Japan’s Abe offers Saudi crown prince help in reducing oil dependency

Japan's Abe offers Saudi crown prince help in reducing oil dependency
Japan's Abe offers Saudi crown prince help in reducing oil dependency

Japanese Prime Minister ShinzoAbe on Sunday praised Saudi Arabia's efforts to reduce its dependence on oiland promised Crown Prince Mohammed bin Salman that Japan will help the kingdomwith a sweeping reform plan.

"Saudi Arabia's 'Vision2030' is an unprecedented major reform aimed at shifting away from dependenceon oil and at diversifying industry, under your majesty's initiative," Abetold the crown prince at the beginning of a bilateral meeting after a summit ofGroup of 20 leaders in the city of Osaka.

"Japan will continue its utmostefforts by government and the private sector to help achieve its success,"Abe said.

Riyadh announced the reform planin 2016, with goals ranging from overhauling its state-owned Public InvestmentFund to increasing visits of Muslim pilgrims and encouraging more Saudis toplay sports.

Big investors are pushing aheadwith deals and pouring money back into its stock market as well as Vision 2030projects that aim to diversify the economy of the world's top oil exporter andcreate jobs.

"Saudi wants to do theutmost to continue our old – but new – strong partnership with Japan," thecrown prince told Abe through an interpreter.

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