Saudi-Japan Vision 2030 Business Forum: A meeting between Public and Private Entities

Saudi-Japan Vision 2030 Business Forum: A meeting between Public and Private Entities

The Saudi-Japan Vision 2030 Business Forum, co-organized by the General Investment Authority (SAGIA) and Japan External Trade Organization (JETRO), was held in Tokyo today, with participation of the Minister of Economy and Planning of the Kingdom of Saudi Arabia Mohammed Al-Tuwaijri, Minister of Energy, Industry and Mineral Resources Eng. Khalid Al-Falih and SAGIA Governor Eng. Ibrahim Al-Omar.

The activities brought together more than 300 economists, to highlight promising investment opportunities in multiple strategic sectors in the Kingdom of Saudi Arabia, including energy, infrastructure, logistics and entertainment, as well as key reforms underway to enable easier market access for foreign companies.

Speaking at the Forum, Al-Tuwaijri said that the forum is a testimony to the success of the strategic direction set by the Saudi-Japanese Vision 2030 two years ago, which seeks to activate private sector involvement by partnering with relevant public sector entities and establishing joint-ventures across our countries.

He pointed out that involving the private sector is a key step towards achieving our shared vision, and driver of sustainable, market-based economic cooperation between the Kingdom of Saudi Arabia and Japan.

For his part, SAGIA Governor said that Japan is one of the most important economic partners of the Kingdom of Saudi Arabia, pointing out that holding the forum affirms the depth of the partnership between the two countries in the light of the economic reforms witnessed by the Kingdom of Saudi Arabia in accordance with the Saudi Vision 2030 aimed at achieving an attractive investment environment.

He added that SAGIA has been working on creating an attractive and favourable business environment, making it easier for foreign companies to access opportunities in the Kingdom of Saudi Arabia, affirming that the continued prosperity of the Kingdom of Saudi Arabia depends on fostering innovation, attracting foreign investment and enabling private sector growth to create jobs and opportunities for Saudi men and women.

Eng. Al-Omar concluded his speech by welcoming the Japanese companies as they take part in the historic transformation of the Saudi economy.

President of JETRO Mr. Yasushi Akahoshi said that the Saudi-Japan Vision 2030 has made great progress since it was first announced, as under this strategic initiative, the number of cooperative projects between the two countries has nearly doubled, from 31 projects, and represents a diverse range of sectors and stakeholders.

He said that today marks the introduction of Saudi-Japan Vision 2030 which is the next step of this important initiative. Mr. Akahoshi added that they are encouraged that the partnership will create valuable business opportunities for both Saudi and Japanese companies.

It is worth mentioning that Japan is Saudi Arabia’s second largest source of foreign capital and third-largest trading partner, with a total trade exceeding US$39 billion.

Since launching the Saudi Vision 2030 in April 2016, the Kingdom of Saudi Arabia has delivered 45% of over 500 planned reforms, including the introduction of 100% foreign ownership rights, enhancing legal infrastructure and offering greater protection for shareholders. As a result, the Kingdom of Saudi Arabia is climbing international competitiveness and ease-of-doing-business rankings and investors are increasingly towards to the Kingdom of Saudi Arabia, with FDI inflows increasing by 127% in 2018 and the number of new companies entering the Kingdom of Saudi Arabia rose 70% on a year-on-year basis in Q1 2019.