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UAE-Japan increase bilateral trade ties

posted on 04/05/2013: 1007 views

UAE and Japan on Thursday, pledged to take their strategic economic partnerships to new heights.

'The UAE exports over 30% of its production of crude oil and derivatives to Japan and the two countries maintain close cooperation at times of crises", Suhail bin Mohammed Al Mazrouei, UAE Minister of Energy, said.

'The UAE answered Tokyo's demand for increasing its oil exports during the Fukushima nuclear disaster, giving an additional boost to strategic bilateral relations' the UAE minister told the second Japan-UAE Business Forum, which took place in Abu Dhabi today, with the attendance of Shinzo Abe, Prime Minister of Japan. With more than 300 delegates, the Forum reflects the longstanding and strong bilateral relationship between the United Arab Emirates and Japan, and aims to build upon more than four decades of partnership and trade between two of the world's most dynamically-growing regions.

Al Mazrouie highlighted Japan's engagement in the oil industry in Abu Dhabi since the creation of the UAE Union, referencing stakes owned by Japanese oil companies in UAE oil companies like Abu Dhabi Marine Operating Company (ADMA-OPCO).

For his part, Mr. Abe said Japan was ready to transfer its advanced technology to the UAE, especially in the energy sector, so as to have ease of access to energy products.

He announced that a new direct flight service between the UAE and Japan would be launched next month, giving further momentum to the flourishing bilateral ties.

In his keynote address to the meeting, Hamad Alhurr Al Suwaidi, Chairman of the Department of Finance, Abu Dhabi, said Japan is a significant trading partner of the UAE, and one of its most important international allies. Japan imports 20.5% of its oil from the UAE, making it Japan's eighth largest trading partner. Overall trade increased by more than USD$2.5bn in 2012.

'Together, we will serve to further strengthen our unwavering partnership. For over four decades, the UAE and Japan have enjoyed a solid business and trade partnership. Last year, this partnership reached an impressive $53.1 billion, up by 50% over the past five years.

"Abu Dhabi", he added, "had experienced phenomenal economic growth over the last decade, particularly in the energy sector which stands as one of the foundation pillars of the UAE's partnership with Japan.

We have received over $4 billion in project financing for our Power and Water Projects from the Japan Bank for International Cooperation. Seven out of nine of these projects were successfully accomplished with Japanese partners.

We have ambitious plans for growth and consider Japan to be a very attractive market.

It offers a wide range of investment and partnership opportunities. We see great future mutual success in these partnerships. The bounds of our partnership do not end in the UAE or Japan,' he indicated.

'I have no doubt that our relationship with our Japanese partners, and indeed with Japan as a nation will only continue to grow stronger over the years to come,' the Chairman of the Department of Finance concluded. – Emirates News Agency, WAM


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