Saudi Arabia, Japan ink 15 agreements to boost mutual investments

Saudi Minister of Investment Khalid Al-Falih

Saudi Japanese Investment Forum witnessed the exchange of 15 agreements between the two parties, Minister of Investment Khalid Al-Falih stated.

They included memorandums of understanding (MoUs) in the fields of artificial intelligence (AI), sports, finance, banking, polyester recycling, agriculture, food, industry, manufacturing, trade, energy, digitization, smart cities and personalization.

On the sidelines of the Saudi Japanese Investment Forum in Riyadh, Al-Falih added that the deals, signed yesterday, Dec. 25, in energy, hydrogen and ammonia, are aimed at establishing a long-term bilateral partnership.

These agreements enhance and boost mutual investments between the two countries and achieve the aspirations of the Kingdom's Vision 2030, which is in line with Japanese government’s strategic vision.

He pointed out that the existing transformation will continue and accelerate in the field of green and renewable energy, indicating that the Kingdom is determined to head this field, under Crown Prince Mohammed bin Salman’s directives.

Japan is one of the three largest investing countries in the Kingdom, having mega investments in Jubail factories as well as the electric appliances field, amongst other sectors, that exceed billions of dollars.

The cooperation between the two sides extends for more than 60 years, given that Japan is a friendly, pioneering developed nation, he highlighted.

Over the past decades, the Saudi-Japan relationship relied on mutual investments in energy and petrochemicals.

On the Kingdom's Vision 2030 launch, ties broadened to new qualitative fields that include advanced technologies. This came amid the Crown Prince's directives for the establishment of a joint committee to achieve the Kingdom's Vision 2030 through partnerships with Japan, particularly its private sector.

He said that Saudi Japanese Investment Forum, chaired by Japanese Minister of Economy, Trade and Industry Nishimura Yasutoshi, is the largest visit by a Japanese delegation. It welcomed 150 officials from the Japanese private sector.

The Global Supply Chain Resilience Initiative (GSCRI), launched by the Crown Prince in October, is in line with Japan’s needs to expand production. It will benefit from the Kingdom’s competitive edge, in terms of production cost, strategic location, availability of basic materials, as well as Saudi skilled manpower, which has proven its feasibility and competitiveness in many companies, including Japanese ones.