Saudi Arabia and Japan sign 15 investment agreements during bilateral forum
Saudi Arabia and Japan on Monday signed 15 strategic investment agreements spread across various industries during the Saudi Japan Investment Forum held in Riyadh, as both countries look to deepen business ties.
The agreements were signed to drive investment in the sector of metals, marine, petrochemicals, and automotive among others, with around 99 Japanese companies investing in the Kingdom as both countries want a further boost in their economic relations.
Speaking during the forum Saudi Minister of Investment Khalid Al-Falih said the two countries have bolstered their relationship with tremendous dedication as the Kingdom targets $3.3 trillion worth of investments with Japan by 2030.
The minister added that Saudi Arabia will utilize its relationship with the east Asian country to build more than 500,000 electric cars annually by the end of the decade.
Moreover, the Kingdom aims to build five largest marine industry parks in the world in Ras Al-Khair, Al Falih said during the forum.
He added that the Kingdom aims to become the world’s leading energy nation as the two countries intend to cooperate for a smoother energy transition.
Al-Falih said Saudi Arabia aims to become a major hub for gaming and e-sports by 2030 with content that can be exported in the region and globally.
One day before the forum, Saudi Arabia and Japan held a ministerial meeting in Riyadh, the Saudi Press Agency reported.
Saudi Minister of Energy Prince Abdulaziz bin Salman, and Japan’s Minister of Economy, Trade and Industry Nishimura Yasutoshi, signed a memorandum of cooperation in the circular carbon economy and carbon recycling fields as well as hydrogen, fuel ammonia, and derivatives.
Both ministers agreed to focus on emissions reduction rather than energy sources through the effective deployment of carbon recycling and a circular carbon economy.
The dialogue also expressed the two countries’ ambitions to collaborate in the fields of petrochemicals to maximize integration across the value chain, SPA reported.
The two sides also revealed their intentions to continue to collaborate in the energy sector with a focus on electricity, renewable energy, energy efficiency and innovation.