RIYADH: Saudi Arabia and Japan have strengthened bilateral relations by finalizing 14 agreements across multiple sectors.
At the Saudi-Japan Investment Forum held in Riyadh on December 26, several memoranda of understanding were signed between government agencies and private companies from both countries, and important project announcements were made.
The agreement addressed areas of cooperation in the financial, health, water and energy sectors, among others.
The Ministry of Investment has signed several deals, including a memorandum of understanding with Japanese technology company EIZO Corp.
Both parties mutually agreed to utilize EIZO’s product solutions to support the ministry’s business activities and contribute to the expansion of the Kingdom’s economy.
Furthermore, we concluded an agreement to strengthen collaboration with Mitsubishi UFJ Financial Group Bank.
This came as Investment Minister Khalid al-Falih, speaking at a forum, said the Saudi megaproject and its stock exchange Tadawul had plenty of room for future investments for Japanese banks.
“Japanese banks currently manage over $20 trillion in assets, so we know there are huge financial resources in this area,” he said.
He added: “This (giga project) will therefore increase the demand for domestic borrowing in Saudi Arabia, amounting to more than $1.5 trillion. Japanese banks and asset management companies will continue to take advantage of this borrowing. I am confident that it will contribute to demand.” ”
The forum also saw the signing of a memorandum of understanding between the National Water Company and Japan’s Fuji Clean Company, a world leader in wastewater treatment system manufacturing, to localize treatment technology in Saudi Arabia. It was also confirmed that several agreements and letters of cooperation had been exchanged in the water sector. Arabia.
An additional Memorandum of Understanding has been signed between Olayan Financing Co. and DG TAKANO Co. in the water sector, “creating strategic, commercial and investment partnership opportunities in the Saudi market by leveraging the unique strengths of both parties.” The aim is to identify and pursue the following: The ministry announced this.
“The parties have also agreed on terms for the trial of DG TAKANO’s products in major Olayan-owned facilities, including hotels, complexes, restaurants and mosques,” the release added.
Additionally, the parties may continue their partnership by forming joint ventures or agreeing to additional commercial agreements.
According to the release, the parties are also collaborating on a new large-scale project aimed at conserving and fully reusing water to meet the needs of local agriculture.
In the energy sector, Saudi Arabia is expected to invest “more than $600 billion in the petrochemical sector alone by 2030,” the investment minister said.
In this way, the two countries’ organizations in the energy sector, including a memorandum of understanding between Saudi Arabia’s Aramco Ventures and Japan’s New Energy and Industrial Technology Development Organization, to explore cooperation in energy and environment-related technology and innovation. Several agreements were signed.
The ministry’s release added that the memorandum is expected to facilitate the exchange of information in related fields, the holding of workshops, and opportunities for interaction between Japanese startups and Aramco Ventures.