fire engines.
On September 3 this year Armenian Foreign Minister Zohrab Mnatsakanyan, at a joint briefing with Japanese Foreign Minister Taro Kono in Yerevan, noted that in 26 years the Japanese side had provided Armenia with a soft loan in the amount of about $ 300 million, grants of $ 79 million, and also provided technical support in the amount of about $ 11.5 million. At present the opening of the Yerevan-Tokyo flight is also being discussed.