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 underway to support continued growth in tourism, entertainment, innovation, productivity, and industrial technology sectors.
Saudi Minister of Commerce and Investment Dr. Majid al-Qasabi stressed that the kingdom is keen to enhance the business environment and stimulate the private sector, noting that 13 programs were launched to achieve the vision’s goals.
Further, more than 300 economic reforms were determined.
During the forum organized by Saudi Arabian General Investment Authority (SAGIA) and Japan External Trade Organization (JETRO), Qasabi said that 62 percent of the reform program was accomplished.
The forum seeks to reinforce bilateral ties between the two fraternal countries, he stressed.
The reforms include developing and issuing new legislative laws and regulations such as full ownership of foreign investment, in addition to facilitating procedures and the investor’s journey through adopting quicker and less complex steps to register businesses.
SAGIA's Deputy Governor for Investment Attraction and Development Sultan Mofti said that the joint vision is a method to reinforce strategic partnership between Japan and Saudi Arabia.
The forum is an ideal platform to discuss bigger opportunities of cooperation with Japanese investors in the public and private sectors, he pointed.
Mofti noted that the two countries seek sustainable bilateral cooperation in a way that serves the economy, adding that the signed memorandums in the forum included several activities on top of them the academic cooperation.
The forum also encompassed panel discussions on tourism, entertainment, innovation, and productivity with the participation of high-rank government officials and executive managers from the Saudi and Japanese sides such as the Saudi Industrial Development Fund, General Authority for Entertainment, Royal Commission for Al-Ula and the National Digital Transformation Unit.
High-rank Saudi and Japanese delegations took part in the forum, including Saudi Minister of Economy and Planning Mohammad al-Tuwaijri, Economy, Trade and Industry Minister Isshu Sugawara and more than 300 participants from both countries.
Japan is the Kingdom’s third-largest trading partner, with a turnover of more than USD38 billion and a growth rate of 20 percent in 2018 compared to the previous year.