The capital city of Riyadh today witnessed a joint meeting of the Saudi-Japanese Business Council, attended by Saudi Investment Minister Khalid Al-Falih and Japanese Economy Minister Motoo Yogi, along with 80 companies and financial institutions from both countries. The meeting discussed prospects for enhancing investment cooperation in promising sectors, including renewable energy and modern technologies.
Saudi-Japanese Vision 2030: A New Beginning
Participants reviewed opportunities for cooperation under the Saudi-Japanese Vision 2030, which focuses on infrastructure, competitive industries, and renewable energy. The Investment Minister praised the pivotal role of the vision in achieving a strategic partnership, highlighting the attractive investment incentives offered by the Kingdom to Japanese companies.
Competitive Advantages Driving Investment
Tariq Al-Qahtani, Chairman of the Saudi-Japanese Business Council, emphasized the importance of leveraging the advantages provided by the Kingdom. He pointed to the alignment of Saudi Arabia’s strategy with Japan’s capabilities in advanced industries, such as electronic chips and video games, noting the bilateral trade exchange of $41 billion.
Economic Partnership: A Rich History and Promising Future
Japan is Saudi Arabia’s second-largest trading partner, with Saudi exports reaching 34.7billion∗∗in∗∗2023∗∗,comparedtoimportsof∗∗6.3 billion. Walid Al-Areenan, Secretary-General of the Saudi Chambers of Commerce, stressed the importance of bilateral cooperation in developing new sectors such as artificial intelligence and financial services.
Ambitious Plans and Shared Vision
The Saudi-Japanese Vision 2030 focuses on supporting small and medium enterprises (SMEs), developing the media and entertainment sectors, and enhancing joint investments. The Kingdom continues to offer incentives to Japanese investors to leverage its economic potential, reinforcing its position as a global hub for investments.