In a bid to expand bilateral ties, Saudi Arabia and Japan recently hosted a roundtable meeting to explore avenues for strengthening the strategic partnership between the two friendly nations across diverse economic sectors.
The meeting was headed by Minister of Investment Khalid Al-Falih and Japan’s Minister of Economy, Trade and Industry Muto Yoji. It brought together several ministers, CEOs of major Saudi and Japanese companies, and representatives from both countries’ public and private sectors.
13 agreements in key sectors
The meeting reviewed the significant achievements made since the seventh ministerial meeting within the Saudi-Japanese Vision 2030. It also explored numerous areas of growing cooperation and identified promising investment opportunities in vital sectors such as clean energy, financial services, critical minerals, special economic zones, health and biotechnology, water, e-sports, advanced and electronic industries, and more.
A significant outcome of Saudi Arabia and Japan’s meeting was the signing of 13 memoranda of understanding, demonstrating the growing momentum in bilateral cooperation. These agreements, covering healthcare, infrastructure, and logistics sectors, were signed between government and private sector entities and amongst private sector companies from both countries.
One of the most notable deals was between the Saudi Investment Promotion Authority and Japan’s Mizuho Bank to enhance investment opportunities between the Kingdom and Japan. The agreement aims to leverage the authority’s expertise and resources to provide comprehensive support to Japanese companies looking to invest in the Kingdom or form partnerships with Saudi businesses.
It also aligns with the objectives of the Kingdom’s Vision 2030, which focuses on diversifying the national economy by attracting foreign investments, fostering economic partnerships with global companies, strengthening bilateral investment ties, establishing long-term collaborations, and creating new opportunities for cooperation in investment and economic sectors.
Saudi-Japanese cooperation expands
Saudi Arabia and Japan’s roundtable came during the Joint Business Council Meeting which convened in Riyadh over the weekend. The meeting saw attendance from over 80 representatives of companies and entities from both nations. The Japanese delegation included representatives from industrial and commercial companies, as well as financial institutions focusing on modern technologies with an interest in the Saudi market.
During the meeting, Al-Falih emphasized the critical role of the Joint Business Council and the Japan Cooperation Center for the Middle East in strengthening bilateral relations and advancing economic cooperation. He highlighted the Saudi-Japan Vision 2030 as a cornerstone of the strategic partnership between the two nations.
In addition, he highlighted that Saudi Arabia and Japan’s cooperation has expanded to include non-traditional sectors such as renewable energy, the automotive industry, biotechnology, financial services, artificial intelligence, healthcare, water and electronic games.
Read: Saudi Arabia’s re-exports grow 23 percent to $16.23 billion in 2024
Bilateral trade hits $41 billion
For his part, Chairman of the Joint Business Council Tariq Al-Qahtani urged Japanese companies to take advantage of the incentives offered by the Kingdom. He highlighted Saudi Arabia’s strategy, which aligns with Japan’s competitive advantages in areas such as heavy and advanced industries, electronic chip manufacturing, electronic games, and education.
Al-Qahtani also noted that the volume of trade exchange between the two countries has reached $41 billion.
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