Abu Dhabi is seeking to further boost ties with Japan as the emirate extends efforts to boost its non-oil trade, which has soared in recent years.
The Abu Dhabi Chamber of Commerce and Industry (ADCCI) and the Japan External Trade Organisation (Jetro) on Thursday signed an initial agreement to deepen business relations and create new opportunities for collaboration.
This took place on the back of an announcement that Abu Dhabi non-oil exports increased by 86.4% over the past five years, which was said to demonstrate the impact of Abu Dhabi's efforts to expand partner trade.
The new agreement aims to promote long-term trade relations and boost growth, particularly in innovation, sustainability and advanced technologies, a statement from the chamber said.
The pact was signed during the Abu Dhabi-Japan Business Connect Forum in Tokyo, organised by the ADCCI to facilitate cross-border partnerships and support economic diversification. The UAE ambassador to Japan, Shihab Al Faheem, attended the signing.
The high-level forum brought together leaders representing public and private sectors from Abu Dhabi and Japan to explore investment opportunities in priority industries.
“Japan has played a pivotal role in shaping our development, from urban planning to industrial growth, and it remains one of our top trading partners," said Ahmed Al Zaabi, chairman of ADCCI.
The UAE and Japan have been boosting collaboration, with bilateral trade growing at a compound annual growth rate of 11.9 per cent during the past five years.
The UAE's investments in Japan have more than doubled over the past five years, while it has attracted more than 80 per cent of Japanese investments in the Middle East, Mr Al Zaabi said.
"We are on the cusp of a new chapter, bolstered by the anticipated UAE–Japan Cepa and strengthened by rising trade and investment flows," he said.
Abu Dhabi has been focusing on diversifying its economy away from hydrocarbons, with non-oil trade growth a key part of the plan.
The emirate's non-oil foreign trade rose 9 per cent last year, reaching Dh306 billion ($83.3 billion), according to Abu Dhabi Customs.
Non-oil exports increased 16 per cent in 2024, re-exports grew by 11 per cent and imports rose by three per cent.
Compared to 2019, Abu Dhabi's non-oil exports have surged 86.4 per cent, and overall non-oil trade has risen by 44 per cent, "reflecting our commitment to enabling global business through regulatory reforms, ease of doing business, and seamless digital integration", Mr Al Zaabi said.
"Our infrastructure, business-friendly ecosystem, smart city and quality of life initiatives make us a magnet for global talent, entrepreneurs and investors," he said.
