Sheikh Khaled Bin Mohamed, Crown Prince of Abu Dhabi and chairman of the Abu Dhabi Executive Council, met with Takayuki Ueda, president and chief executive of Japanese energy company Inpex at the sidelines of Adipec on Tuesday as the two countries seek to boost energy ties.
They discussed energy security, clean energy transition and opportunities to accelerate the development of lower carbon energy solutions, the Abu Dhabi Media Office reported on Tuesday.
Inpex has been a partner of Abu Dhabi energy company Adnoc since 1973, and currently holds onshore and offshore concession agreements.
The Japanese company was also a founding partner in the ICE Futures Abu Dhabi (IFAD) commodities exchange, which launched in March 2021.
Japan, the world's fourth biggest importer of crude, has been looking to bolster its energy security by entering into long-term liquefied natural gas agreements and adding more renewable resources to its overall energy mix.
The two countries have also been strengthening bilateral ties across other sectors.
In July, the UAE and Japan signed 23 agreements and initial pacts during a forum aimed at bolstering economic, trade and investment ties between the two countries in the fields of energy, industry, advanced technology, artificial intelligence, space, health, transport, environmental conservation and circular economy.
Japan was the eighth largest global trade partner of the UAE in 2022 and the fourth largest among non-Arab Asian countries, the UAE's Ministry of Economy said on Tuesday.
Total trade between the two countries amounted to $51.7 billion last year, while non-oil trade exchange reached $14.7 billion, of which non-oil imports to the UAE were $12 billion.
In the first half of 2023, the two countries shared non-oil trade worth $7.4 billion, a rise of 4.2 per cent compared to the same period in 2022, with the UAE’s non-oil exports to Japan exceeding $718 million, the ministry said.
Imports from Japan to the UAE amounted to $6.3 billion in the first half of this year, while re-exports from the UAE to Japan reached $421 million.
Meanwhile, Japanese investment into the Emirates currently exceeds $3.3 billion, accounting for 3 per cent of total foreign direct investment inflows, and 13 per cent of investments from non-Arab Asian countries, the ministry said.
The UAE's investment in Japan stood at $1.2 billion at the end of 2022, which represents 42 per cent of total Mena region investment in Japan.