Sharjah: Volume of Trade between UAE and Japan US$25 Billion in 2016

As Sharjah continues its extensive drive to build a wider global base of economic allies and investors, government entities as well as expanding enterprises and private businesses from Japan and Sharjah met recently to discuss latest investment opportunities in the rapidly diversifying economic milieu of Sharjah and the UAE.

For the first time an international business meeting was brought to a site of immense historical importance in the region the Mleiha Archaeological Centre a flagship project of the Sharjah Investment and Development Authority (Shurooq).

The roundtable was hosted by Invest in Sharjah, IIS, in collaboration with Japan External Trade Organisation, JETRO, to explore new commercial avenues.

The meeting highlighted the past successes between UAE and Japan, which includes USD25 billion (AED91.8 billion) worth of business last year, representing 32 percent of Japan’s entire trade with Middle Eastern countries.

Building on the success of the first Sharjah-Japan Business Roundtable, which was held in April 2014, this second roundtable served as a key networking platform, which brought the two parties together to shed light on the progressive business developments and investment achievements between Sharjah and Japan.

Marwan bin Jassim Al Sarkal, CEO of Shurooq, said, "Japan is a key trading partner of the UAE and accounts for a significant share of bilateral trade over the years.

The ties between Japan and the UAE in general and Sharjah, in particular, have seen tremendous vertical and horizontal growth over recent years.

As Sharjah continues to increase its focus on worldwide investors, Japan will undoubtedly become even more involved in our drive towards an innovative economy."

Emphasising the importance of having a regional base in the UAE, Masami Ando, Managing Director at JETRO (Dubai) & MENA, remarked, "In January 2017, the UAE’s and Japan’s ministers of economy signed an MoU to boost Japanese businesses to set up in the UAE.

Following this agreement, JETRO Dubai has opened a small and medium-sized enterprise, SME, Platform to provide specialised advisory support to Japanese SMEs.

There are over 300 Japanese companies operating in the UAE, with most of them concentrated in the emirates of Abu Dhabi and Dubai.

Our recent strategy has been to expand our reach into the northern emirates, and we believe that this roundtable is a fantastic opportunity for Japanese companies to better understand the business environment here in Sharjah and explore new investment opportunities."

This was followed by valuable insights from Akima Umezawa, Consul General of Japan in Dubai.

Highlighting the leading role Sharjah has been playing in enabling different businesses, especially SMEs, to grow here in the UAE, he noted, "Sharjah is special in the UAE as it commits itself fully to multiculturalism a great quality that enables foreign investments to swiftly run their businesses."

In his opening remarks, Khalid bin Butti Al Hajri, Director-General, Sharjah Chamber of Commerce and Industry, SCCI, said, "In recent years, Sharjah and Japan have witnessed a rapidly growing and mutually beneficial trade relationship in a wide array of sectors from technology to manufacturing and finance.

The SCCI is keen to contribute increasingly to growing this relationship. The visa on arrival for Emirati nationals to Japan is one of the many examples of the growing trust and goodwill between the two countries.

We are here to offer business incentives, country-specific consultation and keen insights to Japanese businesses willing to expand their businesses in the Arab region with Sharjah as their base."

Presenting the unique opportunities and incentives, which make Sharjah one of the most attractive investment destinations in the region, the roundtable hosted a panel session titled "Investment Opportunities in Sharjah." It saw the participation of Mohammad Jumaa Al Musharrkh, Director of Invest in Sharjah; Ahmad Al Suwaidi, Head of Commercial Investment Section of the Sharjah Economic Development Department, SEDD, and Shihab Alhammadi, Authority Director of Sharjah Media City (Shams).

The panel discussion was also moderated by JETRO MD, Masami Ando. Sharing insights on Sharjah’s diversified and emerging sectors during the panel session, Al Musharrkh, said, "Sharjah’s business environment has never been so attractive and easy to navigate, particularly with our overseas partners who now appreciate that was once an attractive proposition is now a highly lucrative reality and an opportunity not to be missed across the entire Middle East."

"Investors come in looking for business opportunities and a significant number decide to eventually settle here not only because we provide them a competitive edge by reducing operating costs by over 35 percent compared to other emirates, but because our approach to business is family oriented.

It is one of the most effective ways to retain investors and grow fruitful long-term relationships," said Al Suwaidi.