RIYADH — The Saudi-Japanese Joint Business Council met in Riyadh on Sunday in the presence of Minister of Investment Khalid Al-Falih and Japanese Minister of Economy, Trade and Industry Motoo Yuji. More than 80 representatives of entities and companies from the two countries participated in the meeting. The Japanese delegation included representatives from industrial and commercial companies and financial institutions that focus on modern technologies directed at the Saudi market. During the meeting, opportunities to enhance investment partnerships between the two countries in a wide range of economic sectors targeted by the Saudi-Japanese Vision 2030 were reviewed and studied. The Minister of Investment noted the role of the Saudi-Japanese Business Council and the Japan Cooperation Center for the Middle East in strengthening bilateral relations and advancing economic cooperation, and the role played by the Saudi-Japanese Vision 2030 as a major driver of the strategic partnership between the two countries. Reviewing the attractive investment incentives in Saudi Arabia., Al-Falih explained that cooperation between the Kingdom and Japan has expanded to include non-traditional sectors such as renewable energy, automotive industry, biotechnology, financial services, artificial intelligence, health, water, and electronic games. The Japanese Minister stressed the importance of the participation of the private sector from the two countries in bilateral meetings and its role in supporting trade and economic relations. He noted the promising prospects for the Saudi-Japanese partnership in the sectors of the shared vision, especially industry and industrial technology. The secretary-general of the Federation of Saudi Chambers, Walid Al-Arinaan, stressed that relations between Saudi Arabia and Japan are characterized by the development of cooperation in various fields The joint vision represents the most important step in strengthening the strategic partnership, he said, noting the role of the Joint Business Council as a fundamental pillar in developing economic relations between Saudi Arabia and Japan. The Chairman of the Saudi-Japanese Business Council, Tariq Al-Qahtani, called on Japanese companies to benefit from the incentives offered by Saudi Arabia, saying the strategy intersects with Japan's competitive advantages in such areas as heavy and advanced industries, manufacture of electronic chips, electronic games, and education. The meeting is being held at a time when Japan has become Saudi Arabia's second biggest trading partner, with the volume of trade exchange reaching $41.1 billion in 2023. Saudi Arabia's exports to Japan amounted to $34.7 billion, while its imports amounted to $6.3 billion, with a trade balance surplus of $28.4 billion in favor of Saudi Arabia. The Saudi-Japanese Vision 2030 aims to develop cooperation in sectors such as infrastructure, competitive industries, energy and investment, small and medium enterprises, medical care, media, and entertainment, and forge many important economic agreements and initiatives.
