The eighth session of the Abu Dhabi-Japan Economic Council (ADJEC) has been conducted virtually to discuss the investment opportunities in the emirate and Japan.
During the event, Abu Dhabi Department of Economic Development’s (ADDED) Chairman Mr. Mohamed Ali Al Shorafa has urged Japanese investors and entrepreneurs to take advantage of the emirate’s investment opportunities and favorable business environment in order to prosper and strengthen partnerships.
Mr. Al Shorafa and Mr. Nobuyori Kodaira, President of Japan Cooperation Centre for the Middle East (JCCME) co-chaired ADJEC’s 8th session in the presence of Mr. Rashed Abdulkarim Al Blooshi, Undersecretary of ADDED, and several senior executives from both sides.
“Japan is among Abu Dhabi’s largest trading partners, and Japanese investments are on the rise; more than 340 Japanese companies have their bases in the UAE working in various sectors including infrastructure, industry, and energy. Since the 7th session of ADJEC in October 2020, good progress was made to strengthen cooperation in various areas including Agritech, health services, biomedicine, ICT, financial services, and tourism. The government of Abu Dhabi is committed to enhancing the role of the private sector in the economy, and incentivizing start-ups and SMEs, and the Emirate has outstanding investment opportunities.”
“This year marks the 50th anniversary of Japan – UAE diplomatic relationship, and our bilateral relations predate the diplomatic records as Japan started crude oil imports from Abu Dhabi in 1962. JCCME has initiated activities and held workshops on water and electricity with Abu Dhabi Department of Energy, Emirates Electricity and Water Co. (EWEC), and TAQA to enhance cooperation in the sector,” Mr. Kodaira said.
Mr. Shihab Ahmed Alfaheem, UAE ambassador to Japan said that, “This session coincides with the 50th anniversary of the establishment of diplomatic relations between Japan and the UAE. The cooperation between our countries has been diversified further into non-energy sectors, enhancing trade, investments, and business such as renewables, advanced technology, and robotics, artificial intelligence, health care, medical equipment, and space.”
“The Council has significantly contributed to develop good bilateral relations between Japan and the UAE, and create business opportunities, through active discussion on energy, infrastructure, education, and healthcare sector,” commented Mr. Isomata Akio, Japan’s Ambassador to UAE.
According to the reports, the bilateral trade between the UAE and Japan reached $30.5 billion last year and UAE exports to Japan rose to $26 billion, while its imports from Japan increased to $6.5 billion by end of 2021.
Related: Spanish investment bank Alantra ventures into MidEast with Dubai office