Monday, 10 May 2021 08:18 GMT

Abu Dhabi seeks Japanese investment

(MENAFN - Khaleej Times) Abu Dhabi wants Japanese investment in energy, industry, infrastructure, education, human resources development and media.

This interest was expressed at the fourth session of the Abu Dhabi-Japan Economic Council attended by Yosuke Takagi, the Japanese State Minister of Economy, Trade and Industry, and Ali Majid Al Mansoori, chairman of the Abu Dhabi Department of Economic Development.

The sectors targeted by the Abu Dhabi industrial strategy are aviation, defence, industrial equipment, plastics and metal end products, which will be supported by existing industries in the emirate such as steel, aluminum and petrochemicals.

Al Mansoori said: "Japan is considered a strategic ally and partner."
The economic cooperation between the UAE and Japan has seen accelerated growth in recent years as the UAE continued to be the second biggest oil exporter, supplying 25.3 per cent of Japan's total crude imports in 2015.

"Though Japanese imports from the UAE have dropped 44 per cent in 2015 to $24 billion, the UAE's share of Japanese imports from the GCC countries have exceeded 32 per cent in 2015, compared to 30 per cent year on year."

However, the ties between the two countries are not limited to oil and trade only but cover other fields, including investment, education, culture and cooperation in space.

The chairman said Abu Dhabi's GDP has increased 6.3 per cent to $212 billion in 2015, with five per cent growth rate over the last decade.

Takagi said the two governments want to translate common goals into reality by reaching closer understanding to bolster joint partnership and investments.

Khalifa bin Salem Al Mansouri, ADDED acting undersecretary, said: "We look forward to a promising future led by the private sector, businessmen and investors."

Abu Dhabi is committed to continue with "economic openness and free competition that encourages the private sector," he said.

"We are working on addressing all challenges that face investors in Abu Dhabi, including flexible laws and regulations, streamlining procedures and requirements of government bodies and supporting investment in the sectors targeted by Abu Dhabi Economic Vision 2030," he said.


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