ID :
156940
Wed, 01/12/2011 - 17:48
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https://oananews.org//node/156940
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Abu Dhabi and Japan set up Abu Dhabi-Japan Economic Council
Abu Dhabi, Jan 12, 2011 (WAM)- Abu Dhabi and Japan signed yesterday an agreement for establishing Abu Dhabi-Japan Economic Council (AJEC).
Nasser Al Suwaidi, Chairman of the Department of Economic Development, and Iwao Okamoto, President of Japan Cooperation Centre for the Middle East (JCCME), inked the agreement in the presence of Akihiro Ohata, the Minister of Economy, Trade and Industry of Japan, Mohammed Omar Abdullah, Undersecretary of Abu Dhabi Department of Economic Development and Tsunehisa Katsumata, Chairman, The Tokyo Electric Power Co., Ltd..
Al Suwaidi said: ''I am honoured to be here as we mark the establishment of the Abu Dhabi-Japan Economic Council (AJEC). This Council will serve as the cornerstone in economic cooperation between Abu Dhabi and Japan, and will further strengthen the well established economic ties between our two countries.
''More than 40 years has passed since Japan and Abu Dhabi established diplomatic relations. These ties provide the foundation for new partnerships in the areas of trade and investment. To this end, the Abu Dhabi-Japan Economic Council will build on the notable achievements of the Japan-UAE Joint Economic Committee, and advance the deepening economic and trade relations between our countries.
He added that more than 300 Japanese companies operate in the UAE, representing over 40% of all Japanese companies in the Middle East. Japanese investments in the UAE total over US$330 million dollars (Dh1.24 billion), constituting over 40% of all Japanese investment in the Middle East. In this past year, the UAE has welcomed over 160 thousand Japanese passengers in transit, and over 50 thousand Japanese tourists.
''Energy of course forms the nucleus of our trade and investment relationship. Japan accounts for roughly 42% of Abu Dhabi's total crude oil exports, 14% of our refined oil exports, and 53% of our natural gas exports,'' he noted.
On the other side, he explained, in 2009 Abu Dhabi all source imports from Japan exceeded US$2.3 billion dollars in value. ''Through the establishment of the Abu Dhabi-Japan Economic Council (AJEC) we commit ourselves to creating stronger ties between Abu Dhabi and Japan in order to enhance the productivity and economic progress of our nations.
To this end, the focus of the Council will be: - To strengthen the level of communication between our countries - To facilitate mutual trade relations - To boost trading services and investment activities -To identify common ground on economic issues.
-To promote investment in both directions.
-And finally to develop unified standing points of view.
Importantly, he went on to say, the Council will serve as a forum to coordinate economic strategies and development plans. This process will enable us to identify and resolve issues that impede optimal economic cooperation and advancement.
The Council meeting will be hosted annually by rotation with Japan side proposing to hold the first meeting in March 2011 in Tokyo. Abu Dhabi will have 19 members representing government organisations and companies while Japan side will have 20 members representing energy, trading, financial sectors. - Emirates News Agency, WAM
Nasser Al Suwaidi, Chairman of the Department of Economic Development, and Iwao Okamoto, President of Japan Cooperation Centre for the Middle East (JCCME), inked the agreement in the presence of Akihiro Ohata, the Minister of Economy, Trade and Industry of Japan, Mohammed Omar Abdullah, Undersecretary of Abu Dhabi Department of Economic Development and Tsunehisa Katsumata, Chairman, The Tokyo Electric Power Co., Ltd..
Al Suwaidi said: ''I am honoured to be here as we mark the establishment of the Abu Dhabi-Japan Economic Council (AJEC). This Council will serve as the cornerstone in economic cooperation between Abu Dhabi and Japan, and will further strengthen the well established economic ties between our two countries.
''More than 40 years has passed since Japan and Abu Dhabi established diplomatic relations. These ties provide the foundation for new partnerships in the areas of trade and investment. To this end, the Abu Dhabi-Japan Economic Council will build on the notable achievements of the Japan-UAE Joint Economic Committee, and advance the deepening economic and trade relations between our countries.
He added that more than 300 Japanese companies operate in the UAE, representing over 40% of all Japanese companies in the Middle East. Japanese investments in the UAE total over US$330 million dollars (Dh1.24 billion), constituting over 40% of all Japanese investment in the Middle East. In this past year, the UAE has welcomed over 160 thousand Japanese passengers in transit, and over 50 thousand Japanese tourists.
''Energy of course forms the nucleus of our trade and investment relationship. Japan accounts for roughly 42% of Abu Dhabi's total crude oil exports, 14% of our refined oil exports, and 53% of our natural gas exports,'' he noted.
On the other side, he explained, in 2009 Abu Dhabi all source imports from Japan exceeded US$2.3 billion dollars in value. ''Through the establishment of the Abu Dhabi-Japan Economic Council (AJEC) we commit ourselves to creating stronger ties between Abu Dhabi and Japan in order to enhance the productivity and economic progress of our nations.
To this end, the focus of the Council will be: - To strengthen the level of communication between our countries - To facilitate mutual trade relations - To boost trading services and investment activities -To identify common ground on economic issues.
-To promote investment in both directions.
-And finally to develop unified standing points of view.
Importantly, he went on to say, the Council will serve as a forum to coordinate economic strategies and development plans. This process will enable us to identify and resolve issues that impede optimal economic cooperation and advancement.
The Council meeting will be hosted annually by rotation with Japan side proposing to hold the first meeting in March 2011 in Tokyo. Abu Dhabi will have 19 members representing government organisations and companies while Japan side will have 20 members representing energy, trading, financial sectors. - Emirates News Agency, WAM
