Japan and the UAE Wednesday agreed on the need for both countries to launch a business council that would “generate added value from joint investments, provide information and services for investors, and encourage communication between relevant government authorities.”
This came during a virtual meeting between UAE Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, Japan’s Minister of Economy, Trade and Industry, Hiroshi Kajiyama.
The two officials approved the formation of a joint team tasked with putting together a UAE-Japanese business council, reported UAE state-run news agency WAM.
The council will improve the partnership between the Emirati and Japanese business communities and generate added value from joint investments, provide information and services for investors, and encourage communication between relevant government authorities.
Trade between the two countries has been on the increase mode. Zeyoudi indicated that the value of Japanese direct investments in the UAE since the start of 2020 totals $4.01bn, a growth of 22.6 per cent from 2015 until 2020.
The Asian country is the 10th largest investor in the Gulf country and eighth globally in terms of non-oil trade, which reached $8.95bn in the first ten months of 2020.
Both countries have also close partnership in several other areas.