Japan’s PM Shinzo Abe to visit Argentina to boost trade

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Japan: On Monday officials have conveyed that, Japan’s Prime Minister Shinzo Abe will make an official visit to Argentina in eager to increase investment in the Latin American state. It is the initial visit to Argentina by a Japanese Prime Minister Shinzo Abe in 57 years – the previous was by Abe’s grandfather Nobusuke Kishi in 1959.

Shinzo Abe’s one-day visit provides the newest big global encounter for Argentina’s conservative president Mauricio Macri. He has been working to increase Argentina’s trade ties as he took office a year ago following 12 years of protectionist policies beneath his leftist predecessors.

Heading to Argentina subsequent to the APEC trade summit in Peru, Shinzo Abe will meet businesspeople and associates of Argentina’s 65,000-strong Japanese community. The Japanese embassy in Buenos Aires has also further conveyed in a statement it is “a historic visit that will seek to additional strengthens bilateral relations.”

The Argentine foreign ministry has also further conveyed that, the visit aims to reinforce ties “in the political and economic spheres and in buy and sell, investment and cooperation in science, technology, culture and sport.”

Japan’s ambassador in Buenos Aires, Noriteru Fukushima, conveyed in July that he sought to grow Japanese investment in Argentina over the subsequently three years. He has also further conveyed that, Japan meant to augment investment to as much as USD 3.0 billion a year from its present level of USD 100 million.

Belisario de Azevedo, an economist at Argentine consultancy Abeceb has also further conveyed that, Japanese carmakers already have major factories in Argentina and Toyota, for example, is looking to enlarge. He has also further conveyed adding that, at present bilateral relations between Argentina and Japan are very much focused on investment, above all on the auto sector, with the Honda, Toyota and Nissan factories.

Japan has trading agreements with Brazil, Mexico and Chile, but not with Argentina. According to the Argentine state statistics institute, Japanese exports to Argentina were value about USD 1.2 billion in 2015. That was twice the amount that Argentina exported to Japan.