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Japan, unlike China, is bound by G7 sanctions when it comes to investing in Russia — JBIC

September 03, 2015, 14:23 UTC+3 VLADIVOSTOK

China overtook Japan's lead in investment into Russia due to Tokyo's commitments to G7 sanctions

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© ITAR-TASS/Yuriy Smituk

VLADIVOSTOK, September 3. /TASS/. Unlike China, Japan is bound by G7 sanctions when it comes to investing into Russia's economy. That's according to Tadashi Maeda, Senior Managing Director at the Japan Bank for International Cooperation (JBIC) who spoke with TASS at the Eastern Economic Forum.

"Up till 2012 Japan invested into Russia more than China did. But after 2014 China overtook Japan because it can dismiss the G7 sanctions. But we are a member of the G7 and cannot act like China," he said.

"However, investing is a long-term process. We see good opportunities for us to invest in Russia if the Russian side improve [bureaucratic] procedures , which are sometimes very disorganized. And this will lead to investors coming here not only from Japan."

According to Maeda, the Russian government's initiatives to develop the Far East are "very useful", and the creation of a special economic zone may speed up investment.

The first Eastern Economic Forum (EEF) is being held in the Far Eastern Federal University on the Russky Island from September 3 to 5, 2015. The Forum presents the region's investment opportunities and projects. The total expected sum of contracts and agreements to be signed at the Forum is valued at 4.7 trillion rubles ($70 bln).

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