A high-level Japanese trade official and executives of major industries will arrive in Tehran Saturday for a two-day visit in order to revive economic ties.
State Minister of Economy, Trade and Industry Daishiro Yamagiwa will meet top Iranian government officials to convoy Japan’s “strong desire to quickly normalize economic relations” with Tehran, his ministry said in a statement.
Executives from 21 companies, including oil, gas and automotive industries, will be accompanying him, hoping to grab a foothold in the world’s biggest market closed to outside business for years under sanctions.
The visit is the first by a Japanese trade official to Iran in 14 years and marks the first major dash by an Asian nation for business opportunities in the Islamic Republic after similar expeditions by the Europeans recently.
Japan hopes to raise oil imports from Iran which supplied 10% of the Asian nation’s crude before sanctions were imposed on the Islamic Republic in 2011. Tokyo currently sources 5% of its crude oil from Iran under an interim deal between Iran and the West in November 2013.
According to Jiji Press, Japan will also seek to regain development of the Azadegan oilfield from which state-owned Inpex Corp. withdrew in 2010 due to US pressures.