Humaid Mohammed bin Salem, the Secretary-General of the Federation of UAE Chambers of Commerce and Industry, made an exciting announcement today regarding the establishment of the “UAE-Japan Business Council.” This significant development took place during the official visit of Fumio Kishida, the Prime Minister of Japan, to the UAE. Bin Salem stated that a Memorandum of Understanding (MoU) has been signed to solidify this partnership.
Speaking to the Emirates News Agency (WAM), Humaid bin Salem explained that the council would begin its operations in the upcoming months. The selection of council members will be carefully conducted, and the council is expected to convene for its inaugural meeting before the end of 2023.
The primary objective of the UAE-Japan Business Council is to foster and strengthen the relationships between the private sectors of both countries. This will involve various collaborative efforts, including the exchange of visits and information, identification of trade and investment opportunities, and the promotion of cooperation in economic, technological, healthcare, educational, and investment domains. The council will strive to enhance the presence of Japanese businesses in the UAE and encourage partnerships, particularly among small and medium-sized enterprises (SMEs).
Bin Salem emphasized the significance of the UAE as a hub for Japanese companies in the Middle East, stating that approximately 45 percent of Japanese businesses operating in the region are based in the UAE. Currently, over 400 Japanese companies have established their presence in the country. These numbers reflect the UAE’s attractiveness as a strategic destination for Japanese enterprises.
Highlighting the positive impact of Expo 2020 Dubai, Bin Salem revealed that there has been a remarkable growth of more than 65 percent in private sector interactions between the UAE and Japan. This progress encompasses partnerships, conferences, seminars, presentations, missions, and exhibitions. The Expo has served as a catalyst for forging stronger ties and exploring new avenues of collaboration between the two nations.
The trading relationship between Japan and the UAE is robust, particularly in the re-exportation of Japanese products such as vehicles, parts, and industrial goods to other regions, including the Middle East and Africa. Bin Salem underscored the significance of this bilateral trade, which has contributed to the economic growth and development of both countries.
The establishment of the UAE-Japan Business Council marks a significant milestone in the bilateral relations between the UAE and Japan. It reflects the mutual commitment to fostering closer ties and exploring untapped potential in various sectors. The council is expected to play a vital role in promoting trade, investment, and technological exchange, while also facilitating collaborations in crucial areas such as healthcare and education.
As the council begins its operations, the selection of members and subsequent meetings will lay the foundation for a fruitful partnership between the private sectors of the UAE and Japan. With the UAE’s favorable business environment and Japan’s technological prowess, the prospects for mutual growth and prosperity are bright.
