ABU DHABI, April 30 (Reuters) - The United Arab Emirates and Japan will be signing an investment protection treaty on Monday, the Japanese prime minister said, a move that will boost investment flows into both countries.
Shinzo Abe, on his third visit to the UAE, is leading some 27 Japanese companies to strengthen bilateral cooperation between the two countries.
“The Japanese government will provide further support by the signing of the investment treaty today”, Abe told a gathering at the UAE-Japan forum in Abu Dhabi.
Japan’s Inpex Corp has renewed an offshore concession in Abu Dhabi, he said, adding that bilateral relationship in the energy sector has been strengthened.
Japan and the UAE are also bolstering ties in areas such as space development, infrastructure, education and culture, he said.
The investment protection treaty between the two countries will encourage more investment flows to the UAE as well as into Japan, said Abdullah al Saleh, under secretary for foreign trade affairs in the UAE ministry of economy.
Non-oil trade between Japan and the UAE touched $15 billion in 2017, up 8.4 percent over the previous year, Sultan Saeed al Mansouri, UAE economy minister said, at the forum.
Japan’s investment in the UAE stood at 14.3 billion dirhams ($3.9 billion), he said, adding there were “lots of opportunities and possibilities to develop our economic cooperation”. (Reporting by Stanley Carvalho Editing by Alison Williams)