The UAE and Japan have approved the creation of a business council to drive more investments between the two countries.
The decision follows a meeting between Dr Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, and Hiroshi Kajiyama, Japan’s Minister of Economy, Trade and Industry.
They also talked about ways of facilitating the movement of imports and exports between their countries, state news agency WAM reported.
During the virtual meeting, the sides approved the formation of an joint team to put together a UAE-Japanese business council, aimed at generating added value from joint investments and providing information and services for investors.
The sides also discussed their bilateral ties and ways of enhancing their economic cooperation, stressing the importance of growing the scope of joint projects and facilitating the exchange of talents and expertise between their countries.
Al Zeyoudi (pictured below) said the value of Japanese direct investments in the UAE since the start of 2020 totalled $4.01 billion, a growth of 22.6 percent compared to 2015.
Japan is ranked 10th globally in the list of countries investing in the UAE, and eighth globally in terms of non-oil trade, which reached $8.95 billion in the first 10 months of 2020, he added.
“We will continue advancing our bilateral cooperation in target areas and sectors that support the economy of the future, especially technology, electronics, advanced industries, medical research, space sciences, automation, artificial intelligence and entrepreneurship. The UAE-Japanese business council will play a key role in this regard,” Al Zeyoudi said.
Kajiyama highlighted his country’s desire to reinforce its relations with the UAE, most notably in the energy sector.
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