UAE, Japan exploring fresh avenues of economic cooperation

0
328

The United Arab Emirates and Japan yesterday reviewed the prospects of enhancing economic, trade and investment cooperation, and explored new economic opportunities of common interest.

This came at the Abu Dhabi Business Forum, which was organised by the Abu Dhabi Department of Economic Development following the conclusion of the 9th session of the Abu Dhabi-Japan Business Council yesterday in the presence of top executives from the UAE and Japanese public and private sectors.

Addressing the meeting, Ahmed Jasim Al Zaabi, Chairman of Abu Dhabi Department of Economic Development, said Abu Dhabi is bent on actively supporting start-ups and entrepreneurs, and scaling them up with the aim of increasing the percentage of non-oil GDP.

He urged Japanese companies to utilise the myriad opportunities up for grabs in Abu Dhabi and benefit from the UAE’s position as a gateway to the Middle East, Africa, and South Asia.

“Japan, being one of Abu Dhabi’s pre-eminent trade and investment partners, gives us a lot to talk about, as the prospects for continued mutual growth, development and progression are endless and exciting!.Our nations continue to focus on identifying and creating new bridges with one another/ across various verticals, to achieve common interests, and the progression and well-being of our people side by side,” he added.

As a catalyst of Abu Dhabi’s economy growth, he continued, “Abu Dhabi Department of Economic Development works closely with a few other prominent entities/ making up the Abu Dhabi ecosystem. The Capital city of the United Arab Emirates and its related regions have been focusing on facilitating, encouraging and providing smart assistance/ and funding to strategic businesses, and to actively support start-ups and entrepreneurs, and to scale them up with the aim of increasing the percentage of non-oil GDP.”

The Abu Dhabi Investment Office (ADIO) has been deploying the Innovation Programme, providing incentives and helping companies relocate here with ease, Al Zaabi added.
“While the Industrial Development Bureau at the DED, which is the industrial sector’s regulator and facilitator, works closely with manufacturers helping them develop further and boost their production levels, it provides a set of financial and non-financial incentives programmes and initiatives.”
“Of the total number of companies in Japan, 90% are small and medium-sized enterprises, that are very active and are always seeking to expand their geographic footprints. I tell these innovative companies consider Abu Dhabi as your gateway to the Middle East!” he noted.

The Abu Dhabi Investment Office (ADIO) has been deploying the Innovation Programme, providing incentives and helping companies relocate here with ease, Al Zaabi added.
“While the Industrial Development Bureau (IDB) at the DED, which is the industrial sector’s regulator and facilitator, works closely with manufacturers helping them develop further and boost their production levels, it provides a set of financial and non-financial incentives programmes and initiatives.
“Furthermore, and through the crucial economic pillar that is the Abu Dhabi Industrial Strategy and its range of incentive programmes and support initiatives, we push for the adoption of Industry 4.0 programmes and advanced technologies, triggering innovation, growth, and competitiveness, and reducing waste and emissions across the manufacturing sector,” he noted.

“For long standing and successful companies seeking new or dual listings on the Abu Dhabi Securities Exchange, the Abu Dhabi IPO Fund, which is a AED5 billion fund, empowers companies to become IPO ready, as they seek to grow and scale operations in Abu Dhabi.”

Al Zaabi emphasised on the opportunities that are available for all businesses in the UAE capital, specially those in which Abu Dhabi has a competitive advantage and can help drive innovation for global impact. These include:
-International trade.
-Capital intensive industries, such as pharmaceuticals and life sciences.
-Technology.
-Logistics and industry.
-Tourism.
-AgriTech.
-Health services & Biopharma.
-Finance, Investment and Asset management.

“ADDED is cultivating an open Advanced Trade and Logistics Platform which will support a new era of trade by digitally facilitating the following:
-Trade of sea, land, air, industrial and free zones to enable transparency, predictability, and efficiency.

-Now, on the social part of our overall economic model, our sub-entity the ‘Abu Dhabi Residents Office’ was created in recognition of the significant contribution of the expatriate resident community to the emirate’s economy and to harness, safeguard and grow these talents residing there.”

He added that the ADDED takes pride in how “we’ve managed to open the markets for investors and traders, facilitating an “ease of doing business doctrine”. This way we help in harnessing of talent, and the development of products and specialised services, allowing for seamless cross-border network outreach, and execution with least hindrance to investor’s business agendas and bottom lines.
“We will ensure the free and open economic, business and trade model, re-enforcing the confidence in our economy and its unique attributes.”

For his part, Nobuyori Kodaira, President, Japan Cooperation Centre for the Middle East, said that the meeting comes at a time when Japan and the UAE are beginning a new half-century of economic cooperation in different fields, especially in terms of climate change cooperation.
He added that energy transition and economic diversification present new chances for increased cooperation between the two sides.

UAE Ambassador to Japan Shehab Ahmed Al Fahim, and Abdullah Al Mazrouei, Chairman of the Abu Dhabi Chamber of Commerce and Industry, along with top executives from both sides also attended the Abu Dhabi Business Forum.