The Saudi Arabian General Investment Authority (SAGIA) granted three investment licenses for Japanese companies during the Saudi Arabia-Japan Business Forum. Six memorandums of understanding (MoU) were also signed at the event that brought together prominent public sector figures, businessmen, intellectuals and economists from Saudi Arabia and Japan.
Minister of Commerce and Investment Dr. Majed al-Qasabi, Governor of SAGIA, Engineer Ibrahim al-Omar and Japanese Minister of Economy, Trade and Industry Hiroshige Seko attended the event for granting the investment licenses.
Minister of Energy, Industry and Mineral Resources Engineer Khaled al-Faleh, Minister of Transport Engineer Nabil al-Amoudi, Princess Rima bint Bandar bin Sultan, undersecretary of the General Sports Authority and a number of Japanese officials attended the forum, entitled "Saudi-Japanese Vision 2030".
Qasabi affirmed that Saudi Arabia provides a suitable investment environment for Japanese businesses as the kingdom offers opportunities for expanding into the larger Middle East and Africa markets. He added that the two sides will review achievements of the Saudi-Japan Vision 2030.
For his part, Seko affirmed that Saudi Arabia will remain Japan’s primary oil supplier, lauding the quick constructive measures taken by Japan to reinforce cooperation with the kingdom. He added that the joint group of Saudi-Japan Vision 2030 established a team that would be directed and guided by high-ranking experts and officials from both sides.
Omar stressed that Saudi Vision 2030 seeks to create promising opportunities for investment and development, including raising the direct foreign investment rate to 5.7 percent of the GDP by 2030, in addition to increasing contributions of the private sector from 40 percent to 65 percent of the GDP.
He added that Saudi Arabia-Japan trade volume reached more than SAR100 billion (USD37.5 billion) last year, and the total number of Japanese companies investing in the kingdom was 96, with investments exceeding SAR53 billion (USD14.1 billion).