Saudi-Japanese Business Forum Held in Riyadh
The Saudi-Japanese Joint Business Council convened in Riyadh, with the participation of Saudi Minister of Investment Khalid Al-Falih and Japanese Minister of Economy, Trade, and Industry Motoo Yuji. Over 80 representatives from both nations’ companies attended the meeting.
The Japanese delegation included members from companies and financial institutions with a focus on modern technologies for the Saudi market.
The discussions centered on enhancing investment partnerships across various economic sectors as part of the Saudi-Japanese Vision 2030 initiative.
Minister Al-Falih highlighted the role of the Saudi-Japanese Business Council and the Japan Cooperation Center for the Middle East in fostering bilateral ties. He emphasized the strategic importance of the Saudi-Japanese Vision 2030 in advancing their partnership.
Al-Falih also detailed Saudi Arabia’s investment incentives and noted expanded cooperation with Japan in sectors like renewable energy, automotive, biotechnology, and AI.
Japanese Minister Motoo Yuji underscored the importance of private sector engagement in strengthening trade relations and identified promising opportunities in industrial technology.
Walid Al-Arinaan, secretary-general of the Federation of Saudi Chambers, emphasized the evolution of Saudi-Japanese relations and the critical role of the Joint Business Council in economic development.
Tariq Al-Qahtani, Chairman of the Saudi-Japanese Business Council, encouraged Japanese firms to capitalize on Saudi incentives, highlighting intersections with Japan’s strengths in advanced industries and education.
Japan is now Saudi Arabia’s second-largest trading partner, with trade reaching $41.1 billion in 2023, reflecting a $28.4 billion surplus in favor of Saudi Arabia.
The Vision 2030 aims to bolster cooperation in infrastructure, energy, SMEs, healthcare, and entertainment, fostering significant economic agreements and initiatives.