Abu Dhabi Chamber explores new investment opportunities with a Japanese trade mission of SMEs
Both sides discussed economic cooperation and forming new trade partnerships between businesses in both countries. The delegation that included around 12 Japanese small and medium enterprises is visiting Abu Dhabi to take a closer look at the available investment opportunities in the emirate.
Helal Mohammed Al Hameli, Deputy Director General of the Abu Dhabi Chamber, said in his welcoming remarks that the investment environment in the UAE in general and the Emirate of Abu Dhabi in particular is an attractive and lucrative environment for foreign direct investments especially in entrepreneurial, innovative and dynamic sectors. “In particular, it has a quantum of relative benefits at the level of legislative frameworks with facilitating laws and rules while at the regional level, it is the trade link locally and regionally, not to mention the solid infrastructure that makes it easy to practice businesses with a low cost. The range of economic benefits and incentives have made Abu Dhabi an outstanding destination through global competitive indicators,” he added.
The deputy Director General pointed out that the economic ties between UAE and Japan are progressing and thriving constantly, and that Japan is one of the most important world trade partners with the UAE. “For example, the UAE total non-oil foreign trade with Japan was 14,772 million dollars in 2018.
Besides, Japanese investments and technology have played a vital role in backing the development journey of the UAE. For example, there are more than 88 Japanese companies registered at the UAE Ministry of Economy along with 209 agencies and over 11 thousand Japanese registered trademarks. In addition, the number of valid and registered memberships in the Abu Dhabi Chamber is 44 corporates,” he explained.
For his part, Masami Ando, Managing Director of Japan External Trade Organization (JETRO), expressed his thanks and appreciation for organizing this meeting, which “seeks to expand cooperation between Japan and the emirate of Abu Dhabi.”
Mr. Ando pointed out that the UAE-Japan relationship is growing phenomenally stating: “We have witnessed a number of high-level reciprocal visits by leaders of both countries in recent times.”
“Currently there are more than 340 Japanese companies operating in the UAE. Japan-UAE bilateral trade has expanded by 27% to $35.5 billion during the year 2018 with Japan’s exports growing by 6% to $8 billion and imports by 33% to $27.5 billion compared to the previous year,” he added.
He also pointed to the MoU that was signed between the UAE and Japan ministries of economy to increase mutual cooperation in promoting Japanese SME investment across the UAE.