Abu Dhabi: Trade exchange between the UAE and Japan rose to Dh194.5 billion ($52.9 billion) in 2012, up by 6 per cent, compared to Dh184.1 billion US$50.16 billion), Japan External Trade Organisation (Jetro) told Gulf News.

“Japan’s exports to the UAE amounted to $8.96 billion end of 2012 and Japan’s imports from the UAE amounted to $43.9 billion for the same period,” Jetro added.

The Japanese Direct Investments in the UAE climbed from 19 million in 2005 to more than 364 million end of 2012 and it is expected to increase further by 5-10 per cent, according to Jetro.

“In the beginning of last decade, we had 139 Japanese business entities in the UAE and currently we have more than 380,” said Jetro.

Energy ties

With regard to energy, Jetro pointed out that the UAE is a major energy supplier to Japan.

“The UAE is the second largest oil exporter to Japan with 829,000 barrels per day. The UAE is also the sixth largest natural gas exporter to Japan with 5.5. million tonnes,” remarked Jetro.

“The UAE is Japan’s major economic partner in the Middle East and North Africa (Mena) region as it provides Japan with 23 per cent of its oil needs,” said Jetro.

The organisation added that the UAE contributes a significant share of crude oil supply.

“Japan’s crude imports, excluding gas and derivatives, are mainly from Saudi Arabia which consist 30 per cent of the total imported crude oil to Japan, followed by UAE 23 per cent, Qatar 11 per cent, Iran 9 per cent, Kuwait 7 per cent, Russia 4 per cent, Indonesia 3 per cent, Iraq 3 per cent, Oman 2 per cent and others 8 per cent,” Jetro added.

Suhail Al Mazrouei, UAE minister of energy, said that Japan is a very great partner to the UAE since 1971 in various fields, particularly in the field of energy.

“Japan had very great investments in our companies in the UAE through investing in technology transfer. This cooperation has become very strategic partnerships,” said Al Mazrouei.

“We export one-third of our crude oil and LNG with their derivatives to Japan. And Japan is a trusted partner to rely on in hard times,” he confirmed.

He thanked Japan for supporting the UAE to stabilise oil prices which help boost economies of both countries.

Hamad Al Hurr Al Suwaidi, member of Abu Dhabi’s Executive Council and chairman of the department of finance and chairman of Taqa, said that seven out of nine energy projects are accomplished by Japanese partners.

“We pose high aspirations on such very strong partnerships with Japan in terms of energy,” Al Suwaidi remarked.

He pointed out that Japan is a major UAE trade partner.

Japanese ministry of trade, economy and industry had previously signed 10 bilateral agreements with Abu Dhabi government and semi-government entities in the fields of research, education, health, energy and investment.