Russia Welcomes Japanese Investors In Joint Projects In Kurils - Diplomat

Russia welcomes foreign investors, including Japanese, who are willing to participate in joint economic activities in the disputed Kuril Islands, Nikolay Nozdrev, the director of the Russian foreign ministry's third Asian department, said in an interview with Sputnik on Friday

MOSCOW (UrduPoint News / Sputnik - 15th October, 2021) Russia welcomes foreign investors, including Japanese, who are willing to participate in joint economic activities in the disputed Kuril Islands, Nikolay Nozdrev, the director of the Russian foreign ministry's third Asian department, said in an interview with Sputnik on Friday.

In early September, Russian President Vladimir Putin announced at the Eastern Economic Forum that Moscow will introduce an unprecedented 10-year tax relief for businesses based in the Southern Kuril Islands, which Japan considers its own Northern Territories. The tax concessions are available for Russian businessmen as well as foreign investors.

"We will welcome the participation of foreign investors, including Japanese, if they are interested, in joint projects on the islands," Nozdrev said, noting that joint economic activities will help with the implementation of large-scale initiatives of the Russian President for the accelerated development of Russia's Far Eastern regions, including the Kurils.

Relations between Russia and Japan have long been complicated by the fact that they have never signed a permanent peace treaty following World War II. The main stumbling block is their dispute over a group of four islands � Iturup, Kunashir, Shikotan, and Habomai. Both countries are currently making efforts to finalize the peace treaty.