The Saudi-Japan Vision 2030 Ministerial Roundtable meeting on Sunday convened in Riyadh, Saudi Arabia, with the participation of several officials and representatives from the public and private sectors of both countries, reported the Saudi Press Agency (SPA).
The meeting was co-chaired by the Saudi Minister of Investment, Khalid Al-Falih, and the Japanese Minister of Economy, Trade and Industry, Muto Yoji. It aimed to explore ways to strengthen the strategic partnership between Saudi Arabia and Japan across various economic fields.
During the meeting, both sides discussed the major achievements since the 7th ministerial meeting of the Saudi-Japan Vision 2030. Furthermore, it explored multiple areas of growing bilateral cooperation and promising investment opportunities across several vital sectors. These included clean energy, financial services, critical minerals, exclusive economic zones, health and biotechnology, water, Esports, and advanced industries.
The meeting saw the signing of 13 memoranda of understanding (MoUs): 4 among public and private sector entities and 9 among private sector companies from both countries. They covered the sectors of finance, healthcare, infrastructure, logistical services, and Esports, indicating the growing momentum in cooperation between Saudi Arabia and Japan.
The bilateral trade between the two countries increased from SAR 100bn in 2016 to SAR 153bn in 2023. During the same period, the number of Japanese companies investing in Saudi Arabia grew from 65 to 108 companies. Moreover, the number of Japanese companies that established regional HQ in the Kingdom has reached 18, emphasizing the growing confidence in Saudi Arabia’s business and investment environment.
In 2016, the Saudi Crown Prince and Prime Minister, Mohammed bin Salman, and the then Japanese Prime Minister, Shinzo Aby, launched the Saudi-Japan Vision 2030. It is a strategic initiative that aims to enhance bilateral cooperation across all sectors and solidify the partnership between Saudi Arabia and Japan.