The agreement was signed during Sharjah-Japan Business Forum
The Sharjah Chamber of Commerce and Industry (SCCI) has taken a step forward in boosting trade relations and mutual cooperation with the Japan External Trade Organization (JETRO) in Dubai. The two entities have signed a Memorandum of Understanding (MoU) to strengthen trade relations and develop mutual cooperation, as well as to promote and encourage investment opportunities available to each side.
The MoU was a key highlight of the Sharjah-Japan Business Forum, which took place on Thursday, in the presence of various high-level officials and dignitaries. Among those present were HE Abdullah Sultan Al Owais, Chairman of the Sharjah Chamber of Commerce and Industry (SCCI), HE Mitsuhito Sendai, Executive Vice President of JETRO, a number of members of the Chamber's Board of Directors, HE Mohammad Ahmed Amin Al Awadi, Director-General of the Chamber, as well as representatives of the local and Japanese business communities.
Under the MoU, both parties will facilitate the exchange of trade delegations and discussions in areas related to export and economy. The agreement also includes provisions for supporting follow-up visits, and coordinating efforts to establish and expand a trade network that enables the flow of business opportunities between the two regions.
Furthermore, the two sides will exchange trade data and statistics, while also exploring opportunities for joint research activities. Additionally, both parties will participate in various economic events, exhibitions, and conferences in their respective regions, further promoting their businesses and industries. Through these collaborative efforts, the two sides hope to foster greater economic growth and create new opportunities for their respective communities.
HE Abdullah Sultan Al Owais expressed his satisfaction with the signing of the MoU, stating that it would help to further strengthen the strong ties between the UAE and Japan. He highlighted that the trade exchange between the two countries witnessed a significant increase in 2022, reaching AED 198.6 billion, a rise of 58.7% compared to AED 125.14 billion in 2021.
Furthermore, the UAE's exports to Japan increased by 68.7% to AED 167.4 billion in 2022, while imports from Japan rose by 20.5% to AED 31.1 billion during the same period.
HE Al Owais emphasized that these figures reflect the robust economic and investment relations between the two countries and provide a solid platform for the Chamber and JETRO to encourage more partnerships and investments between the private sector companies on both sides. Through such efforts, the business communities in both countries can build their capabilities and contribute to the ongoing growth of the economy.
For his part, H.E. Mitsuhito Sendai emphasized the strong economic ties between the UAE and Japan and highlighted the importance of the forum in exploring opportunities for cooperation, particularly in the industrial sectors.He noted that the Emirate of Sharjah provides an ideal environment for Japanese companies to invest in due to its infrastructure, logistics services, and world-class free zones.
Sendai also lauded the progress, prosperity, and diversity of economic sectors and investment opportunities in Sharjah, which open up more avenues for economic partnerships with Japan. He further stated that the MoU signed with the Sharjah Chamber will expand joint trade cooperation and promote Japanese companies' investments throughout the UAE.