- These announcements follow the Saudi-Japan Vision 2030 Business Forum in Tokyo
- MoUs and agreements represent key strategic sectors, including finance, education, industrial and manufacturing
Tokyo, Japan – 19 June 2019: The Saudi Arabian General Investment Authority (SAGIA) announces the signing of multiple memorandums of understanding (MOUs) and agreements with leading Japanese investors, as well as new business licenses also awarded to Japanese businesses, permitting them to establish operations in Saudi Arabia.
These deals highlight the breadth of opportunities being created by Saudi Arabia’s Vision 2030 plan, as well as the interest within the Kingdom’s long-standing partners, such as Japan, in investment in the Kingdom. They span a number of strategic sectors including finance, education, industrial and manufacturing. The deals also involve a number of major Japanese firms including MUFG Bank, Yokogawa Electric Corporation and Mizuho Bank, among others.
His Excellency Ibrahim Al-Omar, Governor of SAGIA, commented:
“Saudi Arabia is open for business and we are delighted to announce these agreements. Japan is one of our most important economic partners – and we are excited by the potential to expand our partnership as our economy undergoes a wide range of investor-friendly reforms. We look forward to welcoming these companies and many more in the years to come.”
Agreements of note that were signed include:
- Agreements between SAGIA and leading Japanese financial institutions Mizuho Bank and MUFG Bank to explore investment opportunities
- Memorandum of Understanding outlining an exchange agreement between National University Corporation Oita University and Alfaisal University
- Agreement between Yokogawa Electric Corporation and Saudi Basic Industries Corporation (“SABIC”) to establish a local center of excellence
- Memorandum of Understanding between Sumitomo Mitsui Banking Corporation and Saudi Industrial Development Fund (SIDF) on cooperating on financing opportunities and human capital development
These announcements follow the Saudi-Japan Vision 2030 Forum, which was held this week Tokyo, ahead of the upcoming G20 Summit due to take place in Osaka, Japan, later this month.
Organized in partnership between SAGIA and the Japan External Trade Organization (JETRO), 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.
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.
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.