Mashreqbank's Japan Desk, launched last year, is helping to boost trade between the United Arab Emirates (UAE) and Japan, which surged in the first three-quarter of 2003 by over 30 percent.
"Our customer feedback, from both local customers in the UAE and their counterparts in Japan, is excellent," said Head of Commercial Banking Group for Mashreqbank, Omar Bouhadiba. "The majority of the growth is from companies involved in automobiles, electronics and consumer goods, engineering and the construction sector, which has never been busier," said Bouhadiba.
According to statistics from the Japan External Trade Organization (JETRO) trade between the UAE and Japan surged 30.37 percent to over $13.3 million during the first nine months of 2003. Imports from Japan grew by 22.5 percent to $2,574 million while exports rose by 32.4 percent to $10,769 million.
JETRO attributes the surge in trade to a combined increase in the value of Japan's imports of mineral fuels from the UAE and the value of exports of manufactured products. Among the exports, transport equipment, including passenger cars, rose by nearly 22 percent to reach $1,139 million.
The Mizuho-Mashreq Japan Desk provides services to customers to facilitate increased trade and support business dealings between the UAE and Japan. The Desk also interfaces with Mashreqbank's Foreign Trade Centre and advanced electronic processing of trade-related foreign exchange operations.
In addition to serving the local market, Dubai is the leading trading and re-export hub for the Gulf region which is also experiencing a surge in trade with Japan. To the end of September 2003, total Gulf Cooperation Council (GCC) imports from Japan stood at $7.22 billion and exports at $31.97 billion. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
