Japan-UAE trade ties in focus at Abu Dhabi business forum

UAE is the second largest exporter of oil to Asian powerhouse

Trade, investment and energy cooperation for a secure future will be in focus at the Japan-UAE Business Forum that will kick off in Abu Dhabi on Monday in the presence of Japanese Prime Minister Shinzo Abe and UAE Economy Minister Sultan Bin Saeed Al Mansouri.

A number of company chiefs and general managers representing a wide variety of Japanese industries including energy, trade, manufacturing, construction, finance, medicine and health care will also participate in the forum.

According to the Japan External Trade Organisation (Jetro), bilateral trade between the two countries stood at about $28 billion (Dh102.8 billion) last year, with Japan exporting $7.2 billion worth of goods to the UAE and importing about $20.73 billion, most of which was oil.

The UAE is the second largest exporter of crude oil to Japan after Saudi Arabia. In 2017, Japan imported $15.6 billion worth of oil from the UAE, the figures show.

Diversification, innovation

“The aim of the forum is to enhance and strengthen [the] economic relationship between Japan and the UAE, under the auspices of Jetro and the government of Japan. The main themes are [the] UAE’s economic and industrial diversification and innovation,” Masami Ando, managing director of Jetro in Dubai, said in a statement.

Japan and the UAE have a strong relationship in various sectors including in energy, education and industries.

Abu Dhabi National Oil Company (Adnoc) in February awarded a 10 per cent stake in an offshore concession to Japan’s Inpex Corporation, with a participation fee of Dh2.2 billion to enter the Lower Zakum concession.

The interest in the concession will be held and managed by Jodco Lower Zakum Limited, a wholly-owned subsidiary of Inpex. Inpex is also part of Abu Dhabi’s onshore concession with a 5 per cent stake.

The speakers’ line-up at the forum includes heavyweights across industries including Toshiaki Kitamura, representative director and president and CEO, Inpex; Fumiya Kokubu, president and CEO of Marubeni Corporation; Shunichi Miyanaga, president and CEO of Mitsubishi Heavy Industries; and Takashi Tanisho, representative director, chairman and president of Hitachi Zosen, among others.

Some of the topics that will be discussed include sustainability in energy cooperation for a secure future, human resources and innovation to shape the future, creating synergies through trade, investment and economic diversification as well as the success stories of Japanese companies.

The two sides will also sign Memoranda of Understanding (MoUs) to strength bilateral ties.

$7.2b

goods exported by Japan to the UAE last year

$20.7b

UAE exports to Japan, mostly made up of oil