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Emirates News Agency – UAE, Japan explore new avenues of economic cooperation

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TOKYO, 14th March, 2023 (WAM) — The United Arab Emirates and Japan yesterday reviewed prospects for strengthening economic, trade and investment cooperation and explored new economic opportunities of mutual interest.

This was at the Abu Dhabi Business Forum organized by the Abu Dhabi Department of Economic Development following the conclusion of the 9th session of the Abu Dhabi-Japan Business Council yesterday, attended by top executives from the public and private sectors of the UAE and Japan department.

Addressing the meeting, Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development, said Abu Dhabi is determined to actively support start-ups and entrepreneurs and scale up to increase the proportion of non-oil GDP.

He urged Japanese companies to take advantage of the myriad opportunities in Abu Dhabi and benefit from the UAE’s status as a gateway to the Middle East, Africa and South Asia.

“As one of Abu Dhabi’s most important trade and investment partners, Japan gives us much to talk about, as the prospects for continued mutual growth, development and progress are limitless and exciting! Our nation continues to focus on defining and create new bridges with each other/across various verticals for the common good, and the common progress and well-being of our people,” he added.

As a catalyst for Abu Dhabi’s economic growth, he continued, “The Abu Dhabi Department of Economic Development works closely with a number of other key entities/forms the Abu Dhabi ecosystem. The capital city of the United Arab Emirates and its associated regions have always focused on providing Facilitate, encourage and provide sensible aid/and funding and actively support start-ups and entrepreneurs and scale up to increase the percentage of non-oil GDP.”

Al Zaabi added that the Abu Dhabi Investment Office (ADIO) has been deploying innovative programs, providing incentives and helping companies relocate here with ease.
“The DED, acting as a regulator and facilitator for the industrial sector, works closely with manufacturers to help them further develop and increase production levels, while it offers a suite of financial and non-financial incentive programs and initiatives.”
“Out of the total number of companies in Japan, 90% are SMEs that are very active and are always looking to expand their geographic footprint. I tell these innovative companies, think of Abu Dhabi as your gateway to the Middle East!” he noted.

Al Zaabi added that the Abu Dhabi Investment Office (ADIO) has been deploying innovative programs, providing incentives and helping companies relocate here with ease.
“The DED Industrial Development Board (IDB), acting as the regulator and facilitator of the industrial sector, works closely with manufacturers to help them further develop and increase production levels, and it offers a range of financial and non-financial incentive programs and initiatives.
“Furthermore, through the Abu Dhabi Industrial Strategy, an important economic pillar and its series of incentive programs and support initiatives, we promote the adoption of Industry 4.0 initiatives and advanced technologies, triggering innovation, growth and competitiveness, and reducing waste and the entire manufacturing industry. emissions,” he noted.

“For long-term successful companies seeking a new listing or dual listing on the Abu Dhabi Securities Exchange, the Abu Dhabi IPO Fund is a AED5 billion fund that enables companies to invest in their businesses as they seek to grow and scale their businesses in Abu Dhabi. time to get ready for an IPO”

Al Zaabi highlighted the opportunities available to all businesses in the UAE capital, especially those where Abu Dhabi has a competitive advantage and can help drive innovation for global impact. These include:
-international trade.
– Capital-intensive industries such as pharmaceuticals and life sciences.
-technology.
-Logistics and industry.
-travel.
-Agricultural Science and Technology.
– Health services and biopharmaceuticals.
-Finance, investment and asset management.

“ADDED is nurturing an open and advanced trade and logistics platform that will support the new era of trade through digitization facilitating:
– Sea, land, air, industrial zone and free zone trade for transparency, predictability and efficiency.

– Now, in the social part of our overall economic model, our subsidiary entity “Abu Dhabi Resident Office” was established to recognize the significant contribution of the expatriate resident community to the emirate’s economy and to utilize, protect and develop this talent living there. “

He added that ADDED prides itself on “how we have successfully opened the market for investors and traders, promoting the ‘Ease of Doing Business Principle'”. In this way, we help leverage talent, develop products and professional services, allow for seamless cross-border network expansion, and execute with minimal impediment to investors’ business agendas and bottom lines.
“We will ensure free and open models of economy, business and trade that foster confidence in our economy and its unique attributes.”

Nobuyori Kodaira, president of the Japan Center for Middle East Cooperation, said the meeting comes as Japan and the UAE begin a new half-century of economic cooperation in different fields, especially on climate change.
He added that the energy transition and economic diversification provided new opportunities for both sides to strengthen cooperation.

The Abu Dhabi Business Forum was also attended by Shehab Ahmed Al Fahim, UAE Ambassador to Japan, and Abdullah Al Mazrouei, Chairman of the Abu Dhabi Chamber of Commerce and Industry, as well as top executives from both parties.

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