(MENAFN- Emirates News Agency (WAM))
TOKYO, 17th March, 2023 (WAM) -- The 9th session of the Abu Dhabi-Japan Economic Council (ADJEC), held in Tokyo, has reaffirmed its commitment to further enhance partnerships and benefits from investments opportunities in Abu Dhabi and Japan.
Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development (ADDED), and Kodaira Nobuyori, President of Japan Cooperation Centre for the Middle East (JCCME), co-chaired ADJEC's 9th session, which was attended by senior officials and executives from both sides.
Since it was launched in 2011, ADJEC has significantly contributed to strengthening bilateral relations between Japan and Abu Dhabi, creating business opportunities, and facilitating trade and investments.
In 2022, the bilateral trade between the UAE and Japan rose 57.5 percent to exceed AED200 billion compared to AED127 billion in 2021, making UAE the 7th largest trade partner of Japan, up from 10th in 2021.
UAE exports to Japan grew 69.7 percent 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, a growth rate of 13.3 percent.
Al Zaabi said,“Over the past years, the cooperation between Abu Dhabi and Japan has diversified further to include various sectors and enhance mutual trade and investments. Japan is among Abu Dhabi's top five trading partners and flows of investments from both sides are on the rise.
“As evidenced by strategic agreements and increase in trade and investments, both sides are enhancing and strengthening cooperation. ADJEC is a suitable platform to further advance this enviable partnership and take it to new heights. In Abu Dhabi, we have nurtured a supportive business ecosystem, world-class connectivity and infrastructure, and an entrepreneurial ecosystem to generate opportunities for all, enabling them to reach their full potential. We encourage businesses and entrepreneurs in Japan to benefit from the ample, promising opportunities in Abu Dhabi to grow and thrive.”
In the first nine months of 2022, non-oil merchandise trade with Japan rose 48 percent compared to the same period in 2021. Japan is the third-largest source market for Abu Dhabi's inward FDIs and represents 3 percent of total FDI inflows to the UAE. The value of Japanese investments in the UAE exceeded AED51.4 billion by end of October 2022.
The 9th session of ADJEC has discussed the progress made since the last session and ways of enhancing cooperation in energy and renewables, infrastructure, media, education and human resources development. It was attended and addressed by Satomi Ryuji, Japan's Parliamentary Vice-Minister of Economy, Trade and Industry; Shihab Ahmed Al Faheem, UAE Ambassador to Japan; Abdulla Mohamed Al Mazrouei, Chairman of the Board of Abu Dhabi Chamber of Commerce and Industry; Sameh Al Qubaisi, Director-General of Economic Affairs Abu Dhabi at ADDED, and more than 50 senior officials and executives from public and private sectors.
Shihab Ahmed Al Faheem said,“Our countries have shared views on many vital issues and the cooperation between the two nations is expanding rapidly. UAE is now Japan's largest supplier of crude oil, and our economic relations covers various sectors including trade, investments, and business such as renewables, advanced technology and robotics, artificial intelligence, health care, medical equipment, and space.
“The UAE and Japan have singed strategic agreements to strengthen cooperation across high priority sectors as well as accelerating development of renewables, including large-scale projects for hydrogen production and its utilisation. This is part of UAE's efforts to ensure sustainable development, and we are looking explore and diversify our relations in sustainable projects and innovation generating sectors.”
To update the Japanese investment and business community, ADDED organised Abu Dhabi Investment Forum highlighting new business opportunities in industrial, energy, real estate, and financial sectors.
ADDED's Industrial Development Bureau (IDB) showcased investment and cooperation opportunities in the sector as it is rolling out initiatives and building partnerships with leading global institutions to deliver objectives of the recently launched Abu Dhabi Industrial Strategy, including increasing the sector size to AED172 billion, creating 13,600 new jobs, and contributing to raise the emirate's non-oil exports to AED178.8 billion by 2031.