The United Arab Emirates is the second-biggest supplier of crude oil to Japan, which remains a strategic trading partner of the UAE, says Sultan bin Saeed Al Mansouri, UAE Minister of Economy.
Roughly 24 per cent of Japan’s crude oil imports come from the UAE, the minister notes in comments published by Emarat al-Youm.
Al Mansouri further adds that the Far Eastern Asian nation is the UAE’s sixth largest trading partner.
Over the past few years, the UAE’s exports to Japan started to include products other than oil such as aluminium and copper. However, crude oil continues to account for about two-thirds of bilateral trade.
In 2014, the two-way UAE-Japan trade exchange amounted to $14 billion, according to the minister who will lead an official delegation to Japan on September 29 to explore further areas of economic cooperation and open channels of communication between the business sectors in both countries.
The visit aims to cement the UAE’s status as a lucrative destination for foreign capital and investments and also to brief Japanese investors about potential investment opportunities in areas of spare-parts manufacture, electronics and electrical appliances, among others.
($1 = AED3.67, at the time of publishing)