Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

UAE, Japan Plan on Launching Business Council

UAE, Japan Plan on Launching Business Council

Thursday, 3 June, 2021 - 07:00
The two countries are boosting cooperation in technology, electronics, advanced industries, medical research, space science, automation solutions, artificial intelligence, and entrepreneurship (WAM).

The UAE and Japan are looking to put together a business council to improve the partnership between the Emirati and Japanese business communities towards creating opportunities for companies in both countries.

The council would generate added value from joint investments, provide information and services for investors, and encourage communication between relevant government authorities.

The ultimate goal is to boost mutual trade and investments and to facilitate the movement of imports and exports between the countries.

This decision was made during the virtual meeting between UAE Minister of State for Foreign Trade Dr. Thani bin Ahmed Al Zeyoudi and Japan’s Minister of Economy, Trade, and Industry Hiroshi Kajiyama.

Zeyoudi stated that the development of foreign trade vision focuses on increasing the competitiveness of the Emirati product and reinforcing its presence in big markets.

He further described Japan as a strategic partner to the UAE, noting that bilateral ties have seen a remarkable progress.

Zeyoudi said that the partnership between the UAE and Japan is reflected by positive economic indexes, with the value of Japanese direct investments in the UAE since the start of 2020 totaling $4.01 billion, a growth of 22.6 percent from 2015 until 2020.

Japan is ranked tenth globally among the list of countries investing in the UAE, and eighth globally in terms of non-oil trade, which reached $8.95 billion in the first ten months of 2020, he added.

“We will continue advancing our bilateral cooperation in target areas and sectors that support the economy of the future, especially technology, electronics, advanced industries, medical research, space sciences, automation, artificial intelligence, and entrepreneurship. The UAE-Japanese business council will play a key role in this regard,” he added.

For his part, Kajiyama highlighted his country’s desire to reinforce its relations with the UAE, most notably in the energy sector.

Editor Picks