- Forum organized ahead of the upcoming G20 Summit in Osaka, Japan
- SAGIA highlights opportunities for Japanese investors being created by Saudi Vision 2030, along with ongoing reform program to enable easier market access
Tokyo, Japan; 17 June 2019: The Saudi Arabian General Investment Authority (SAGIA) welcomed leading government representatives and investors to the Saudi-Japan Vision 2030 Business Forum, held in Tokyo today. Hosted in partnership with the Japan External Trade Organization (JETRO), the Saudi-Japan Vision 2030 Business Forum focused on investment opportunities being created in multiple strategic sectors in Saudi Arabia, including energy, infrastructure, and logistics entertainment, as well as key reforms underway to enable easier market access for foreign companies.
Speaking at the Forum, His Excellency Mohammed Al Tuwaijri, Saudi Arabia’s Minister of Economy and Planning, said:
“Today’s Forum is a testimony to the success of the strategic direction set by the Saudi-Japanese Vision 2030 two years ago, which seeks to drive private sector involvement – both by partnering with public sector entities and establishing joint-ventures across our respective countries. Involving the private sector is a key step towards achieving our shared Vision, and we believe that it is a key driver of sustainable, market-based economic cooperation between Saudi Arabia and Japan.”
The event brought together more than 300 delegates, including high-ranking government officials, investors and business leaders for a series of open discussions, sectorial workshops and bilateral meetings.
His Excellency Ibrahim Al-Omar, Governor, SAGIA, commented:
“Japan is one of our most important economic partners – and we are excited by the potential to build upon this partnership as our economy undergoes a wide range of investor-friendly reforms. At SAGIA, we have been working on creating a more attractive and favourable business environment in Saudi Arabia, which is making it easier for foreign companies to access opportunities in the Kingdom. The continued prosperity of the Kingdom depends on fostering innovation, attracting foreign investment and enabling private sector growth to create jobs and opportunities for Saudi men and women. We look forward to welcoming these companies as they take part in the historic transformation of our economy.”
Japan is one of Saudi Arabia’s most important economic partners - it is the Kingdom’s second largest source of foreign capital and third-largest trading partner, with total trade exceeding US$39 billion.
Mr. Yasushi Akahoshi, President of JETRO, also commented:
"Saudi-Japan Vision 2030 has made great progress since it was first announced. Under this strategic initiative, the number of cooperative projects between our two countries has nearly doubled, from 31 to 61, and represents a diverse range of sectors and stakeholders. Today marks the introduction of Saudi-Japan Vision 2030 2.0 – the next step of this important initiative. We are encouraged that our partnership will create valuable business opportunities for both Saudi and Japanese companies."
Since 2016, the Saudi Arabian government has delivered 45% of over 500 planned reforms, including the introduction of 100% foreign ownership rights, enhancing legal infrastructure and offering greater protection for shareholders. As a result, Saudi Arabia is climbing international competitiveness and ease-of-doing-business rankings and investors are increasingly towards to the Kingdom, with FDI inflows increasing by 127% in 2018 and the number of new companies entering Saudi Arabia rose 70% on a year-on-year basis in Q1 2019.
For more information about investment opportunities in Saudi Arabia, visit: www.investsaudi.sa
The Saudi Arabian General Investment Authority (SAGIA) works in collaboration with other government entities to attract, retain and expand high-value investments for the benefit of sustainable national economic growth.
SAGIA works across the public and private sectors to help businesses and investors access fast-emerging opportunities across Saudi Arabia. It identifies and develops investment opportunities and supports regulatory improvements to increase competitiveness, unleash the capabilities of promising economic sectors, and open new opportunities for foreign investments.
SAGIA supports businesses throughout the investment journey: from identifying opportunities, to conducting feasibility studies and connecting with potential partners, to setting-up operations.
SAGIA has a particular focus on nine priority sectors identified within Saudi Arabia’s Vision 2030: chemicals, information & technology, energy & water, industrial & manufacturing, mining & metals, healthcare & life sciences, transport & logistics, tourism, culture & entertainment, and emerging sectors.