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Monday, June 5, 2023

Japan, Abu Dhabi review bilateral trade and investment growth

The ninth session of the Abu Dhabi-Japan Economic Council (ADJEC), held in Tokyo, reaffirmed its commitment to further strengthen the partnership and benefit from investment opportunities in Abu Dhabi and Japan.

The 9th session of ADJEC was co-chaired by Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED), and Kodaira, Chairman of the Japan Cooperation Center for the Middle East (JCCME), which was attended by senior officials and executives from both sides.

Since its launch in 2011, ADJEC has made significant contributions to strengthening bilateral relations between Japan and Abu Dhabi, creating business opportunities, and promoting trade and investment.

Bilateral trade between the UAE and Japan will grow by 57.5% to exceed AED200 billion in 2022, compared to AED127 billion in 2021, making the UAE Japan’s seventh-largest trading partner, up from 10th in 2021.

UAE exports to Japan rose by 69.7% to AED168.8 billion compared to AED99.5 billion in 2021, and its imports from Japan rose from AED27.5 billion in 2021 to AED31.1 billion in 2022 Mu, the growth rate was 13.3%.

Al Zaabi said: “In the past few years, the cooperation between Abu Dhabi and Japan has further diversified to include various fields and strengthened mutual trade and investment. Japan is one of Abu Dhabi’s top five trading partners, and the Investment flows are increasing.

“As evidenced by the strategic agreement and increased trade and investment, both parties are strengthening and strengthening their cooperation. ADJEC is the right platform to further advance this enviable partnership and take it to new heights. In Abu Dhabi, We have fostered a supportive business ecosystem, world-class connectivity and infrastructure, and an entrepreneurial ecosystem that creates opportunities for all so they can reach their full potential. We encourage Japanese businesses and entrepreneurs to start from Abu Dha benefit from abundant and promising opportunities to grow and prosper.”

In the first nine months of 2022, non-oil commodity trade with Japan increased by 48% compared to the same period in 2021. Japan is the third largest source market for Abu Dhabi’s FDI inflows, accounting for 3% of the UAE’s total FDI inflows. As of October 2022, Japanese investments in the UAE are worth more than AED51.4 billion.

The ninth session of ADJEC discussed progress made since the previous session and ways to strengthen cooperation in areas such as energy and renewable energy, infrastructure, media, education and human resource development. Ryuji Satomi, Deputy Minister of Economy, Trade and Industry of Japan, attended and delivered a speech; Shihab Ahmed Al Faheem, UAE Ambassador to Japan; Abdulla Mohamed Al Mazrouei, Chairman of the Board of Directors of Abu Dhabi Chamber of Commerce and Industry; Sameh Al Qubaisi, Director General of Abu Dhabi Economic Affairs of ADDED and More than 50 senior officials and executives from the public and private sectors.

Shehab Ahmed Fahim said: “Our two countries share common views on many important issues, and cooperation between the two countries is expanding rapidly. The UAE is now Japan’s largest supplier of crude oil, and our economy Relationships span trade, investment and commerce across sectors such as renewable energy, advanced technology and robotics, artificial intelligence, healthcare, medical devices and space.

“The UAE and Japan have signed a strategic agreement to strengthen cooperation between priority sectors and accelerate the development of renewable energy, including large-scale projects for hydrogen production and its utilization. This is part of the UAE’s efforts to ensure sustainable development and we are seeking Explore and diversify our relationships in the fields of sustainable projects and innovation generation.”

To update the Japanese investment and business community, ADDED organizes the Abu Dhabi Investment Forum, which highlights new business opportunities in industry, energy, real estate and finance.

ADDED’s Industrial Development Board (IDB) showcases investment and partnership opportunities in the sector as it rolls out initiatives and partnerships with leading global institutions to achieve the goals of the recently launched Abu Dhabi Industrial Strategy, The size increased to AED172 billion, creating 13,600 new jobs and helping to boost the emirate’s non-oil exports to AED178.8 billion by 2031.

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