In a significant move to enhance mutual interests in the mining sector, Saudi Arabia and Japan have formalized a cooperative agreement. Saudi Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, and his Japanese counterpart, Minister of Economy, Trade, and Industry, Saito Ken, have inked a memorandum of understanding (MoU) at the Saudi ministry’s headquarters in Riyadh.
The MoU is designed to fortify the partnership between the two nations in the realm of mining and mineral resources. It encompasses a variety of collaborative initiatives, including joint training programs aimed at human capital development, the exchange of technical visits and specialists, as well as the sharing of valuable insights such as studies and best practices related to the mining sector.
Integral to this agreement is the Japanese Ministry’s commitment to fostering joint investment opportunities within the mining and mineral resources sectors in Saudi Arabia and potentially in other countries, adhering to the existing laws and regulations.
A simultaneous agreement was also signed between Manara Minerals Company and the Japan Organization for Metals and Energy Security (JOGMEC). JOGMEC, which operates under the Japanese government, plays a pivotal role in securing a consistent supply of essential resources for Japan, such as oil, natural gas, and minerals, since its establishment in 1967 and subsequent restructuring in 2004.
This memorandum not only aims to promote investment collaboration in mining ventures but also to initiate projects in third-party nations, with a strategic focus on regions like Africa and Latin America.