Wed 20-04-2022 13:18 PM
ABU DHABI, 20th April, 2022 (WAM) -- Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, held a meeting with Kenji Ota, General Manager, Mitsubishi Corporation Headquarters for the Middle East and Chairman of the Japanese Business Council (JBC) in Dubai; and a number of Council members.
The meeting touched on ways to enhance business partnerships between Japanese companies and their UAE counterparts, develop Japanese investments in the UAE, and promote knowledge and technology exchange between the two sides.
During the meeting, Al Zeyoudi underlined the strength and vitality of the existing economic relations between the UAE and Japan, built on the foundations of friendship, mutual interests, and fruitful cooperation in all sectors. He noted that they are supported by the shared aspirations of the two countries' highest leaderships to continuously develop them.
He said, "The UAE and Japan have shared visions for the future and are focused on investing in knowledge, innovation, technology, and sectors of the new economy. We are keen to move forward to a new level of trade and investment cooperation with Japan in these areas and build sustainable private sector partnerships that serve investors and business communities in the two countries."
The Minister added that the two friendly countries had made great strides in developing their economic partnership to reach the strategic levels seen today, as Japan is the eighth largest global trade partner of the UAE and the fourth largest among non-Arab Asian countries. Meanwhile, the UAE is Japan's largest Arab trading partner and accounts for 36 percent of its total trade with Arab countries. The non-oil trade between the two countries reached nearly AED47 billion by 2021 with more than 17.4 percent growth compared to 2020.
"We are keen to consolidate the UAE's position as a major destination for Japanese trade in the region and a vital gateway for its transit towards Middle East and African markets. We will work with the Japanese business community to achieve this shared vision and continue developing partnerships in important sectors in line with future economic trends. These include artificial intelligence, applications of the fourth industrial revolution, information and communications technology, smart transport, space, renewable energy, health care and tourism."
In addition, Al Zeyoudi outlined the UAE's new economic model for the next 50 years, founded upon resilience, sustainability, high productivity, and the expansion of strategic partnerships with various global markets of high strategic importance.
He also briefed Japanese companies on the 'Projects of the 50' and the overall development of the country's economic legislation. In addition, the Minister urged the Japanese business community to be a key partner in this economic growth journey and take advantage of the diverse opportunities and incentives offered by the UAE's business environment.
Japan is one of the UAE's largest investment partners in both outbound and inbound investments, as Japanese investments in the country currently exceed AED 15 billion, accounting for 3percent of total FDI inflows and more than 8.2 percent of investments from Asian countries. At the same time, the UAE is one of the most important Middle Eastern investors in Japan, with assets valued at AED 4.4 billion as of the end of 2020, representing a 40 percent of total Middle East investment in Japan.
JBC is one of the leading 41 foreign business councils registered with the Dubai Chamber of Commerce and Industry. The Council was established in 2009 with the membership of 32 Japanese companies operating in the UAE, to support the Japanese business community in accessing business and investment opportunities in the UAE and the wider region.
The number of members has expanded to include more than 165 companies that operate and invest in a wide range of vital sectors in the UAE, most notably transport, storage, energy, renewable energy, mining, water solutions, technology, telecommunications, manufacturing, education and real estate.