Saudi Arabia, Japan sign 6 MoUs

Three investment licenses were granted to Japanese companies and six Memoranda of Understanding (MoUs) were signed between the Kingdom and Japan on the sidelines of the Saudi-Japanese Business Forum here on Sunday.

These investments are in the financial, administrative, renewable energy, scientific and technological services, and industrial fields.

The Forum was jointly inaugurated by Minister of Commerce and Investment Majed Al-Qasabi, Minister of Energy, Industry and Mineral Resources Khlaed Al-Falih, SAGIA Governor Ibrahim Al-Omar, Japanese Minister of Economy, Trade, Industry and Energy Hiroshige Seko.

Qasabi said that the Kingdom has the most suitable environment for the Japanese business sector as Saudi Arabia provides all facilities and opportunities for expansion in the Mideast and African markets.

He said the two sides will review the accomplishments of the Saudi-Japanese Vision 2030.

Addressing the Forum, Falih said the Kingdom’s reliability in the production of energy has enabled it to meet 35%-40% of Japan’s energy requirement throughout the years.

SAGIA Governor Al-Omar said the volume of trade exchange between the Kingdom and Japan exceeded SR100 billion last year. There were 96 Japanese companies with an investment exceeding SR53 billion last year.

Earlier, talking to Saudi Gazette, Sultan Mofti, deputy governor for Investment Attraction and Development at Saudi Arabian General Investment Authority, said, “In today’s forum we wanted to introduce the Japanese companies to the great potential and possibilities for investment opportunities in our economy.”

The Kingdom’s Vision 2030 is about diversifying economic sources and moving to a non-oil dependent country. 

“The Kingdom is creating a diversified economy in a well-structured way with huge and promising opportunities,” he said.

Mofti added that the Kingdom is open for all investors.

The Japanese delegation taking part in the Forum consists of 60 business moguls and economic experts.

The investment opportunities cover several areas such as energy, electricity, infrastructure, logistics, health, entertainment, agriculture and food, and information technology.