The deepening of bilateral ties between Japan and Russia is expected to expand the list of Japanese companies looking for business opportunities in Russia, which despite being a neighbor, has not necessarily been an easy place to do business.

Trading houses have been major players in resource-rich Russia, viewed as a huge and promising market with a population of 140 million. The firms have taken part in energy-related projects involving oil, coal and natural gas.

As Prime Minister Shinzo Abe and Russian President Vladimir Putin aim to deepen economic ties, corporate officials say that stable bilateral relations and an investment-friendly environment are needed to expand their businesses.