UAE-Japan Business Council established

The Federation of UAE Chambers of Commerce and Industry has announced the signing of a Memorandum of Understanding (MoU) to establish the UAE-Japan Business Council, under the framework of the official visit of Fumio Kishida, Prime Minister of Japan, to the UAE.

In his statement to the Emirates News Agency (WAM), Humaid bin Salem, Secretary-General of the Federation of UAE Chambers of Commerce and Industry, said that the council’s members will be selected in the coming months, and it will hold its first meeting before the end of 2023.

The council’s goal is to build and advance relations between the two countries’ private sectors, which will involve sharing visits and information, finding trade and investment opportunities, and promoting cooperation in economic, technological, healthcare, educational and investment areas between the two countries’ public and private sectors, as well as increase Japan’s presence in the UAE and encourage collaborations between small and medium-sized enterprises (SME), he added.

He then noted that 45 per cent of Japanese companies operating in the Middle East are in the UAE, where over 400 Japanese companies are based.

Humaid bin Salem highlighted a growth of over 65 per cent in private sector interactions between the UAE and Japan since Expo 2020 Dubai, which include partnerships, conferences, seminars, presentations, missions and exhibitions.

Japan and the UAE have a strong trading relationship, especially in the re-exporting of Japanese products such as vehicles, parts and industrial goods to other regions, such as the Middle East and Africa, he said in conclusion.