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Saudi Arabia, Japan Sign Memorandum of Cooperation in Mining, Mineral Resources

The officials sign the memorandum of cooperation in Riyadh. (SPA)
The officials sign the memorandum of cooperation in Riyadh. (SPA)
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Saudi Arabia, Japan Sign Memorandum of Cooperation in Mining, Mineral Resources

The officials sign the memorandum of cooperation in Riyadh. (SPA)
The officials sign the memorandum of cooperation in Riyadh. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and Japanese Minister of Economy, Trade, and Industry Saito Ken signed on Monday a memorandum of cooperation between their respective ministries in mining and mineral resources at the ministry's headquarters in Riyadh.

The memorandum aims to bolster collaboration between both sides in the field of mining and mineral resources. This encompasses joint training programs to enhance human capital, exchanging professional visits and technical experts, and sharing experiences and information such as studies, policies, and regulations related to mining and mineral resources.

Additionally, the Japanese Ministry of Economy, Trade, and Industry intends to facilitate opportunities for joint investments in mining and mineral resources within Saudi Arabia or other third countries, in compliance with respective regulations, laws, and procedures.

The two ministers also witnessed the signing of a cooperation agreement between Manara Minerals Company and the Japan Organization for Metals and Energy Security (JOGMEC), an organization affiliated with the Japanese government. JOGMEC was established in 1967 and restructured in 2004 to ensure a stable supply of oil, natural gas, and mineral resources to meet Japan's energy and resource needs.

The memorandum aims to promote cooperative investments in mines and establish projects in third countries, with a particular focus on Africa and Latin America.

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UK Treasury Chief Heading to China to Revive Suspended Economic, Financial Talks

FILE PHOTO: Chancellor Rachel Reeves speaks to the media after a tour of Maidstone Hospital on December 10, 2024 in Maidstone, Britain. Dan Kitwood/Pool via REUTERS/File Photo
FILE PHOTO: Chancellor Rachel Reeves speaks to the media after a tour of Maidstone Hospital on December 10, 2024 in Maidstone, Britain. Dan Kitwood/Pool via REUTERS/File Photo
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UK Treasury Chief Heading to China to Revive Suspended Economic, Financial Talks

FILE PHOTO: Chancellor Rachel Reeves speaks to the media after a tour of Maidstone Hospital on December 10, 2024 in Maidstone, Britain. Dan Kitwood/Pool via REUTERS/File Photo
FILE PHOTO: Chancellor Rachel Reeves speaks to the media after a tour of Maidstone Hospital on December 10, 2024 in Maidstone, Britain. Dan Kitwood/Pool via REUTERS/File Photo

Britain's Treasury chief is travelling to China this weekend to discuss economic and financial cooperation between the countries, as the UK's Labour government seeks to reset strained ties with Beijing.
The Treasury said Friday that Rachel Reeves will travel to Beijing and Shanghai and will meet with her Chinese government counterpart, Vice Premier He Lifeng, Reuters reported.
Reeves' trip is expected to revive the China-UK Economic and Financial Dialogue — annual bilateral talks that have been suspended since 2019 due to the COVID-19 pandemic and deteriorating relations in recent years.
A series of spying allegations from both sides, China’s support for Russia in the Ukraine war and a crackdown on civil liberties in Hong Kong, a former British colony, have soured ties.
Bank of England Governor Andrew Bailey and the UK Financial Conduct Authority's chief executive, Nikhil Rathi, are also in the delegation, according to the Treasury. Representatives from some of Britain’s biggest financial services firms will join the trip.
Officials did not provide details, but media reports have said senior executives from HSBC Holdings and Standard Chartered were included.
Reeves' visit comes after Foreign Secretary David Lammy travelled to China in October and Prime Minister Keir Starmer met with Chinese President Xi Jinping on the sidelines of the G20 summit in Brazil in November.
The meetings form part of a bid by Starmer, who was elected as leader in July, to strengthen political and economic ties with China, the UK's fifth-largest trading partner.
Officials said Starmer wanted a “pragmatic” approach to working with Beijing on global stability, climate change and the transition to clean energy.
But some in the opposition Conservative Party have criticized his stance and said trade ties should not come at the expense of national security and human rights concerns.
British political leaders and intelligence chiefs have warned repeatedly of the security threats that China poses. Calls to tackle the challenge grew louder last month when it emerged that an alleged Chinese spy had cultivated close ties with Prince Andrew and carried out “covert and deceptive activity” for China's ruling Communist Party, according to officials.
Nevertheless, Lammy told reporters in London on Thursday that “there are many areas of trade that don’t impact on national security.”
He said Reeves “will repeat many of the messages that I took to China.”
“What we’ve said is in this complex relationship with a global superpower, we are guided by three Cs”: challenge, compete and cooperate, for example in areas including health and climate challenges, Lammy added.