By Innovation-sa on January 22, 2018 in News

Saudi Arabia strengthened its 60-year-old trading relationship with Japan on Sunday by granting three investment licenses to Japanese companies and signing six Memoranda of Understanding (MoUs) with Japan in the fields of finance, administration, renewable energy, scientific and technological services, and industrial sector.

The MoUs were signed at the Saudi-Japanese Business Forum, a forum organized by Saudi Arabian General Investment Authority (SAGIA) to discuss and review investments and trading relations between the two countries under the slogan “Saudi-Japan Vision 2030”.

The forum, which was attended by a trade delegation of 60 Japanese companies and economic experts was jointly inaugurated by Saudi Minister of Commerce and Investment Majed Al-Qasabi, Minister of Energy, Industry and Mineral Resources Khaled Al-Falih, SAGIA Governer Ibrahim Al-Omar and Japanese Minister of Economy, Trade, Industry and Energy Hiroshige Seko.

Meanwhile, the Saudi Electricity Company (SEC) has entered into a partnership with Japanese Tokyo Electric Power Co (TEPCO), Nissan Motor Company and Takaoka Toko for the Kingdom’s first electric vehicle (EV) pilot project. Under the deal, fast-charger stations will also be developed to charge EVs in 30 minutes. The agreement is in line with SECs strategy to reduce dependence on oil and cut greenhouse gas emissions.

Saudi Arabia is one among the top ten trading partners to Japan, while Japan is the third biggest trading partner to Saudi Arabia. Around 96 percent of Japanese investments in the Kingdom are in the industrial sector, primarily petrochemicals. Last year, trade volume between the two countries exceeded SR 100 billion and investment of Japanese companies in Saudi Arabia exceeded SR 53 billion.