Japan, Saudi Arabia improve relations through bilateral business forum
Date
5/22/2024 4:52:14 AM
(MENAFN) In Tokyo on Tuesday, Japan and Saudi Arabia convened a bilateral business forum aimed at fostering collaboration across various sectors, particularly in energy. At the Saudi-Japanese Vision 2030 Business Forum, Japanese Minister of Industry Ken Saito engaged in discussions with Saudi officials, including Minister of energy Prince Abdulaziz bin Salman and Minister of Investment Khalid Al-Falih, alongside representatives from Saudi companies. Highlighting the significance of their relationship, Minister Saito underscored Saudi Arabia's role as the largest crude oil supplier to Japan and emphasized the importance of the partnership in ensuring energy security.
As part of their efforts to deepen cooperation, the two nations inked over 30 memorandums of understanding on Tuesday, spanning sectors such as energy, manufacturing, and financial activities. These agreements signify a commitment to advancing mutual interests and facilitating collaboration between Japanese and Saudi entities.
One notable development from the forum was the signing of agreements by the Saudi Energy Procurement Company with a consortium led by the Japanese Marubeni Company. These agreements pertain to the procurement of energy from two wind energy projects in Saudi Arabia. The Al-Ghat wind energy project, boasting a capacity of 600 megawatts, and the Waad Al-Shamal wind energy project, with a capacity of 500 megawatts, are poised to contribute significantly to the kingdom's renewable energy goals. This partnership underscores both countries' commitment to sustainable energy development and marks a significant step forward in their bilateral cooperation efforts.
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