Japanese company terminates cooperation with Israeli arms manufacturer

(Patria) - Japan's Itochu Aviation will terminate its strategic cooperation with Israeli arms manufacturer Elbit Systems, said the CFO of the parent company, citing the order of the International Court of Justice for Israel to prevent genocide against Palestinians.

Itochu plans to end the cooperation after the UN's International Court in January ordered Israel to prevent acts of genocide against Palestinians and make greater efforts to help civilians, said Itochu's Chief Financial Officer Tsuyoshi Hachimura.

- The partnership is based on a request from the Japanese Ministry of Defence for the import of defence equipment for the Self-Defence Forces, necessary for Japan's security, and is in no way related to the current Israel-Palestine conflict - Hachimura emphasised at a press conference, as reported by Hina.

Itochu Aviation, Elbit Systems and Nippon Aircraft Supply (NAS) signed a memorandum of strategic cooperation (MOU) in March 2023, seven months before the start of the conflict in the Gaza Strip.

- Taking into account the order of the International Court of Justice from January 26 and the fact that the Japanese government supports the role of the Court, we have already suspended new activities related to the MOU and plan to terminate it by the end of February - said the head of the Japanese company.

Itochu has invested small amounts in Israel in the fintech sector and car sales and has no difficulties with debt recovery, Hachimura stressed.

The company announced that its net profit in the period from April to December fell by 10.3 percent, to 611.7 billion yen (4.1 billion dollars), due to lower coal and pulp prices and weaker results in energy trading.