Chairperson of the Saudi-Japanese Business Council at the Council of Saudi Chambers (CSC) Tariq Al Qahtani stated that he expects for Japanese investments to grow significantly in Saudi Arabia following the implementation of the Saudi-Japanese Vision 2030, adding that Saudi Arabia is a viable destination for foreign direct investments.
Al Qahtani added during his address at the Saudi-Japanese Business Forum, organized by SAGIA under the title “Saudi-Japanese Vision 2030 and attended by more than 60 Japanese companies, that the upcoming period is expected to see implementation of various initiatives pertaining to knowledge exchange, emerging entrepreneurial projects, and attracting High-tech Japanese SMEs into the Saudi market. In addition to the formation of the Saudi-Japanese Bank and Saudi-Japanese Investment Enterprise. Al Qahtani added in that regard that the Saudi-Japanese Business Council is key to achieving the aforementioned goals and elevating trade between the two countries within a healthy business environment.
Moreover, Al Qahtani highlighted the significant increase in trade and investment between Saudi Arabia and Japan over the past two decades, which he described as an indication of their mutual interest in this regard, noting that Japan has remained the Kingdom’s second largest trade partner. Per statistics, around 6 per cent of Saudi imports are from Japan, and around 11 per cent of its exports are to Japan.
Al Qahtani added that such developments are a natural result of the mutual interest in fostering bilateral relations, both on the political and economic fronts, through mutual meetings and visits which paved the way to increasing trade, which reached around USD 27 billion in 2016. He said that such distinguished relations encourage the two countries to keep fostering them and maintaining their position in world economy, especially in an ever-changing global market, noting that it is harder to maintain success than it is to attain it in such a competitive economic environment.