Saudi-Japan business forum kickstarts in Riyadh

A trade delegation of 60 Japanese companies led by the Japanese Minister of Economy, Trade and Industry, Hiroshige Seko, will attend the Saudi Arabia-Japan Business Forum on Sunday in Riyadh, under the co-chairmanship of Saudi Commerce and Investment Minister, Majid Al-Qasabi.

The forum, held at the al-Faisaliah Hotel in Riyadh, will also be attended by the governor of Saudi Arabian General Investment Authority (SAGIA) Eng. Ibrahim bin Abdul Rahman Al Omar, along with other leaders of the governmental and economic sectors in both countries.

The forum is organized by SAGIA and will discuss investment partnerships and trading relations between both countries under the slogan “Saudi-Japanese Vision 2030.”

Within the framework of mutual trading benefits between the two countries, Saudi Arabia has granted six investment permits to Japanese institutions in Saudi Arabia in the past year, all of which were in the service sector with a total capital reaching 4.5 billion SR.
The forum is a continuation of the trading partnership between both countries which has lasted for more than 60 years.

The companies present at the delegation represent different sectors such as: energy, infrastructure, health, entertainment, agriculture, banking and financial services.

Japan is considered a key trade partner to the Kingdom. About 96% of Japanese investments in Saudi Arabia are in the industrial sector, mostly in petrochemicals. A total of 6,536 Saudi employees are employed in Japanese companies in Saudi Arabia. They make up 48% of the total employees.

These statistics prove that Saudi Arabia is one of the top ten trading partners to Japan, while Japan is the third biggest trading partner to Saudi Arabia. The kingdom is ranked first in supplying Japan with crude oil and its derivatives, which accounts for nearly one-third of Japan's total oil imports.