Japan Looks Forward to Launching Joint Int’l Investments with Saudi Arabia

Saudi Arabia and Japan embarked on a journey to establish joint investments spanning multiple nations, aimed at optimizing supply chains within the mining sector over the next two years.

A high-ranking Japanese official stressed the importance of Saudi Arabia as Japan's most significant strategic partner.

Japan's Minister of Economy, Trade, and Industry, Saito Ken, announced the positive outcomes of the Saudi-Japanese Investment Forum 2023, which recently concluded its work in Riyadh.

In an exclusive interview with Asharq Al-Awsat, Saito noted that the Saudi Minister of Investment, Khalid al-Falih, unequivocally affirmed that Japanese companies enjoy distinct competitive advantages when investing in significant projects within Saudi Arabia.

Saito described Saudi Arabia as a strategic partner for developing industries in the Kingdom.

He highlighted that his delegation comprised Japanese enterprises spanning various vital sectors.

- Strategic partnership

The Minister noted that Saudi Arabia's strategic geographic location as a significant hub linking Asia, Africa, and Europe is an advantage that can be harnessed to maximize strategic bilateral cooperation.

He indicated great opportunities to maximize mining cooperation and launch collaborative investments in several countries.

He said that Japan seeks to increase its partnership with the Kingdom in these areas and share its ambitions, adding that Tokyo is eager to explore Saudi investment opportunities for Japanese companies, especially in mining development in the Kingdom.

The Japanese Minister expressed great aspirations for bolstering joint bilateral investment cooperation in a third-party country.

The establishment of Manara Minerals Company in January was a significant development, as it is the entity primarily responsible for executing mining investments in foreign countries.

- Joint projects

Saito referred to the cooperation agreement between Manara Minerals Company and the Japan Organization for Metals and Energy Security (JOGMEC), which is affiliated with the Japanese government.

The memorandum aims to promote cooperative mining investments and establish projects in third countries, focusing on Africa and Latin America.

The Japanese Minister told Asharq Al-Awsat that Tokyo intends to establish new joint projects in third-party nations, starting with African countries, fortifying supply chains.

He aimed to enhance the Japanese-Saudi global partnership to reduce carbon emissions.

- Vital Japanese-Saudi discussions

According to Saito, the meetings in Saudi Arabia addressed the possibility of cooperation in the relevant sectors, considering both nations' substantial economic and industrial development prospects.

He also noted the firm desire to deepen relations and enhance bilateral collaboration aligned with the Japanese-Saudi Vision 2030, addressing numerous areas necessitating development as part of a plan to diversify industries.

Saudi Minister of Industry and Mineral Resources Bandar al-Khorayef and Saito signed a memorandum of cooperation between their ministries in mining and mineral resources at the ministry's headquarters in Riyadh.

- Trade and investment

Regarding bilateral cooperation in trade and investment, Saito disclosed that trade exchange in 2022 reached about $435 billion, indicating that Saudi Arabia is Japan's number one exporter of crude oil on a global scale.

Asharq Al-Awsat asked the Minister about investment cooperation, and he stressed Japan's intent to bolster industrial collaboration in both countries, referring to their great potential and efforts to advance qualitative joint investments in a third-party country.

- New Japanese ventures in the Saudi market

The Japanese Minister asserted that new businesses beyond banking, commerce, and energy enterprises, are poised to engage in investment and collaboration with their Saudi counterparts.

He explained that new industries, such as medicine, promising sectors, and space development, will be included in agreements.

Saudi Arabia and Japan signed 14 agreements and memorandums of understanding to enhance cooperation across various fields, including the last three domains above.

Saito concluded that Japan is looking forward to these current opportunities, anticipating them as the gateway to broader possibilities for deepening the joint strategic efforts between the two nations. This, in turn, aspires to contribute to the realization of the Kingdom's objectives through Japanese technology and expertise.

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.

Japan Looks Forward to Launching Joint Int’l Investments with Saudi Arabia