Feb 11 2013
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UAE-Japan trade up to AED195bn in 2012
Monday, Feb 11, 2013
Abu Dhabi: Trade exchange between the UAE and Japan rose to Dh195 billion ($53.1 billion) in 2012, up by 6 per cent compared to Dh184.1 billion ($50.16 billion), Japan External Trade Organisation (Jetro) said.
Nasser Ahmad Al Suwaidi, head of Abu Dhabi Economic Development Department, said Japan is one of the major UAE trade partners and that it is the second importer of UAE crude oil.
“The UAE is Japan’s major economic partner in the Middle East and North Africa (Mena) region as it provides Japan with 23 per cent of its oil needs,” said Al Suwaidi.
The UAE’s exports to Japan grew by almost 3 per cent to Dh161.9 billion ($44.1 billion) in 2012 compared to Dh156.78 billion ($42.72 billion) in 2011.
Jetro added that the amount of UAE’s imports from Japan grew by 21 per cent to Dh32.99 billion ($8.99 billion) in 2012 compared to Dh27.31 billion ($7.44 billion) in 2011.
Al Suwaidi said that Japan is also a major investor in the UAE, as there are 306 Japanese companies operating in the UAE.
Motegi said that his country is giving due concern to the region, particularly the UAE and Abu Dhabi which is witnessing great progress at all levels.
“We seek further cooperation in various fields with the UAE and this is why we are here to discuss the scope of enhancing cooperation further with our Emirati partners,” said Motegi.
He added Japan is ready to share its expertise and successful experiences, especially in the fields of technology and knowledge with the Emirate of Abu Dhabi, stating that today’s forum, and the large Japanese delegation, materialise the aspirations of the governments of the two countries to achieve their goals in the near future.
Mohammad Amerah, an economic adviser at the Sharjah Chamber of Commerce and Industry told Gulf News that the Japanese projects in the UAE exceed Dh11 billion ($3 billion) with major focus on hydrocarbon sector.
Amerah attributed the increase in trade exchange to the rate of US dollar to Japanese Yen, saying that this has driven both countries to increase their trade exchanges.
“The low exchange rate of the US dollar to Japanese Yen led increased bilateral trade exchanges,” said Amerah.
“The low exchange rate of the dollar against the Japanese yen had contributed to the rise in trade exchange between both countries which has been boosted further by the high level of public spending by the Japanese government to encourage businesses and investments in the country,” concluded Amerah.
By Shehab Al Makahleh Staff Reporter
Gulf News 2013. All rights reserved.
© Copyright Zawya. All Rights Reserved.
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