Saudi Press

Saudi Arabia and the world
Thursday, Feb 02, 2023

Saudi Arabia and Japan sign 15 investment agreements during bilateral forum 

Saudi Arabia and Japan sign 15 investment agreements during bilateral forum 

Saudi Arabia and Japan on Monday signed 15 strategic investment agreements spread across various industries during the Saudi Japan Investment Forum held in Riyadh, as both countries look to deepen business ties.  
The agreements were signed to drive investment in the sector of metals, marine, petrochemicals, and automotive among others, with around 99 Japanese companies investing in the Kingdom as both countries want a further boost in their economic relations. 

Speaking during the forum Saudi Minister of Investment Khalid Al-Falih said the two countries have bolstered their relationship with tremendous dedication as the Kingdom targets $3.3 trillion worth of investments with Japan by 2030. 

The minister added that Saudi Arabia will utilize its relationship with the east Asian country to build more than 500,000 electric cars annually by the end of the decade.

Moreover, the Kingdom aims to build five largest marine industry parks in the world in Ras Al-Khair, Al Falih said during the forum. 

He added that the Kingdom aims to become the world’s leading energy nation as the two countries intend to cooperate for a smoother energy transition. 

Al-Falih said Saudi Arabia aims to become a major hub for gaming and e-sports by 2030 with content that can be exported in the region and globally. 

One day before the forum, Saudi Arabia and Japan held a ministerial meeting in Riyadh, the Saudi Press Agency reported. 

Saudi Minister of Energy Prince Abdulaziz bin Salman, and Japan’s Minister of Economy, Trade and Industry Nishimura Yasutoshi, signed a memorandum of cooperation in the circular carbon economy and carbon recycling fields as well as hydrogen, fuel ammonia, and derivatives. 

Both ministers agreed to focus on emissions reduction rather than energy sources through the effective deployment of carbon recycling and a circular carbon economy. 

The dialogue also expressed the two countries’ ambitions to collaborate in the fields of petrochemicals to maximize integration across the value chain, SPA reported. 

The two sides also revealed their intentions to continue to collaborate in the energy sector with a focus on electricity, renewable energy, energy efficiency and innovation. 
Newsletter

Related Articles

Saudi Press
Close
0:00
0:00
WARNING GRAPHIC CONTENT - US Memphis Police murdering innocent Tyre Nichols
Almost 30% of professionals say they've tried ChatGPT at work
Interpol seeks woman who ran elaborate exam cheating scam in Singapore
What is ChatGPT?
Bill Gates is ‘very optimistic’ about the future: ‘Better to be born 20 years from now...than any time in the past’
Tesla reported record profits and record revenues for 2022
Germany confirms it will provide Ukraine with Leopard 2 tanks
Prince Andrew and Virginia Giuffre Photo Is Fake: Ghislaine Maxwell
Opinion | Israel’s Supreme Court Claims a Veto on Democracy
Moonwalker Buzz Aldrin Gets Married On His 93rd Birthday
Who’s Threatening Israeli Democracy?
Federal Reserve Probes Goldman’s Consumer Business
China's first population drop in six decades
Microsoft is finalising plans to become the latest technology giant to reduce its workforce during a global economic slowdown
Saudi FM discusses Kingdom’s economy, oil, Iran and US ties in Davos
Israelis rally in three cities against Netanyahu legal reforms
China's foreign ministry branch in Hong Kong urges British gov't to stop the biased and double standards Hong Kong report
Tesla slashes prices globally by as much as 20 percent
1.4 Million Copies Of Prince Harry's Memoir 'Spare' Sold On 1st Day In UK
After Failing To Pay Office Rent, Twitter May Sell User Names
Lisa Marie Presley, singer and daughter of Elvis, dies aged 54
FIFA president questioned by prosecutors
Britain's Sunak breaks silence and admits using private healthcare
Saudi Arabia plans to use domestic uranium for nuclear fuel
Mohammed Bin Salman chosen most influential Arab leader of 2022
Hype and backlash as Harry's memoir goes on sale. Unnamed royal source says prince 'kidnapped by cult of psychotherapy and Meghan'
United Arab Emirates says it will teach Holocaust in schools
Saudi Arabia set to overtake India as fastest-growing major economy this year 
International medical experts speak out against COVID-19 restrictions on China
Google and Facebook’s dominance in digital ads challenged by rapid ascent of Amazon and TikTok
FTX fraud investigators are digging deeper into Sam Bankman-Fried's inner circle – and reportedly have ex-engineer Nishad Singh in their sights
TikTok CEO Plans to Meet European Union Regulators
France has banned the online sale of paracetamol until February, citing ongoing supply issues
Japan reportedly to give families 1 million yen per child to move out of Tokyo
Saudi Arabia’s female ambassadors: Who are the five women representing the Kingdom?
Almubarak named ‘The Best Central Bank Governor of the Year 2023 for the Middle East’
Hong Kong property brokerages slash payrolls in choppy market
U.S. Moves to Seize Robinhood Shares, Silvergate Accounts Tied to FTX
Effect of EU sanctions on Moscow is ‘less than zero’ – Belgian MEP
Dubai announces $8.7 trillion economic plan to boost trade, investment and global hub status
Coinbase to Pay $100 Million in Settlement With New York Regulator
FTX assets worth $3.5bn held by Bahamas securities regulator
A Republican congressman-elect is under investigation in New York after he admitted he lied about his education and work experience.
Brazilian football legend Pele, arguably the greatest player ever, has died at the age of 82.
Hong Kong to scrap almost all its Covid rules
EU calls screening of travellers from China unjustified
US imposes Covid testing for visitors from China
Ukraine President Volodymyr Zelenskyy Addresses Joint Session of Congress - FULL SPEECH
Where is Rishi? Chancellor Jeremy Hunt's excuses about the UK's economic challenges just don't make sense
Former FTX CEO Bankman-Fried finally arrested in Bahamas after U.S. files charges
×