Sharjah and Japan sign MoU to boost trade, business relations

The Sharjah Chamber of Commerce and Industry (SCCI) has taken a step forward in boosting trade relations and mutual cooperation with the Japan External Trade organisation (JETRO) in Dubai.

The two entities have signed a Memorandum of Understanding (MoU) to strengthen trade relations and develop mutual cooperation, as well as to promote and encourage investment opportunities available to each side.

The MoU was a key highlight of the Sharjah-Japan Business Forum, which took place on Thursday, in the presence of various high-level officials and dignitaries.

Among those present were Abdullah Sultan Al Owais, Chairman of the Sharjah Chamber of Commerce and Industry (SCCI), Mitsuhito Sendai, Executive Vice President of Japan External Trade organisation, a number of members of the Chamber’s Board of Directors, Mohammad Ahmed Amin Al Awadi, Director-General of the Chamber, as well as representatives of the local and Japanese business communities.

Under the Memorandum of Understanding, both parties will facilitate the exchange of trade delegations and discussions in areas related to export and economy.

The agreement also includes provisions for supporting follow-up visits, and coordinating efforts to establish and expand a trade network that enables the flow of business opportunities between the two regions.

Furthermore, the two sides will exchange trade data and statistics, while also exploring opportunities for joint research activities.

Additionally, both parties will participate in various economic events, exhibitions, and conferences in their respective regions, further promoting their businesses and industries. Through these collaborative efforts, the two sides hope to foster greater economic growth and create new opportunities for their respective communities.

Abdullah Sultan 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.

 Sultan Al Owais highlighted that the trade exchange between the two countries witnessed a significant increase in 2022, reaching Dhs198.6 billion, a rise of 58.7 per cent compared to Dhs125.14 billion in 2021.

Furthermore, the UAE’s exports to Japan increased by 68.7 per cent to Dhs167.4 billion in 2022, while imports from Japan rose by 20.5 per cent to Dhs31.1 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 Japan External Trade organisation to encourage more partnerships and investments between the private sector companies on both sides.