Page 674 - MOE ENGLISH PR REPORT - JULY 2024

7/10/24, 5:09 PM UAE And Japan Discuss The Latest Developments In The Comprehensive Strategic Partnership And Sign A Number Of Memorand…
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

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