Currently, the goal of the UAE state policy is the introduction of a progressive economic development model. First of all, the state strives to harmonize its standards and simplify trade procedures.
The UAE took care of developing a trade policy that simplifies the conduct of commercial activities at various levels and promotes the development of companies and their profit.
International trade allows annually to significantly supplement the budget of the UAE. A third of all revenues to the state budget is formed due to the fact that the Arab Emirates continue to remain one of the most powerful world centers of re-export. Such a status is supported by dozens of free economic zones that are dispersed throughout the territory.
Government entities as well as expanding enterprises and private businesses from Japan and Sharjah met recently to discuss latest investment opportunities in the rapidly diversifying economic sphere of Sharjah and the UAE.
Japan is largest trading partner of UAE, which takes the largest share of the UAE’s oil and gas exports, is a major import supplier, mainly of vehicles, electronics and various consumer products.
Diplomatic relations between the United Arab Emirates and Japan were established in December 1971. Japan opened its embassy in UAE in April 1974; the UAE opened its own in Japan in December 1973.
The UAE and Japan maintain the closest economic relations. In this case, economic cooperation has become the key to the development of relations in different sectors. For the UAE, Japan is a very important trading partner in terms of exports and imports.
Economic relations with Japan acquire a deeper and symbiotic character. It was the strong economic ties that created the basis for dialogue in other areas. Japan and the UAE are increasingly becoming strategic partners.
The UAE and Japan have many common goals of cooperation, such as safety, maritime security, oil, the sphere of nuclear energy, the environment, medicine, education, culture and scientific cooperation, food import.
Sharjah continues its extensive drive to build a wider global base of economic allies and investors.
The meeting highlighted the past successes between UAE and Japan, which includes USD25 billion (AED91.8 billion) worth of business last year, representing 32 percent of Japan’s entire trade with Middle Eastern countries.
Based on the success of the first Sharjah-Japan Business Roundtable, (April 2014), this second roundtable became like a platform, which united both parties to observe progressive business developments and investment achievements between Sharjah and Japan.
Japan is a key trading partner of the UAE and accounts for a significant share of bilateral trade over the years.
Emphasising the importance of having a regional base in the UAE, Masami Ando, Managing Director at JETRO (Dubai) & MENA, noted, “In January 2017, the UAE’s and Japan’s ministers of economy signed an MoU to boost Japanese businesses to set up in the UAE. Following this agreement, JETRO Dubai has opened a small and medium-sized enterprise, SME, Platform to provide specialised advisory support to Japanese SMEs.
There are over 300 Japanese companies operating in the UAE”.