TOKYO, July 18. /TASS/. Japan’s upper house of parliament has passed a bill on boosting the economic development of the country’s regions neighboring Russia’s Kuril Islands, the Kyodo news agency reported.
Earlier, the lower house also passed the bill drafted by the ruling Liberal Democratic Party headed by Prime Minister Shinzo Abe.
The new law is aimed at providing assistance to companies and regional authorities in the eastern part of the Hokkaido Prefecture, including the city of Nemuro. According to the Liberal Democratic Party, it will facilitate business on the South Kuril Islands provided that Japan and Russia agree on conducting joint economic activities there. In particular, Tokyo plans to develop port infrastructure in regions neighboring the Kuril Islands and provide financial support to local companies willing to participate in joint projects with Russia.
The party proposes that a fund worth about ten bln yen ($91 mln), created by the government and the Hokkaido authorities, be used for implementing the law.
Russia and Japan have been holding consultations on joint economic activities on the South Kuril Islands in the areas of aquaculture, greenhouse farming, tourism, wind energy and waste management. The two countries consider joint economic activities to be an important step towards signing a peace treaty. However, Tokyo and Moscow have different views on ways to implement such projects. Russia believes that it should be done in compliance with Russian laws, while Japan suggests establishing some "special system" for the South Kuril Islands.