Saudi Japan Business Council (SJBC) discussed in Tokyo on Tuesday an agenda for multilateral cooperation in training, industry and advanced technologies.
The SJBC’s 14th meeting in Tokyo was attended by 200 Saudi and Japanese businessmen from various sectors of the two countries. Abdullah Al-Mobty, president of the Council of Saudi Chambers (CSC), and Abdulatif Al-Othman, governor of Saudi Arabia General Investment Authority (SAGIA), were among the participants.
Japan is the second largest global economy, the second trading partner of the Kingdom with 58 years of commercial and economic cooperation, according to Al-Mobty, who said that Japanese companies have a great opportunity to increase their penetration in the Saudi market in the light of the Kingdom’s current budget allocations for mega-projects.
Tariq Al-Qahtani, SJBC co-chairman on Saudi side, stressed the need for Japanese partnership, especially in the industrial and training sectors for acquiring technical know-how and other skills. He called for enhancing partnership in bilateral trade between the private sectors of the two countries.
Japanese Vice Minister of Trade and Industry Midori Matsushima said that the volume of trade between the two countries rose to $56 billion that reflects the strong partnership and the efforts undertaken by various bodies, including the Joint Business Council. She expressed her country’s interest in further cooperation in the areas of trade and investment.
In his presentation on Saudi investment environment, Al-Othman said that the volume of foreign direct investment in the Kingdom has soared to around $199 billion, making it the most attractive destination for investors in the Arab world.
He stated that 40 percent of the investments in the Arab region go to Saudi Arabia, which is ranked 12th in the ease of doing business environment. Al-Othman, while inviting Japanese investment, said the Kingdom is seeking to attract high value-added investments aimed at economic diversification, especially in technology transfer and indigenization