Saudi-Japanese Business Council Meeting in Riyadh
The Saudi-Japanese Joint Business Council convened in Riyadh with the participation of over 80 representatives from both nations. Key figures included Saudi Arabia’s Minister of Investment, Khalid Al-Falih, and Japan’s Minister of Economy, Trade and Industry, Motoo Yuji.
The Japanese delegation was comprised of professionals from various sectors, focusing on modern technologies aimed at the Saudi market. Discussions centered around enhancing investment partnerships under the Saudi-Japanese Vision 2030.
Minister Al-Falih highlighted the role of the council and the Japan Cooperation Center for the Middle East in bolstering bilateral ties. He emphasized the expansion of cooperation into non-traditional sectors such as renewable energy, biotechnology, and artificial intelligence.
Japanese Minister Motoo Yuji underscored the significance of private sector involvement in strengthening trade and economic relations, particularly in industrial technology.
Walid Al-Arinaan, secretary-general of the Federation of Saudi Chambers, noted that the joint vision is pivotal in fortifying the strategic partnership between the two countries.
Tariq Al-Qahtani, Chairman of the Saudi-Japanese Business Council, encouraged Japanese firms to leverage Saudi incentives, highlighting areas like advanced industries and electronics.
Japan is currently Saudi Arabia’s second-largest trading partner, with trade reaching $41.1 billion in 2023. Saudi exports to Japan were valued at $34.7 billion, resulting in a trade surplus of $28.4 billion.
The Saudi-Japanese Vision 2030 aims to enhance cooperation in sectors such as infrastructure, energy, and entertainment, fostering crucial economic agreements and initiatives.