The Federation of UAE Chambers of Commerce and Industry (FCCI) and Japan External Trade Organisation in Dubai (JETRO Dubai) have agreed to establish a UAE-Japan business council to promote bilateral cooperation and visits between the business communities of both countries.
The formation of the council is aimed at developing joint projects and exchange expertise.
During a meeting between Humaid Mohammed bin Salem, Secretary General of FCCI, and Masami Ando, Managing Director of JETRO Dubai on Sunday, the two sides agreed on signing a memorandum of understanding (MoU) for setting up the proposed bilateral business council by Q1 2023.
Bin Salem welcomed Japanese companies to invest in the UAE and take advantage of government incentives, as well as the favourable investment climate and legislation.
He also urged Emirati and Japanese businesses to explore business opportunities in the two countries and develop active partnerships to boost trade exchange.
Significantly, the move on setting up a bilateral business council comes amidst the UAE emerging as a major crude supplier to Japan, securing orders for 33.99 million barrels, accounting for 40.1 percent of the Far Eastern country’s crude oil needs in October.
According to the Agency for Natural Resources and Energy in Tokyo, a government body, the amount of crude that Japan imported during October this year amounted to 84.58 million barrels, of which 80.10 million barrels – or 94.7 percent – were from five Arab countries: UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman.
Oil remains the most significant energy source in Japan, accounting for about 40 percent of the country’s total energy supply, according to the International Energy Agency.
Follow us on
