UAE-Japan Business Forum
During the UAE-Japan Business Forum held in the capital Abu Dhabi, the UAE and Japan signed 23 agreements and memorandums of understanding to strengthen economic, trade and investment relations between the two countries in the areas of trade, energy, renewable energy, Industry, advanced technology, artificial intelligence, space, health, transport, shipping, environment and circular economy.
Abdullah bin Touk Al Mari, Minister of Economy, highlighted the depth and strength of the bilateral relationship between the UAE and Japan, characterized by close historical ties and sustainable strategic partnerships in various fields, and supported the UAE and Japan Instructions from the leaders of Japan The friendly relationship between the two friendly countries shows that the economic relationship between the two countries continues to develop, full of opportunities and possibilities, new economic fields, a shared vision of building a better economic future, and moving towards a more diversified and sustainable economy Model transformation.
UAE and Japan… strong economic ties
Bin Tucker said in his speech at the forum: “Today’s Japanese partner’s visit to us is an important opportunity to strengthen the comprehensive strategic partnership between the two countries and promote the development of bilateral relations. The relationship between the UAE and Japan has always been very good.” Based on common values and interests, China is solid and powerful, and has set a groundbreaking example for strategic cooperation in the past 50 years.
The forum saw Abdullah bin Touk review the UAE’s vision for a transformation to a new economic model based on knowledge and innovation, as well as the promising opportunities and offerings in various sectors and economic and business activities across the country’s seven emirates. Possibilities around the world, especially since the enactment of the National Business Companies Law in 2020, has contributed to strengthening the investment climate and increasing the competitiveness and flexibility of the business community, reinforcing the UAE’s position as a global hub for entrepreneurship and doing business. Over 275,000 new business licenses were issued between 2020 and 2022, representing a 43% increase in the number of companies operating in the country.
In this context, Ibn Touk invited Japanese businesses to benefit from the UAE market, which is characterized by quality, reliability and exclusivity, while being a business gateway to the MENA region, opening up to the consumer base door. More than 400 million people, because it provides international strategic relations. The UAE and its comprehensive economic partnership with Japanese businesses has access to many markets, which enhances their spread and growth at the international level.
Both the UAE and Japan emphasized the importance of strengthening joint efforts to forge more partnerships in new economic sectors as these support a sustainable future for both countries, and the UAE, in particular, is keen to collaborate with the Japanese government and the Japanese business community during this period The partners are collaborating in many important areas, with the next phases including tourism, advanced technology, artificial intelligence, healthcare, finance, manufacturing, space, energy and renewables.
The forum includes supporting cooperation on bilateral policies and initiatives, working on financing SMEs in both markets, encouraging them to expand and invest, in addition to exchanging best practices in promoting entrepreneurship and innovation, especially since Japan is already a global leader in this regard Groundbreaking experience in the range.
The forum also saw the active participation of Emirati and Japanese businesses, who reviewed presentations on the most prominent opportunities for cooperation between the private sectors of the two countries in areas and activities such as healthcare, entrepreneurship, green and environmental protection. fuel and green steel to support growth in stimulating trade and investment exchanges between the two countries.
Tourism between the two countries continues to grow, with air traffic on the national airline of the UAE reaching nearly 90 flights per month, and the total number of Japanese tourists visiting the UAE in 2022 will reach approximately 56,000, an increase of 26,000 compared to 2021. Reflecting the growth in tourism and aviation relations between the two countries.
Non-oil trade between the UAE and Japan will reach $14.7 billion in 2022, a 10 percent increase over 2021 and a 36 percent increase over 2020. In the past ten years, the average non-oil trade volume between the two countries has reached US$14 billion per year. Except for 2020, the spread of the new crown epidemic has made the UAE the seventh largest trading partner of Japan in the world and established Japan as the eighth largest trading partner of the UAE in the world. .
The UAE is Japan’s largest trading partner in the Arab world, absorbing 40 percent of Japan’s exports to Arab countries and providing 39 percent of Japan’s imports from the region. The UAE is also the country of origin for 42% of Japan’s goods. Foreign direct investment flows from the MENA region to Japan, and the cumulative balance of Japanese investment in the UAE is estimated to be approximately US$14 billion, in addition to 10,000 Japanese companies and business establishments operating in various fields such as technology, renewable energy, transportation and medical insurance.