Friday, February 23, 2024
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Japan opens an embassy in Malta to strengthen diplomatic relations between the two countries

Japan is opening an embassy in Malta to strengthen diplomatic relations between the two countries. The news was announced by the Japanese government on Saturday, after Foreign Minister Ian Borg had a bilateral meeting with his Japanese counterpart Yoshimasa Hayashi in New York last week. Both countries are currently non-permanent members of the UN Security Council.

Malta’s Ministry of Foreign Affairs said Japan had allocated funds to establish the Maltese embassy, following local efforts to strengthen diplomatic relations between the two countries. Borg said he was gratified to see that diplomatic efforts were bearing fruit and expressed his belief that having a Japanese embassy in Malta will provide a solid foundation for further growing bilateral relations and trade between the two countries.

Malta’s main trade with the Japanese country is fish, with the local fish farming sector exporting hundreds of millions of tuna each year to the Asian country. Malta has already opened its own embassy in Japan in 2020, with Andre Spiteri as the country’s ambassador to Japan.

The opening of a Japanese embassy in Malta is an important sign of both countries’ willingness to strengthen relations and collaborate on issues of common interest, including security, trade and culture. Furthermore, the opening of an embassy could lead to greater cooperation and exchanges between the two nations in areas such as technology, innovation and research.

This news is a further indication of the importance of diplomacy and international relations in promoting world peace and prosperity. Cooperation between different nations can lead to greater understanding and the bridging of cultural and political divides, leading to positive outcomes for all.

How Maltese companies can exploit the opportunities offered by Japan.

The two countries have much in common: they are islands in the Mediterranean and Pacific, they have an ancient and culturally rich history, they have a strong vocation for tourism and innovation. Above all, they are two countries that have been able to strengthen their trade relations thanks to the EU’s trade agreements with them.

The Economic Partnership Agreement (EPA) between the EU and Japan came into force in 2019 and has brought many benefits to Maltese companies wishing to export or invest in the country. Among these, we can mention:

  • The reduction or elimination of customs duties on products from both sides, which favours Maltese exports of pharmaceuticals, medical devices and financial services.
  • The increase in patent protection for pharmaceuticals and agricultural chemicals, which protects Maltese innovations in these areas.
  • The simplification of customs and administrative procedures, which facilitates trade and reduces costs for Maltese companies.
  • Access to the Japanese public market, which offers new business opportunities for Maltese companies.

But that is not all. Japan is also a strategic partner for Malta in the field of technological, scientific and cultural cooperation. Indeed, the two countries have signed several collaboration agreements in areas such as artificial intelligence, cyber security, sustainable mobility, renewable energy, cultural tourism and student exchange.

To take advantage of these opportunities, however, Maltese companies need to be prepared to face a demanding and competitive market like Japan. Solid groundwork and market studies are necessary to understand well the modus operandi in doing business in the country. In addition, it is important to have a local presence or a reliable partner who can facilitate entry into the Japanese market.

Moreover, the two states are two friendly countries that have a lot to offer each other. Trade relations between the two countries are increasingly strong thanks to the EU’s trade agreements with these two countries. Maltese companies therefore have many opportunities to seize in Japan if they can adapt to the needs of the Japanese market with professionalism and quality.

If you are interested in developing business in Japan or you need to get in touch with Japanese companies, Malta Business Agency is at your disposal with its export and business support services. Fill in and submit the form below and you will be contacted by our consultants for a free initial consultation.

DISCLAIMER

This article provides general information only and does not replace professional advice in any way. It is recommended to consult a qualified professional before making any important decisions regarding financial, legal or other matters. The author and the publication are not responsible for any errors or damages caused by the use of the information contained in this article.

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