Prime Highlight
- Saudi Arabia and Japan signed 12 memorandums of understanding to expand cooperation across key sectors, including technology, energy, finance, and agriculture.
- The agreements reflect a shared commitment to long-term economic growth and stronger bilateral relations under the Saudi-Japanese Vision 2030.
Key Facts
- The Saudi-Japanese Ministerial Investment Forum was held under the Invest in Saudi Arabia platform to boost trade, investment, and joint projects.
- Saudi Arabia remains a reliable energy partner for Japan, with cooperation now expanding into clean energy and advanced technologies.
Background:
The Saudi-Japanese Ministerial Investment Forum was a milestone in enhancing the relations between Saudi Arabia and Japan; 12 memorandums of understanding were signed in such spheres as space, finance, agriculture, technology, and energy. Such agreements indicate the increasing economic cooperation and common interest in long-term cooperation.
Saudi Arabia has been a significant source of crude oil to Japan, and this has helped Japan to sustain its energy requirements through its consistent supply of the energy source. This partnership is now expanding to include clean energy and new technologies, as both countries look toward a more sustainable future.
The forum also encouraged greater involvement from the private sector. Business leaders and officials discussed ways to support joint ventures and increase cooperation in growing industries.
The event was attended by Prince Faisal bin Bandar bin Sultan, president of the Saudi Esports Federation, Minister of Investment Khalid bin Abdulaziz Al-Falih, and Minister of Communications and Information Technology Abdullah bin Amer Al-Swaha. Japan was represented by Minister of Economy, Trade and Industry Ryosei Akazawa, along with government officials and executives from leading companies.
Speaking to Al-Ekhbariya, Al-Falih noted that Japan is Saudi Arabia’s third-largest trading partner and among its top investors, with investments exceeding SR25 billion. He said Saudi Arabia aims to increase trade with Japan and attract more Japanese investment, especially in Vision 2030 sectors such as technology, gaming, electronics, digital content, and renewable energy.
Al-Falih also noted that Saudi Arabia was the first country to export carbon-free ammonia to Japan and said the Kingdom is preparing to start exporting green hydrogen, marking a new stage in clean energy cooperation between the two countries.
