Japanese minister: Japan-UAE long-time economic ties remain robust with US$22.4bn trade in 2020

Spread the love

IslamNews – The United Arab Emirates is a long-time partner that has supported Japanese economy and society, and economic relations remain robust with US$22.4 billion bilateral trade in 2020, a top Japanese official told Emirates News Agency (WAM).

“As one of the most significant crude oil suppliers to Japan, the UAE is a very important partner that has supported our economy and society for a long time,” Ejima Kiyoshi, Japanese State Minister of Economy, Trade and Industry (METI).

Of the US$22.4 billion bilateral trade in 2020, exports from Japan to the UAE were pegged at $5.7 billion and imports from the UAE to Japan were worth $16.7 billion, he revealed.

Japan is Abu Dhabi National Oil Company’s (ADNOC) largest international importer of oil and gas products with approximately 25 percent of its crude oil imported from the UAE.

However, Ejima clarified that the relationship between Japan and the UAE is not limited to the energy sector.

“More than 340 Japanese companies have their largest bases in the Middle East in the UAE, and have promoted economic cooperation in a wide range of areas,” he noted.
“The Government of Japan will also do its utmost to strengthen economic ties between the two countries,” he added.

From now on, Japan will mobilise all policies, including a two-trillion yen fund, tax incentives and deregulation, to put this strategy into practice, the minister explained.

“In the future, Japan will actively cooperate and contribute to the international community by sharing our knowledge and experience to help countries make a realistic energy transition,” he said.

The Memorandum of Cooperation (MOC) on fuel ammonia and carbon recycling between Japanese METI and ADNOC signed in January is the first step for the new cooperation between Japan and the UAE on green growth, Ejima added.

Source: WAM