Page 662 - MOE ENGLISH PR REPORT - JULY 2024

7/10/24, 5:08 PM UAE And Japan Discuss The Latest Developments In The Comprehensive Strategic Partnership And Sign A Number Of Memorand…
The UAE delegation included His Excellency Dr. Thani Ahmed Al Zeyoudi, Minister of State for
Foreign Trade; His Excellency Saeed Mubarak Al Hajeri,Assistant Foreign Minister for Economic and
Trade Affairs; Musabbeh Al Kaabi, Executive Director of Low Carbon Solutions and International
Growth at ADNOC; Mohamed Al Ramahi, CEO of Abu Dhabi Future Energy Company “Masdar”; and
Thomas Pramotedham, CEO of Presight.

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% of Japan’s
imports during the same month). Oil exports in 2023 represented 44.7% 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.

The UAE is a source of about 60% of foreign direct investment flows to Japan from the Middle East
during the year 2023, while the UAE attracted about 82% of the total Japanese investments in the
Middle East countries during the same year (an increase of 71% from the year 2022), mainly covering
diverse sectors such as technology, renewable energy and transportation.

It is worth noting that the total trade exchange between the two countries in 2023 amounted to about

$47.4 billion (including petroleum products), while non-oil trade exchange amounted to about $15.6
billion during 2023, achieving a growth of 6.1% compared to 2022. The UAE is considered as the
first trading partner to Japan in terms of exports and imports to the Gulf Cooperation Council
countries, as the country receives 47% of Japan’s exports to the GCC countries.

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