YUSEN AIR & SEA SERVICE (EUROPE) B. V. (Head office: Amsterdam / Executive officer: Hiroshi Harada) acquired a permission of opening a representative office in Moscow, Russia last month. We are still preparing for the launch of business operations at present.
YAS has been establishing a branch network in the developing areas such as Guangzhou, Chongqing, and Delhi according to the Group's Medium-term Business Plan (YAS Global Challenge) which was released last year. We place a high priority on Russia as one of the important target area for our group.
In Russia, part of the BRICs, its politics is stable and its economy keeps growing mainly by mineral resource industry nowadays. The consumption is expanding mainly in large cities such as Moscow and Sankt-Peterburg because of that growing economy, and foreign capital inflow mostly of automobiles and electronics industries has been increasing rapidly. We decided to open a representative office at Moscow since it is a place of business information gathered where especially many Japanese companies have opened branches.