29 Jun 2022
UAE Embassy in Japan organizes webinar with the participation of JETRO
Ministry of Economy briefs Japanese business community on its new economic model & ‘Projects of the 50’
Non-oil trade between the two countries totaled USD 3.5 billion in the first quarter of 2022
The Ministry of Economy briefed the Japanese business community on the UAE’s new economic trends and policies during a webinar organized by the UAE Embassy in Japan, titled ‘UAE Trade and Investment Initiatives.’ In addition, the session apprised the Japanese side of the developments in the UAE’s business, trade, and investment environment in light of its wise leadership’s vision for the future and the UAE Centennial 2071 goals. The Ministry also shed light on the recent set of trade and investment initiatives launched by the UAE within its ‘Projects of the 50’ and various other national strategies aimed at strengthening its position as a leading global economic hub.
The webinar, which witnessed the participation of Japan External Trade Organization (JETRO), was attended by H.E. Shehab Ahmed Al Fahim, UAE Ambassador to Japan, H.E. Juma Mohammed Al Kait, Assistant Undersecretary at the UAE Ministry of Economy for Foreign Trade Affairs; and Nobuhiko Sasaki, President of JETRO.
The webinar further reviewed the growth of UAE-Japan economic ties and the continuous development witnessed by most of the vital sectors in the two countries. The economic initiatives reviewed during the session include the comprehensive economic partnerships designed to consolidate the UAE’s trade and investment ties with selected regional and global markets of strategic importance; the 10 x 10 program to support national exports to foreign markets; the ‘Investopia’ summit that enhances the UAE's position in future investments; as well as the updates made to the country's economic legislative system in order to make it more flexible, open and future-oriented.
The webinar further acquainted the Japanese side with promising investment opportunities in the UAE’s new economy sectors such as technology, e-commerce, research, development, advanced sciences, energy, renewable energy, transportation, modern sciences, and supply chain. The country’s efforts to promote these sectors, which are the key pillars to its new economic model based on flexibility and sustainability, were highlighted as well.
Moreover, the webinar addressed several topics and issues including the promotion of joint efforts and the exchange of expertise in commercial fields, apart from the significance of establishing sustainable partnerships in the private sector to benefit both the investors and business communities in both sides. Furthermore, the coordination of efforts to draw investments in the new economy sectors, the UAE’s contributions to the growth and prosperity of global trade as a strategic hub for businesses were also discussed.
The volume of non-oil trade between the UAE and Japan during the first quarter of 2022 totaled about AED 3.5 billion, marking a 5 per cent growth compared to the same period last year. Meanwhile in 2021, this figure amounted to nearly USD 13.3 billion, marking a 23 per cent increase compared to 2020. This indicates that the UAE’s new trade and investment initiatives are significant strategic tools that will promote the benefits and returns of trade activities to both economies in the upcoming stage.
Japan is the UAE’s eighth largest trade partner internationally and the third largest in Asia after China and India. The UAE was Japan’s number one Arab and 11th largest global trade partner in 2021, accounting for more than 36 per cent of the total trade between Japan and Arab countries. As for investments, the UAE is Japan’s biggest investor from the Middle East, as it accounts for 60 per cent of total middle eastern investments in Japan, which reached USD 500 million by the end of 2021.