Abu Dhabi and Japan meet to bolster trade relations

Top officials of Abu Dhabi and Japan met in the capital on Tuesday and agreed to further expand their solid trade and economic ties into the areas of tourism and research, aside from forging alliances between the private sectors of the two nations. Nasser Ahmed Al Sowaidi, chairman of the Abu Dhabi Department of Economic Development, presided over the second meeting of Abu Dhabi-Japan Economic Council, or Adjec, in the presence of Hiranao Honda, Parliamentary Vice-Minister of Economy, Trade and Industry; Tadatsuna Koda, president of the Japan Cooperation Centre for the Middle East (JCCME) and the chairperson of the Japanese side of the Adjec; and Yoshihiko Camo, Ambassador Extraordinary and Plenipotentiary of Japan to the UAE. A number of officials from major Japanese companies, businessmen and investors from both sides were also in attendance. The meeting reviewed the results and recommendations of the first meeting of the council that was held in Tokyo in February, in addition to strengthening coope. In September, the two sides agreed to strengthening cooperation in the fields of oil and gas, petrochemical, water, electricity, renewable energy, transportation, airports, semiconductor, infrastructure, sanitation and waste treatment, industry, agriculture and finance. It was agreed in the meeting to set up committees on energy, finance, small- and medium-sized enterprises, business incubators, health and education, among others. A memorandum of understanding was signed by the Abu Dhabi DED and the JCCME to maintain and further strengthen communications between Abu Dhabi and Japan, and facilitate mutually-beneficial trade and investments between them. It also included that both sides continue to work closely to achieve the Abu Dhabi Economic Vision 2030. Al Sowaidi, in his opening remarks, said the UAE had attracted the largest number of investment projects in the Middle East and Africa in 2011, while most active FDI companies based their activities in UAE. The World Investment Report 2012 stated that FDI inflows into the UAE witnessed a 40 per cent increase despite the apparent decrease in most Arab countries due to political unrest and the global recession, making it the third-largest destination for FDI inflows to West Asia, where FDI inflows to the UAE reached $7.679 billion in 2011. Al Sowaidi said that despite the very difficult year — marked the by slowdown in global economy growth coupled with the great East Japan earthquake, and the political developments in the Mena region — Japan successfully managed to boost bilateral trade with the UAE, maintained growth during 2011 by 37.5 per cent, rising from $36.6 billion in 2010 to mark $50.38 billion in 2011. Non-oil trade grew by 6.4 per cent last year to reach $2.693 billion compared to $2.531 billion in 2010. According to Al Sowaidi , the latest figures revealed that bilateral trade between Japan and the UAE seems to be very promising this year, with total trade during the January-August period rising by 8.6 per cent to mark $35.472 billion compared to $32.648 billion during the same period in 2011. He explained that the significant increase in trade volume during the same period of the current year was mainly attributed to the influx in Japanese exports to the UAE by 35.7 per cent compared to a contraction rate of 6.3 per cent during the same period in 2011. From : Khalij