Saudi Gazette report

TOKYO — The Saudi-Japan Vision 2030 Business Forum, held here on Wednesday, focused on investment opportunities being created in tourism and entertainment, as well as key reforms under way to support continued growth in these sectors.

Addressing the Forum, Minister of Commerce and Investment Majed Al-Qasabi, said Japan is one of Saudi Arabia’s most important economic partners, and businesses from across our countries have a strong track record of working together.

“Today’s forum reflects the success and strength of this enduring partnership,” he said.

The forum, organized by Saudi Arabian General Investment Authority (SAGIA), in partnership with the Japan External Trade Organization (JETRO), brought together more than 300 delegates, including high-ranking government officials, investors and business leaders from both countries for a series of open discussions, workshops and high-level meetings, the Saudi Press Agency (SPA) reported.

Al-Qasabi said Saudi Arabia and Japan established the Saudi-Japanese Vision 2030 two years ago with the objective of driving and facilitating continued private sector involvement by establishing joint-ventures between entities across the two countries.

“We believe that the future prosperity of the Kingdom depends on fostering even closer ties with our strategic partners across the globe, and we look forward to welcoming these companies as they take part in the historic transformation of our economy,” he stated.

Japan is the Kingdom’s third largest trading partner, with a turnover of more than $ 38 billion and a growth rate of 20 percent in 2018 compared to the previous year.

Since the launch of the Kingdom’s Vision 2030 in April 2016, the Kingdom has achieved a large number of reforms of 62 percent, including full ownership of foreign investment, with an integrated infrastructure and advanced legal rights and greater protection for foreign investors.

There have been exchanges of several memoranda of understanding (MoU) between the two countries on the sidelines of the forum. These include University of Tokyo and King Fahd University of Petroleum and Minerals (KFUPM) for academic exchange for research in renewable energy and petrochemicals; Kyoto University Institute for Advance Study (KUIAS) and King Abdullah University for Science and Technology (KAUST) for the promotion of the exchange of scientific materials, publications, and information and exchange of faculty members and researchers, students and joint research; and University of Tokyo and KAUST for collaboration on the research and the next generation of organic and soft electronics and efficient generation of hydrogen.

The MoUs also include those between Japan Patent Office (JPO) and Saudi Authority for Intellectual Property (SAIP) to promote the exchange of data and best practices in the field of intellectual property protection including trademarks and patents; Sumitomo Mitsui Banking Corporation and SAGIA to enhance investment opportunities between Japan and Saudi Arabia.

Other MoUs were between Mitsubishi UFJ Financial Group and SAGIA framework for cooperation to enhance investment from Japan to the Kingdom; Toyobo and Saline Water Conversion Corporation and Arabian Japanese Membrane Company to develop innovative membrane technologies and manage disposed brine water generated from seawater desalination plants for environmental sustainability; and Sojitz Corporation and AIZAWA Concrete Corporation and Al Saedan for Development to explore opportunities and utilize 3D printing technology and local materials for housing construction.

There were also exchanges of MoU between Cyberdyne Group and Abdul Latif Jameel Investments to collaborate and enhance Cybernic treatment and contribute to the social development of the Kingdom; Saudi-Japan Vision Office Riyadh (VRO) and National Industrial Development and Logistics Program (NIDLP) to expand collaboration and enable investments in the field of industry, mining, energy and logistics; TBM and SABIC to build a circular economy using LIMEX; Ministry of Economy, Trade and Industry (METI) and the National Industrial Clusters Development Program (NICDP) and the Technical and Vocational Training Corporation and Saudi-Japanese Automobile High Institute to provide support and training for human capacity development for Saudi youth in the automotive sector.

These investments come alongside a broad series of economic reforms, which are enabling rapid growth in foreign investment in Saudi Arabia. In fact, the total number of foreign investor licenses issued in the first half of 2019 was more than double the number issued the same period a year before.