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The Saudi Investment Promotion Authority (IPA) and Japan’s Mizuho Bank signed a memorandum of understanding (MoU), the Saudi Press Agency reported. The MoU aims to strengthen investment ties and business opportunities between the two countries. The deal was signed by the Japanese bank’s CEO Masahiko Kato and the Kingdom’s Assistant Minister of Investment Ibrahim bin Yousef Al-Mubarak.
You are viewing: Saudi Arabia and Japan sign MoU to promote mutual investment
Saudi’s IPA will provide support to Japanese firms that are considering investing in Saudi Arabia or forming partnerships with local businesses. The deal comes under Saudi’s Vision 2030 initiative, the country’s flagship plan to diversify the economy away from oil production.
The MoU comes after the Japan-Saudi Vision 2030 Ministerial Roundtable was held in Riyadh on January 12th. The meeting was between Japan’s Economy, Trade and Industry Minister Muto Yoji, Parliamentary Vice-Minister for Foreign Affairs Matsumoto Hisashi and a wider delegation, and Saudi Arabia’s Minister of Investment Khalid bin Abdulaziz Al-Falih, Saudi eSports Federation Chairman Prince Faisal bin Bandar bin Sultan Al-Saud and others on the Saudi side.
The delegations reviewed the progress made since the 7th Ministerial Meeting of the Japan Saudi Vision 2030 held just over a year ago and discussed future plans for collaboration.
Matsumoto also discussed efforts being made to promote the “Japan-Saudi Vision 2030” in the areas of people-to-people exchange, culture, sports, education and research.
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