Abu Dhabi boosts economic cooperation with Japan

Mohammed Omar Abdullah, the Undersecretary of Abu Dhabi Department of Economic Development has hailed the economic relations between Abu Dhabi and Japan as strategic, firm and deep. These ties are further strengthened by the growing political relations, between the leaders and governments of the two countries, built on the common desire to boost ties, increase investments and facilitate joint business and support private sector initiatives in both sides. He stressed this during his meeting with the Japanese delegation headed by Tadatsuna Koda, Chairman of Abu Dhabi-Japan Economic Council, in presence of a number of department senior officials.

The meeting discussed means to strengthen and develop economic relations between Abu Dhabi and Japan, especially investment in a number of key sectors in both countries, and availing opportunities for investors and businessmen. The results of the last meeting of Abu Dhabi-Japan Economic Council were reviewed, together with mechanisms for following-up and implementation of resolutions and agreements related to strengthening of communication channels and enabling private sectors and businessmen to tap opportunities.

Omar Abdullah commended the outcomes of the second meeting which reflected the desire and keenness of the Japanese side and the 30 member delegation, which included government officials, businessmen, and investors, to tap investment opportunities offered by Abu Dhabi, and projects that the government intends to implement. He said that Abu Dhabi Government highly regards the Japanese experience in sustainable development and in technology, non-oil sectors and alternative energy, as key for achieving sustainable economic development. For his part, Tadatsuna Koda, Chairman of Abu Dhabi-Japan Economic Council, praised Abu Dhabi for the level of development it achieved, and the integrated economic system it maintains; especially its efforts to empower and strengthen non-oil sectors, which became the focus of attention in many nations; adding that Abu Dhabi follows a futuristic visualization according to its 2030 economic vision.

He pointed out that his visit to Abu Dhabi comes in the context of the outcomes of the second meeting of the Council and aims at implementing several decisions, to strengthening economic and investment relations with the government of Abu Dhabi, and avail of more opportunities in focus sectors, especially alternative energy, industry and trade among others. Koda added that the agreements concluded between the two sides, focus on the importance of exchanging visits, and renew talks on an ongoing basis to enable the two sides to check out developments in major investment projects that would constitute a substrate for the strategic investment relations between the two sides.

It is worth mentioning that the balance of trade between Abu Dhabi and Japan in 2012 maintained the same level, compared to 2011. According to the General Administration of Customs - Abu Dhabi trade balance stood at AED 9,842,813,000 in 2012 compared to AED 9,902,951. Exports of Abu Dhabi to Japan in 2012 reached AED 4,000,254 while the imports from Japan constituted the large share in the volume of trade exchange between the two sides, amounting to AED 9,826,66, while value of re-exports of Abu Dhabi to Japan last year were valued at AED 2,079,000.

Key UAE investors in Japan, include the Abu Dhabi Investment Authority (ADIA), the International Petroleum Investment Company, Abu Dhabi National Oil Company (ADNOC) the Drydocks World- Dubai, Abu Dhabi Investment Company and the Advanced Technology Investment Company. The number of Japanese companies operating in UAE is 306 companies investing in various industrial and commercial areas.