UAE, Japan launch business council

The United Arab Emirates and Japan are seeking to set up a business council.

During the virtual meeting between Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Hiroshi Kajiyama, Japanese Minister of Economy, Trade and Industry, the two sides approved the formation of ‘a joint team tasked with setting up a UAE-Japanese Business Council, to enhance the partnership between UAE and Japanese business communities in order to create business opportunities for both countries. It would also aim to generate added value from joint investments, provide information and services to investors and encourage communication between relevant government authorities.

Officials also discussed ways to boost mutual trade and investment and facilitate the movement of imports and exports between countries.

Al Zeyoudi said the UAE-Japan partnership is reflected in positive economic indices, with the value of Japanese direct investment in the UAE since the start of 2020 totaling $ 4.01 billion, an increase by 22.6% from 2015 to 2020. Japan is ranked tenth globally among the list of countries investing in the United Arab Emirates, 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 to advance our bilateral cooperation in target areas and sectors that support the economy of the future, in particular technology, electronics, high-tech industries, medical research, space science, automation, artificial intelligence and entrepreneurship. The UAE-Japan Business Council will play a key role in this regard, ”Al Zeyoudi said.

Kajiyama underlined his country’s will to strengthen its relations with the United Arab Emirates, especially in the energy sector. He also underlined his country’s eagerness to actively participate in Expo 2020 Dubai, official news agency WAM reported.

Entities from the two countries also collaborated earlier. The Mohammed Bin Rashid Space Center (MBRSC) signed an agreement with the Japanese ispace earlier this year, under which the latter will provide payload delivery services to the Emirates lunar mission.

Read: United Arab Emirates team up with Japan to send ‘Rashid’ rover to the moon

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