The United Arab Emirates (UAE) and Japan have discussed the latest developments in the Comprehensive Strategic Partnership Initiative and the implementation of joint projects and programs within this framework.
The discussion was held during a meeting between His Excellency Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology (MoIAT), and the Japanese Prime Minister Fumio Kishida.
The visit comes as part of the efforts to strengthen the enduring relations between the two friendly countries, and their aspirations to achieve sustainable economic growth, and to enhance the prospects for joint cooperation and ways to develop it in various fields, within the framework of the comprehensive strategic partnership initiative that was launched during the visit of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi Executive Council, to Japan in September 2022.
During the visit, His Excellency Dr. Sultan Al Jaber met with Her Excellency Kamikawa Yoko, Japanese Minister of Foreign Affairs, His Excellency Ken Saito, Minister of Economy, Trade, and Industry, His Excellency Taro Kono, Minister for Digital Transformation, and Yoshimasa Hayashi, Chief Cabinet Secretary of Japan. Dr. Al Jaber also met with Chief Executive Officers of Japan Bank for International Cooperation (JBIC), Ineos, Mitsui & Co., Inpex, Jira, Itochu, Hitachi, and SoftBank Group.
His Excellency Dr. Sultan Al Jaber affirmed during the meetings with the Japanese side the keenness of the UAE leadership to extend and strengthen bridges of communication and cooperation to serve sustainable economic and social development efforts.
His Excellency discussed the importance of securing energy supplies to benefit from artificial intelligence tools and solutions in order to improve the performance of the energy sector and raise its efficiency, in addition to stimulating and encouraging innovation, which helps to explore, develop and apply more solutions to stimulate low emission economic growth, and supporting the achievement of the goals of the “UAE Consensus” reached during the Conference of Parties “COP28”.
Dr. Al Zeyoudi pointed out that the visit of the UAE delegation to Japan aimed to strengthen bilateral relations and conclude more partnerships and agreements to accelerate and stimulate growth in sectors of common interest, in a way that supports enhancing trade exchange and exploring more new investment opportunities for business sectors and companies.
New Strategic Partnerships:
The visit witnessed the signing and announcement of new strategic and vital partnerships between the two countries.
A memorandum of Understanding was signed between ADNOC and the Japan Bank for International Cooperation (JBIC) for green financing worth $3 billion. This agreement supports ADNOC’s pioneering efforts in reducing emissions and adopting low-carbon solutions in its operations.
A Memorandum of Cooperation was also signed regarding strategic reserves between ADNOC and the Natural Resources and Energy Agency (affiliated with the Japanese Ministry of Economy, Trade and Industry – METI) aimed at enhancing cooperation between the two countries in the field of energy and ensure its security and sustainability. The MoC will support the growth of the Japanese economy by providing a strategic reserve that helps mitigate energy price shocks amid market and supply chain fluctuations.
Bilateral cooperation and trade exchange
The UAE is a reliable source for supplying Japan with energy sources and is considered a strategic partner in various fields. The UAE is the largest supplier of oil to Japan, as its oil exports during the month of April amounted to about 35.8 million barrels (representing more than 45 percent of Japan’s imports during the same month).
Oil exports in 2023 represented 44.7 percent of Japan’s total oil imports. On the other hand, the UAE exported the world’s first certified shipment of low-carbon ammonia to Japan, which was produced using “carbon capture and storage” technology through cooperation between Vertiglobe and Japan’s Mitsui. This shipment comes as part of ADNOC’s efforts to accelerate the development of global value chains for low-carbon hydrogen and ammonia.
Mubadala Investment Company also announced its first renewable energy projects in Japan, through PAG’s platform (“PAG REN I”), which mainly specializes in providing solar energy to companies. The platform aims to provide its services in the Asia-Pacific region, with a primary focus on Japan.
It is worth noting that the UAE is considered the first trading partner to Japan in terms of exports and imports to the Gulf Cooperation Council countries, as the country receives 47 percent of Japan’s exports to the GCC countries.
