Page 669 - 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 memorandums o…
partnership. The talks included the latest developments in the implementation of joint projects, programs and initiatives and
enhancing cooperation horizons.

His Excellency Dr. Sultan Al Jaber also met with His Excellency Ken Saito, Japanese Minister of Economy, Trade, and Industry.
The meeting reviewed the various aspects of economic cooperation between the two countries and ways to enhance them to
serve mutual interests. Additionally, they explored ways to strengthen trade, investment, energy, renewable energy, industry,

advanced technology, and other fields of mutual interest.

His Excellency Dr. Sultan Al Jaber held a meeting with His Excellency Taro Kono, Minister of Digital Transformation, where the
two sides affirmed their keenness to cooperate in the field of advanced technology and digital transformation, including
artificial intelligence and its applications in various vital sectors, supporting and encouraging related industries, and working to

explore investment opportunities and joint projects in these areas.

UAE Delegation:

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.

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