UAE, Japan discuss investment and trade cooperation in Dubai

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Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, met with Kenji Ota, Managing Director of Mitsubishi Corporation Middle East Headquarters and Chairman of the Japanese Business Council (JBC) in Dubai;

Dr. Thani Bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, met with Kenji Ota, Managing Director of Mitsubishi Corporation Middle East Headquarters and Chairman of the Japanese Business Council (JBC) in Dubai; and a number of Council members.

The meeting discussed ways to enhance business partnerships between Japanese companies and their UAE counterparts, expand Japanese investment in the UAE, and promote knowledge and technology exchange between the two sides.

During the meeting, Al Zeyoudi highlighted the strength and vitality of the existing economic relations between the UAE and Japan, based on friendship, mutual interests and fruitful cooperation in all sectors. He noted that they are supported by the common aspirations of the top leaders of the two countries to continuously develop them.

He said: “The UAE and Japan have a common vision for the future and are focused on investing in knowledge, innovation, technology and new economy sectors. We want to move to a new level of trade and investment cooperation with Japan in these areas and build lasting partnerships with the private sector that serve investors and business communities in both countries.

The minister added that the two friendly countries have made great strides in developing their economic partnership to the strategic levels seen today, with Japan being the UAE’s eighth largest trading partner in the world and fourth among Asian countries. non-Arabs. Meanwhile, the UAE is Japan’s largest Arab trading partner and accounts for 36% of its total trade with Arab countries. Non-oil trade between the two countries reached nearly 47 billion Dhs in 2021 with a growth of more than 17.4% compared to 2020.

“We are keen to solidify the position of the United Arab Emirates as a major destination for Japanese trade in the region and a vital gateway for its transit to markets in the Middle East and Africa. We will work with the Japanese business community to realize this shared vision and continue to develop partnerships in important sectors in line with future economic trends. These include artificial intelligence, fourth industrial revolution applications, information and communications technology, intelligent transport, space, renewable energy, healthcare and tourism.

Furthermore, Al Zeyoudi described the new economic model of the UAE for the next 50 years, based on resilience, sustainability, high productivity and the expansion of strategic partnerships with various global markets of great strategic importance.

He also briefed Japanese companies on the “1950s Projects” and the overall evolution of the country’s economic legislation. Furthermore, the Minister urged the Japanese business community to be a key partner in this economic growth journey and to take advantage of the various opportunities and incentives offered by the UAE’s business environment.

Japan is one of the main investment partners of the UAE in both outward and inward investment, as Japanese investment in the country currently exceeds Dhs 15 billion, accounting for 3% of total FDI inflows and more than 8.2% of investments from Asian countries. Meanwhile, the UAE is one of the largest Middle Eastern investors in Japan, with assets valued at Dhs 4.4 billion at the end of 2020, accounting for 40% of total investments from the Middle East to Japan.

JBC is one of the 41 leading Foreign Business Councils registered with the Dubai Chamber of Commerce and Industry. The Council was established in 2009 with the membership of 32 Japanese companies operating in the UAE, to help the Japanese business community access business and investment opportunities in the UAE and the wider region.

Membership has grown to include more than 165 companies that operate and invest in a wide range of vital sectors in the UAE, including transportation, storage, energy, renewable energy, mining, water, technology, telecommunications, manufacturing, education. and real estate.

W.A.M.

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