- Saudi-Japan Vision 2030 Business Forum brings together more than 300 delegates, as SAGIA highlights the crucial role that the private sector plays in unlocking Saudi Arabia’s tourism and entertainment sectors
- Forum highlights emerging investment opportunities after Saudi Arabia recently launched historic tourism e-visa program
- 12 MOUs exchanged at the Forum, bolstering further the bilateral ties between Japan and Saudi Arabia
Tokyo, Japan; 23 October 2019: The Saudi Arabian General Investment Authority (SAGIA) welcomed business leaders and government decision-makers to the Saudi-Japan Vision 2030 Business Forum, held today in Tokyo. The event brought together more than 300 delegates, including high-ranking government officials, investors and business leaders for a series of open discussions, workshops and high-level meetings.
Hosted in partnership with the Japan External Trade Organization (JETRO), the Saudi-Japan Vision 2030 Business Forum focused on investment opportunities being created in tourism and entertainment, as well as key reforms underway to support continued growth in these sectors.
Speaking at the Forum, Dr. Majid bin Abdullah Al Qasabi, Saudi Arabia’s Minister of Commerce and Investment, commented:
“Japan is one of Saudi Arabia’s most important economic partners, and businesses from across our countries have a strong track record of working together. Today’s Forum reflects the success and strength of this enduring partnership. We established the Saudi-Japanese Vision 2030 two years ago, which seeks to drive and facilitate continued private sector involvement by establishing joint-ventures between entities across our respective countries. We believe that the future prosperity of the Kingdom depends on fostering even closer ties with our strategic partners across the globe, and we look forward to welcoming these companies as they take part in the historic transformation of our economy.”
Memoranda of Understanding exchanged at the Forum include:
- University of Tokyo and King Fahd University of Petroleum and Minerals (KFUPM) – the academic exchange for research in renewable energy and petrochemicals
- Kyoto University Institute for Advance Study (KUIAS) and King Abdullah University for Science and Technology (KAUST)– to promote the exchange of scientific materials, publications, and information and exchange of faculty members and researchers, students and joint research
- University of Tokyo and King Abdullah University for Science and Technology (KAUST) – to collaborate on the research and the next generation of organic and soft electronics and efficient generation of hydrogen
- Japan Patent Office (JPO) and Saudi Authority for Intellectual Property (SAIP) – to promote the exchange of data and best practices in the field of intellectual property protection including trademarks and patents
- Sumitomo Mitsui Banking Corporation and Saudi Arabian General Investment Authority (SAGIA) – to enhance investment opportunities between Japan and Saudi Arabia
- Mitsubishi UFJ Financial Group and Saudi Arabian General Investment Authority (SAGIA) – a framework for cooperation to enhance investment from Japan to the Kingdom of Saudi Arabia
- Toyobo and Saline Water Conversion Corporation and Arabian Japanese Membrane Company – to develop innovative membrane technologies and manage disposed brine water generated from seawater desalination plants for environmental sustainability
- Sojitz Corporation and AIZAWA Concrete Corporation and Al Saedan for Development – to explore opportunities and utilize 3D printing technology and local materials for housing construction
- Cyberdyne Group and Abdul Latif Jameel Investments – to collaborate and enhance Cybernic treatment and contribute to the social development of the Kingdom.
- Saudi-Japan Vision Office Riyadh (VRO) and National Industrial Development and Logistics Program (NIDLP) – to expand collaboration and enable investments in the field of industry, mining, energy and logistics
- TBM and SABIC – to build a circular economy using LIMEX
- Ministry of Economy, Trade and Industry (METI) and the National Industrial Clusters Development Program (NICDP) and the Technical and Vocational Training Corporation and Saudi-Japanese Automobile High Institute – to provide support and training for human capacity development for Saudi youth in the automotive sector
These investments come alongside a broad series of economic reforms, which are enabling rapid growth in foreign investment in Saudi Arabia. In fact, the total number of foreign investor licenses issued in the first half of 2019 was more than double the number issued the same period a year before.
These reforms have had a significant impact. According to the 2019 Global Competitiveness Report published by the World Economic Forum, Saudi Arabia has moved up three positions to the 36th place, globally, through its efforts to diversify the Kingdom’s economy.