Al Zeyoudi highlighted the growing non-oil bilateral trade between the two countries…reports Asian Lite News
Dr. Thani bin Ahmed Al Zeyoudi, Minister of State for Foreign Trade, said the UAE and Japan enjoy strong and growing trade relations based on a long history of friendship and cooperation, aided by their leaderships’ support, which is reflected by mutual official visits, including the current official visit of Fumio Kishida, Prime Minister of Japan, to the UAE.
In his statement to the Emirate News Agency (WAM), Al Zeyoudi highlighted the growing non-oil bilateral trade between the two countries, valued at US$14.7 billion in 2022, a 10 percent increase compared to 2021.
Imports from Japan to the UAE amounted to US$12 billion in 2022, while non-oil Emirati exports to Japan totalled US$1.78 billion during the same period, and total re-exports from the UAE to Japan amounted to US$950 million last year, he added.
Furthermore, Al Zeyoudi noted that the UAE and Japan are continuing to boost their overall strategic cooperation, most notably in areas of trade, adding that Japan is among the top 10 global trading partners of the UAE.
He then highlighted the UAE’s role as Japan’s main trade partner among Arab nations, accounting for more than a third of Japan’s Arab trade. The two countries also have strong ties in investment, with Japan being a favoured destination for the UAE’s foreign direct investments, he added.
In 2022, the UAE invested US$268 million in Japan, focussing on three key sectors: healthcare, warehousing and storage, and financial services, he added, stressing that the UAE is keen to strengthen its role as a major hub for Japanese trade in the Middle East and Africa.
The UAE is the main gateway for Japanese products to access local markets, through boosting re-export activities that have grown considerably in recent years, Al Zeyoudi further said, affirming that the partnership between the two countries is a model of friendship to be emulated worldwide, as they share a common vision for the future and both invest in knowledge, innovation, technology and new economic sectors.
Therefore, they jointly work to enhance their cooperation and create lasting partnerships that benefit both sides, he said in conclusion.