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7/10/24, 5:05 PM UAE and Japan sign agreements to enhance bilateral trade and boost partnerships
UAE and Japan sign agreements to enhance bilateral trade and boost partnerships

Oil major Adnoc has teamed up with the Japan Bank for International Cooperation for green financing worth $3
billion

Alkesh Sharma
Abu Dhabi
05 July, 2024

The UAE and Japan have signed various preliminary agreements to boost

bilateral business ties and strategic partnerships during a visit by the UAE delegation led

by Dr Sultan Al Jaber, Minister of Industry and Advanced Technology, to Tokyo.

Abu Dhabi-based energy giant Adnoc joined forces with the Japan Bank for International

Cooperation for green financing worth $3 billion. This agreement will support Adnoc’s

efforts towards reducing emissions and adopting low-carbon solutions in its operations.

Another memorandum of co-operation was signed regarding strategic reserves between

Adnoc and the Japanese agency for Natural Resources and Energy. It aims to improve

collaboration in the field of energy and ensure its security and sustainability.

It 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, an official

statement said.

The countries also discussed potential opportunities in various strategic sectors, including

energy, technology, digital transformation, advanced industries and finance.

During the visit, Dr Al Jaber met Japanese Prime Minister Fumio Kishida and the leaders
reaffirmed the deep ties between the two countries and their commitment to taking the

relationship to new heights, the statement said.

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