HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince, and Prime Minister of the Council of Ministers of the Kingdom of Saudi Arabia, and Kishida Fumio, Prime Minister of Japan, held a bilateral meeting on July 16, 2023, in Jeddah, where they decided to establish the KSA-Japan Lighthouse Initiative for Clean Energy Cooperation.
The initiative aims to showcase Saudi Arabia and Japan’s leadership in clean energy projects and sustainable advanced materials, as well as ensure the resiliency of the supply chain to ensure sustainable and secure supplies. This initiative supports Saudi Arabia’s ongoing efforts to become a hub for clean energy, mineral resources, and energy component supply chains.
The partnership will develop Lighthouse projects to guide the transition to clean energy, focusing on areas such as hydrogen and ammonia, e-fuel, Circular Carbon Economy/Carbon Recycling, Direct Air Capture, critical minerals required for the energy sector and supply chain resilience, sustainable advanced materials, and research and knowledge exchange.
To enable the Lighthouse Initiative, both countries will collaborate in clean energy and mineral resources supply chains, combining their advantages, ambitions, and leading companies and institutions to expand the market of clean energy, lower its cost, and make supply chains more resilient.
Moving forward, both sides will work together to develop the initiative’s work plan, identify additional participants, and reach out to global and regional partners to join the initiative.
Saudi Arabia and Japan Sign 26 MoUs and Investment Agreements
Also on the sidelines of the Japanese Prime Minister’s visit, a Saudi-Japanese roundtable meeting was held in Jeddah and witnessed the announcement of 26 MoUs and investment agreements between the two sides.
The meeting was attended by the Japanese Prime Minister, and the Saudi Minister of Investment Khalid bin Abdulaziz Al-Falih, in addition to representatives of the Japanese government and over 44 leading Japanese companies.
The meeting reviewed and studied opportunities to enhance investment partnerships between the two countries in a wide range of sectors, including clean energy, clean chemicals, mining, healthcare, and digital technologies.
The Saudi Minister emphasized that the strategic relations between the Kingdom and Japan are of vital importance, not only to the region but also on a global scale. Al-Falih indicated that the meeting between HRH the Crown Prince and the Prime Minister of Japan during his visit to the Kingdom represents an important turning point that confirms a new era of development and growth for these relations.
Moreover, he considered the roundtable meeting a unique opportunity to review and discuss mutual investment opportunities and strengthen the close relationship between Saudi Arabia and Japan.
The Japanese Prime Minister expressed his appreciation for the attendees and participants in the roundtable meeting, adding that it will work to expand and develop economic relations between the two countries. The Japanese Prime Minister also affirmed that Saudi Arabia is an important strategic partner for Japan in energy security and expressed his happiness for the diversity of this partnership in several areas under the Saudi-Japanese Vision 2030, which was agreed upon during the visit of HRH the Crown Prince to Japan in 2016.
The signed MoUs and investment agreements covered many priority sectors, including healthcare, entertainment, culture, traditional energy, green energy, chemicals, manufacturing, machinery and equipment, financial activities, technology, agriculture, environment, and real estate.
On the other hand, the Japanese delegation visited the King Abdullah University of Science and Technology (KAUST) as part of efforts to explore opportunities for cooperation in the field of research and development. They also visited the historic district in Jeddah to learn about some aspects of the Kingdom’s heritage and culture.
