UAE, Japan to sign MoU on setting up new joint business council

By Shilpa Annie Joseph, Desk Reporter
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UAE Japan to sign MoU
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The Federation of UAE Chambers of Commerce and Industry (FCCI) and Japan External Trade Organization in Dubai (JETRO Dubai) have agreed on establishing a UAE-Japan business council in order to promote cooperation and visits between the business communities in both countries.

The formation of the council is aimed at developing joint projects and exchanging expertise, according to the statement.

The two sides agreed on signing an MoU for setting up the proposed bilateral business council by the first quarter of 2023.

As per the statement, “This came during a meeting that brought together Mr. Humaid Mohammed bin Salem, Secretary General of FCCI, and Mr. Masami Ando, Managing Director of JETRO Dubai, in the presence of officials from both sides.”

Mr. Bin Salem welcomed Japanese companies to invest in the UAE and take advantage of government incentives, as well as the favorable investment climate and legislation, calling on Emirati and Japanese businesses to explore business opportunities in the two countries and develop active partnerships to boost trade exchange.

The UAE secured 40.1 percent of Japan’s crude oil needs in October this year, equaling 33.99 million barrels, according to the Agency for Natural Resources and Energy in Tokyo.

Oil remains the most significant energy source in Japan, accounting for about 40 percent of the country’s total energy supply, according to the Paris-based autonomous intergovernmental organization, International Energy Agency.

Earlier this year, Dr. Sultan bin Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Special Envoy for Climate Change, held a series of high-level meetings with the senior Japanese government and business leaders.

Related: Federation of Saudi Chambers explores cooperation with French firms


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