Japan Keen to Develop Relations with UAE beyond Business Level

Prime Minister of Japan Shinzo Abe has affirmed his country’s determination to develop relations with the UAE beyond business levels, noting that the two countries' governments are keen to foster people-to-people dialogue to further strengthen their growing partnership.

The premier's remarks were made in the presence Sultan bin Saeed Al Mansouri, Minister of Economy; and Dr. Sultan bin Ahmad Sultan Al Jaber, Minister of State and CEO of the ADNOC Group, at the end of the Japan-UAE Business Forum which convened today in the UAE capital.

The Japanese top official commended the bilateral ties with the UAE, citing the investment treaties signed during his current visit to the country as an additional testament to the growing relations which, he said, his country is determined to "push to new heights beyond the business level."

The Japan-UAE Business Forum convened today in the presence of high-ranking officials from UAE and Japan.

Addressing the forum’s inaugural session, the UAE Minister of Economy said that the aim of the event is to enhance and strengthen economic relationship between Japan and the UAE.

"The UAE-Japan partnership covers all business sectors; however we seek to further strengthen collaboration in areas of Artificial Intelligence, Internet of Things, FinTech and the rest of the Fourth Industrial Revolution applications," added Al Mansouri.

Al Mansouri noted that the non-oil trade between the two countries amounted to US$15 billion in 2017, up 8.4 percent over 2016.

"US$4 billion is Japan’s investment balance in UAE," said Al Mansouri, referring to the importance of the forum in exploring cooperation prospects as per the economic plans adopted by the two countries, especially in areas of tourism, investment and SMEs.

Addressing the forum’s first working session, Toshiaki Kitamura, Representative Director, President & CEO, INPEX Corporation, underlined the Japanese oil giant’s determination to maintain collaboration with UAE. "INPEX has contributed a participation fee of AED2.2 billion (US$ 600 million) to enter the Lower Zakum concession, which is managed by ADNOC Offshore. And we are determined to maintain fruitful collaboration with UAE in the energy sector," he said.

Held under the auspices of JETRO, the forum ran under the main themes of "UAE's Economic and Industrial Diversification" and "Innovation". The one-day event brought together high-ranking Japanese government officials as well as several CEOs and general managers from a wide variety of Japanese industries including energy, trade, manufacturing, construction, finance, medicine and healthcare.

The forum featured three main working sessions and addressed a series of topics, namely, "Furthering Sustainability in Energy Co-operation for a Secure Future"; "Creating Synergy Through Trade, Investment and Economic Diversification - Success Stories of Japanese Companies"; and "Human Resources and Innovation to Shape the Future."

Chairmen and CEOs of a large number of leading Japanese companies participated in the forum, including JXTG Holdings; Cosmo Energy Holdings; Chiyoda Corporation; JGC Corporation; JFE Steel Corporation and others.