The formation of the council is aimed at developing joint projects and exchange expertise…reports Asian Lite News
The Federation of UAE Chambers of Commerce and Industry (FCCI) and Japan External Trade Organisation in Dubai (JETRO Dubai) have agreed on establishing a UAE-Japan business council to promote cooperation and visits between the business communities in both countries.
The formation of the council is aimed at developing joint projects and exchange expertise. The two sides agreed on signing an MoU for setting up the proposed bilateral business council by Q1 2023.
This came during a meeting that brought together Humaid Mohammed bin Salem, Secretary General of FCCI, and Masami Ando, Managing Director of JETRO Dubai, in the presence of officials from both sides.
Bin Salem welcomed Japanese companies to invest in the UAE and take advantage of government incentives, as well as the favourable investment climate and legislation, calling on Emirati and Japanese businesses to explore business opportunities in the two countries and develop active partnerships to boost trade exchange.
Japan’s oil needs
The UAE secured 40.1 percent of Japan’s crude oil needs in October, which is equal to 33.99 million barrels, according to the Agency for Natural Resources and Energy in Tokyo.
The agency, part of the Japanese Ministry of Economy, Trade and Industry, stated that the amount of crude that Japan imported during that month amounted to 84.58 million barrels, of which 80.10 million barrels, or 94.7 percent, originated from five Arab countries: UAE, Saudi Arabia, Kuwait, Qatar, Bahrain and Oman.
Oil remains the most significant energy source in Japan, accounting for about 40% of the country’s total energy supply, according to the International Energy Agency.