JEDDAH – Saudi Arabia and Japan signed 26 cooperation deals across several business sectors on Sunday, fortifying the relationship between the two nations.
Japanese Prime Minister Fumio Kishida is in Jeddah as part of his official visit to Saudi Arabia.
Saudi Arabia has pledged to continue its energy partnership with Japan as it supplies 40 percent of Japan’s oil needs.
The cooperation deals are a testament to the shared commitment to the Saudi-Japanese Vision 2030, a collective initiative designed to enhance cooperation across various bilateral and international fields.
This agreement was initially launched in March 2017 during the visit of Saudi King Salman bin Abdulaziz Al Saud to Japan.
“The deep and advanced ties between our two friendly nations are a result of the Saudi-Japanese Vision 2030, which was launched during the visit of the Custodian of the Two Holy Mosques to Japan,” said the Saudi Ambassador to Japan, Naif bin Marzouq Al-Fahadi.
He emphasized that the Japanese Prime Minister’s visit aims to solidify the gains achieved through this shared vision, fostering partnerships at all levels and deepening mutual interests.
The Ambassador expressed appreciation for the 68-year-old relationship between the two nations, which he attributes to shared understanding and cooperation on various bilateral and international issues.
He further lauded the comprehensive reforms taking place under Saudi Vision 2030 and acknowledged the Japanese side’s recognition of the importance of capitalizing on the opportunities these reforms present.
Kishida’s visit marks another milestone in the strengthening relationship that began in 1958 between Saudi Arabia and Japan.
The nations’ ties have grown particularly since the Saudi-Japanese Vision 2030 was launched during a visit by Saudi King Salman bin Abdulaziz to Japan in September 2016.
Since then, strategic cooperation between the two countries has significantly expanded beyond oil trade, and now includes many sectors like food and agricultural security, medical care, high-quality infrastructure, finance and investment, and competitive industries, among others.
Saudi Arabia and Japan’s trade volume amounted to $47.489 billion in 2022, with a surplus of $34.052 billion for the Kingdom. There are currently 101 Japanese companies registered in the Kingdom with a total commercial registry capital of approximately $4,749,706. In contrast, Saudi Arabia had an estimated investment capital of $102.6 million in Japan in 2020. This renewed commitment to mutual cooperation and partnership is anticipated to further enhance the economic, social, and cultural ties between the two nations.