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UAE, Japan Plan to Expand Trade Ties

This was disclosed by Tadahiro Matsushita, Senior Vice-Minister of Economy, Trade and Industry of Japan, and Nasser Ahmed Al Swaidi, Chairman of the Department of Economic Development of Abu Dhabi, at the UAE-Japan Business Forum held on the sidelines of the World Future Energy Summit or WFES here on Tuesday.

“Japan and UAE are fortunate to enjoy a bilateral relationship anchored in shared economic interests, covering both trade and investment ties.

The UAE is proud to be the second largest source of crude oil to Japan, with 2008 exports almost totalling 370 million barrels, or 25 per cent of the total oil imports of Japan,” Al Swaidi said.

“Also of mutual strategic benefit is the rise in exports from Japan to the UAE. In 2008, the UAE imports from Japan totalled $10 billion, a figure that will undoubtedly rise as global trade flows continue to recover. Currently, Japanese investments represent over 30 per cent of foreign direct investment in Abu Dhabi,” he said.

“Abu Dhabi and Japan hold shared interests and shared values. Stable energy markets that support global growth, with a clear path to renewable energy adoption and a substantial reduction in carbon emissions that threaten the future of our planet. As Abu Dhabi continues to expand and diversify its economic base, we welcome the resources and expertise of our Japanese partners,” he said.

The Japanese Minister in his address said his country hoped to contribute to efforts of the United Arab Emirtes and Abu Dhabi in particular in the fields energy conservation and renewable energy technologies through the introduction of Japanese companies’ cutting edge technologies.

“We want to stimulate the private sector-driven cooperation between Japan and the United Arab Emirtes in the field of energy conservation and renewable energy technologies and strengthen the friendly relationship between the two countries,” Matsushita said.

ramavarman@khaleejtimes.com