SHARJAH, 9th March, 2023 (WAM) — The Sharjah Chamber of Commerce and Industry (SCCI) has signed a Memorandum of Understanding (MoU) with the Japan External Trade Organisation (JETRO) in Dubai, marking a significant milestone in their efforts to strengthen trade relations and develop mutual cooperation.
The MoU was signed in the presence of various high-level officials and dignitaries, including Abdullah Sultan Al Owais, Chairman of the SCCI; Mitsuhito Sendai, Executive Vice President of JETRO; members of the Chamber’s Board of Directors, and Mohammad Ahmed Amin Al Awadi, Director-General of the Chamber, during the Sharjah-Japan Business Forum.
As per the agreement, both parties will facilitate the exchange of trade delegations and discussions related to export and economy. They will also support follow-up visits and coordinate efforts to establish and expand a trade network between the two regions. The MoU also includes provisions for exchanging trade data and statistics, exploring opportunities for joint research activities, and participating in economic events, exhibitions, and conferences to promote their respective businesses and industries.
The SCCI and JETRO hope that through these collaborative efforts, they will foster greater economic growth and create new opportunities for their respective communities.
Al Owais expressed his satisfaction with the signing of the MoU, stating that it would help to further strengthen the strong ties between the UAE and Japan. He highlighted that the trade exchange between the two countries witnessed a significant increase in 2022, reaching AED 198.6 billion, a rise of 58.7 percent compared to AED 125.14 billion in 2021.
Furthermore, the UAE’s exports to Japan increased by 68.7 percent to AED 167.4 billion in 2022, while imports from Japan rose by 20.5 percent to AED 31.1 billion during the same period.
Al Owais emphasised that these figures reflect the robust economic and investment relations between the two countries and provide a solid platform for the Chamber and JETRO to encourage more partnerships and investments between the private sector companies on both sides. Through such efforts, the business communities in both countries can build their capabilities and contribute to the ongoing growth of the economy.
For his part, Mitsuhito Sendai emphasised the strong economic ties between the UAE and Japan and highlighted the importance of the forum in exploring opportunities for cooperation, particularly in the industrial sectors.He noted that the Emirate of Sharjah provides an ideal environment for Japanese companies to invest in due to its infrastructure, logistics services, and world-class free zones.
Sendai also lauded the progress, prosperity, and diversity of economic sectors and investment opportunities in Sharjah, which open up more avenues for economic partnerships with Japan. He further stated that the MoU signed with the Sharjah Chamber will expand joint trade cooperation and promote Japanese companies’ investments throughout the UAE.