The UAE and Japan pledged to enhance bilateral ties in trade and investment at a high-level meeting in Abu Dhabi, by working closely to create new investment opportunities.

Dr Thani bin Ahmed Al Zeyoudi, UAE Minister of State for Foreign Trade, underlined the strength of economic ties between both the countries during his meeting with Japan’s newly-appointed State Minister of Economy, Trade and Industry, Iwata Kazuchika.

Al Zeyoudi said, in the first half of 2023, the two countries shared non-oil trade worth $7.4 billion, a rise of 4.2% compared to the same period in 2022, with the UAE’s non-oil exports to Japan exceeding $718 million. Imports from Japan to the UAE amounted to $6.3 billion in H1 2023, while re-exports from the UAE to Japan reached $421 million.

Al Zeyoudi said: “As the eighth largest global trade partner of the UAE in 2022 and the fourth largest among non-Arab Asian countries, Japan remains one of our most important foreign trade partners.

“With its rich legacy of innovation, and strong spirit of collaboration, Japan is also a key knowledge partner that is helping the UAE to advance our economic diversification efforts.

“By working together more closely, we can look ahead to enhancing trade exchange between our two nations, and to providing new investment opportunities for ambitious businesses both in the UAE and Japan.”

Kazuchika’s visit follows an official visit by Japan’s Prime Minister Fumio Kishida to the UAE in July 2023, when bilateral agreements were signed in the fields of energy, industry, advanced technology, artificial intelligence, space, health, transport, and the circular economy.

As per the latest data, Japan is one of the UAE’s largest investment partners. Japanese investment into the country currently exceeds $3.3 billion, accounting for 3% of total FDI inflows, and 13% of investments from non-Arab Asian countries.

At the same time, the UAE is one of the most important Middle Eastern investors in Japan, with investment valued at $1.2 billion at the end of 2022, which represents 42% of total MENA region investment in Japan. – TradeArabia News Service