Riyadh -- The Saudi-Japanese Joint Business Council Meeting convened in Riyadh with the participation of Minister of Investment Khalid Al-Falih and Japan’s Minister of Economy, Trade and Industry Muto Yoji. The meeting saw attendance from over 80 representatives of companies and entities from both nations.

The Japanese delegation included representatives from industrial and commercial companies, as well as financial institutions focusing on modern technologies with an interest in the Saudi market.

During the meeting, participants reviewed and explored opportunities to enhance investment partnerships across a wide range of economic sectors outlined in the Saudi-Japan Vision 2030.

Minister of Investment Khalid Al-Falih emphasized the critical role of the Joint Business Council and the Japan Cooperation Center for the Middle East (JCCME) in strengthening bilateral relations and advancing economic cooperation. He highlighted the Saudi-Japan Vision 2030 as a cornerstone of the strategic partnership between the two nations.

Al-Falih praised Japanese brands for their innovation and excellence, which have garnered significant admiration in the Saudi market. He encouraged Saudi companies to collaborate with these brands. He also noted that Saudi-Japanese cooperation has expanded to include non-traditional sectors such as renewable energy, the automotive industry, biotechnology, financial services, artificial intelligence, healthcare, water, and electronic games. Al-Falih showcased the Kingdom’s attractive investment incentives.

Japan’s Minister of Economy, Trade and Industry Muto Yoji highlighted the importance of private sector participation in bilateral meetings, emphasizing its role in supporting trade and economic relations. He pointed to promising prospects for Saudi-Japanese partnerships, particularly in industry and advanced technologies.

Secretary General of the Federation of Saudi Chambers Waleed Alorainan commended the strong and evolving Saudi-Japanese relationship, characterized by cooperation across various fields. He noted that the shared vision of the two countries serves as a crucial step in strengthening their strategic partnership and emphasized the role of the Joint Business Council as a fundamental pillar of their economic ties.

Chairman of the Joint Business Council Tariq Al-Qahtani urged Japanese companies to take advantage of the incentives offered by the Kingdom. He highlighted Saudi Arabia’s strategy, which aligns with Japan’s competitive advantages in areas such as heavy and advanced industries, electronic chip manufacturing, electronic games, and education. Al-Qahtani also noted that the volume of trade exchange between the two countries has reached $41 billion.