Al-Falih says 99 Japanese firms invest in Saudi Arabia

Khalid Al-Falih, Minister of Investment

As many as 99 Japanese companies currently invest in various sectors in Saudi Arabia, Khalid Al-Falih, Minister of Investment, told the Saudi-Japanese Investment Forum.

He added that the Kingdom targets $3.3 trillion investments with Japan by 2030.

The two countries focus on several sectors, including energy, and they intend to cooperate in energy transition, the minister said. He indicated that investments were focused on oil and petrochemicals over the past seven decades, and both sides currently target new sources of energy.

The second priority for the Kingdom is manufacturing, as there are at least four areas of cooperation between Saudi Arabia and Japan, including minerals, marine industries, petrochemicals, automotive industry, advanced manufacturing, and the flexibility of global supply chain.

The Kingdom has a competitive advantage due to its strategic location, in addition to the low costs of energy and raw materials, as well as the global supply chain initiative, Al-Falih said.

The automobile industry targets more than 500,000 electric vehicles (EVs) annually by 2030, the minister said, adding that two out of three companies are ready to launch.

He indicated that the Kingdom plans to offer a minimum of 500,000 EVs annually, which reflects the huge potential of Japanese companies to invest in the Kingdom.

Saudi Arabia aims to become a major hub for games and e-sports by 2030, with content that can be exported regionally and globally.