RIYADH: Japanese businesses reaped the rewards of investment as Minister of Commerce and Investment Majid Al-Qasabi on Sunday called on them to benefit from the ongoing economic reforms in Saudi Arabia under Vision 2030.
Al-Qasabi was speaking at the opening session of the Saudi-Japanese Business Forum held under the banner of “Saudi-Japan Vision 2030” with a focus on bolstering the Saudi-Japan partnership and taking the bilateral cooperation on a steady path of progress.
The major highlight of the day-long forum was Japanese companies winning investment licenses from the Saudi Arabian General Investment Authority (SAGIA), which organized the bilateral forum, and the signing of six Memorandums of Understanding (MoU) involving the government and private-sector entities from the two countries.
At the end of the opening session the new investment licenses were granted to three Japanese companies: The SMBC company working in the field of financial and administrative consultations, the SB Energy company in the field of renewable energy consultancy, and the TADANO for providing scientific and technical services for Saudi agents in the field of industry.
The MoUs signed by the companies from two sides include Saline Water Conversion Corporation and New Energy and Industrial Technology Development Organization, Japan’s largest public management organization, General Sport Authority, Fujifilm and Mediva, the health care consulting and medical service operation company, General Commission of Audiovisual Media and the Japan Cooperation Center for the Middle East, Saudi Stock Exchange and Nomura International, a Japanese financial holding company, Al-Yemani Group and Matsutani Chemical Industry, and Saudi Electricity Company and Tokyo Electric Power Company and Nissan Motors.
Earlier, Al-Qasabi stressed that the Kingdom is considered the most suitable environment for the Japanese business sector. The Kingdom provides all potentials and opportunities for expansion in the markets of the Middle East and Africa in a manner that will allow investors achieve the highest profit rates with minimum risks in a suitable environment and advanced infrastructure, he added.
He also underscored that the Saudi and Japanese parties will jointly explore what has been achieved in the joint Saudi-Japanese Vision 2030 and aim to remove obstacles encountering businessmen in both countries.
He called on the Japanese side to follow the latest reforms on the investment environment in the Kingdom.
Joining him in the opening session, Minister of Energy, Industry and Mineral Resources Khalid Al-Falih said the meeting comes at a time when the two countries have a responsible role in the international community toward issues of peace and global economy and their continued pursuit to revive the economy and enrich the globe with unique experience in construction, industry, technology, and research.
Highlighting the significance of bilateral partnership in the energy sector, Al-Falih said the Kingdom’s reliability in the production of energy had enabled the country to meet 35 percent to 40 percent of Japan’s energy requirements over the years.
“Our partnership with Japan’s refining, marketing and chemicals sectors through Shua Shell Refinery has been continuing for a decade and a half, and Okinawa crude oil storage has helped boost Japan’s oil reserves,” he said.
Further underlining the Kingdom’s plan to raise its production by about 10,000 megawatts by 2023, or about 10 percent of the country’s total energy production, the minister said that there were great opportunities for cooperation in this field as well.
“The techniques of storing carbon and hydrogen are witnessing a tangible development,” he said, stressing the importance of boosting bilateral cooperation on peaceful use of nuclear energy in the Kingdom. He further said the history of the two countries is full of success and achievements.
Al-Falih expressed happiness overseeing the progress of partnership of Saudi Aramco and Sumitomo Chemical in Petro Rabigh Project.
He also praised the role of the Japanese banks in funding activities in the Kingdom, notably the government borrowing activities.
Japanese Minister of Economy, Trade and Industry Hiroshige Seko, leading his country’s delegation, said that Japan is at the top of cultures to contribute to the Vision 2030 partnership.
He said that we have full engagements by our companies with 37 B2B MoUs, there are 67 Japanese firms engaged in the Riyadh mission, and that 10,000-plus Saudi engineers and staff are being trained through public-private vocational training.
SAGIA Gov. Ibrahim Al-Omar underlined that the aim of Saudi Vision 2030 was to create promising opportunities for investment and development and its economic objectives include increasing the contribution of foreign investments to 5.7 of the GDP by 2030, as well as raising the contribution of the private sector to 65 percent of the GDP from the current 40 percent.
He said the volume of bilateral trade in the past year amounted to more than SR100 billion, while the number of Japanese companies to invest in the Kingdom, until the end of last year, was 96 with the total investment exceeding SR53 billion.
Tarek bin Abdul Hadi Al-Qahtani, President of the Saudi-Japanese Business Council, said that the volume of development witnessed by the trade and investment movement between the two countries during the
past two decades reflected the strength of the strategic relationship and partnership between them.
“The Kingdom is also one of the attractive countries for investments and has viability for Japanese investment that is expected to rise significantly as part of the implementation of the Saudi-Japanese Joint Vision 2030,” he noted.
Al-Qahtani also highlighted the implementation of initiatives for knowledge exchange, youth projects in both countries, the establishment of a Saudi-Japanese bank, as well as acceleration of the establishment of a Saudi-Japanese company to boost investment in various fields.
The forum was attended by a trade delegation of 60 Japanese companies, led by the Japanese Minister, Nabil Al Amoudi, Minister of Transport, and Princess Reema bint Bandar, President of the Saudi Federation for Community Sports.
The Japanese delegation included Executive Vice President of the Japanese Foreign Trade Organization Yasukazu Aerino and the representative of the Japan Cooperation Center for the Middle East, C. J. Hirota.
An exhibition under the title “Invest in Saudi Arabia” was also organized on the sidelines of the event.
The forum included four panel discussions on the recent achievement of Tayseer – a SAGIA initiative that aims to secure and stimulate the investment environment for the private sector and to provide the necessary guarantees for the preservation of rights, and also showcased projects funded by the Public Investment Fund including Qidiya, an iconic entertainment destination for Riyadh residents.
Saudi Finance Minister Mohammed Al-Jadaan also announced the signing of a MoU with Mitsubishi UFJ Financial Group (MUFG), Japan’s largest financial group, to promote the development of Saudi youth’s skills in the financial sector as part of the Ministry’s Advanced National Talent Development Program.
Japanese reap rewards as three firms win operational license at business forum in Riyadh
Japanese reap rewards as three firms win operational license at business forum in Riyadh
- Saudi and Japanese parties aim to remove obstacles encountering businessmen in both countries
- Total Japanese investments in KSA as of end 2017 exceeded SR53 billion
Saudi legal center issues key research on e-commerce, tax, sports
- Focus also on regulations for privatization of healthcare sector
- Legal framework for firms listing on stock exchange under study
RIYADH: The Center of Legal Studies and Research has released seven studies covering various sectors of the economy including business, health, e-commerce and sports, the Saudi Press Agency reported.
The research is a part of the center’s aim to highlight key developments and challenges within the Kingdom’s legal and legislative framework, the SPA reported.
The studies, which are in line with the Saudi Vision 2030 plan, also focuses on regulations for managing special economic regions and zones.
One study focused on the privatization of the healthcare sector and developing regulations in line with international best practice.
Another paper looked at tax legislation in the Kingdom and made recommendations on insolvency.
There was also research conducted on a suitable legal framework for listing Special Purpose Acquisition Companies on the Saudi Arabia stock exchange.
The center began issuing research for the first time last year on ways to streamline the Kingdom’s legal framework for the economy.
All publications are accessible on the center’s website at www.clsr.gov.sa.
Saudi Fashion Commission launches product-development studio
- The Lab will help develop sustainable, thriving industry
- Assist local designers, firms fulfil ‘Made in Riyadh’ plan
Riyadh: Saudi Arabia’s Fashion Commission recently launched a studio for product development, The Lab, in Riyadh.
The launch was attended by Misk Foundation CEO Badr Al-Badr, Deputy CEO Omar Najjar, industry specialists, and officials from government entities. The headquarters of the project is in Mohammed bin Salman Nonprofit City, or Misk City.
Fashion Commission CEO Burak Cakmak said The Lab would help develop a sustainable and thriving industry. And assist local designers fulfill their creative visions as a part of the “Made in Riyadh” label.
Misk City CEO David Henry said The Lab would elevate the fashion industry in the Kingdom, and allow domestic businesses to showcase their products in the country and abroad.
Henry highlighted Misk City’s contribution to promoting national retail brands in the fashion sector and supporting small- and medium-sized local companies.
The studio would support education and training programs for young Saudi Arabian designers and open new avenues for investment in the fashion sector.
It would also assist in hosting fashion events and festivals in Misk City.
Saudi, British teams to explore prehistoric sites in Farasan Islands and Jazan
- Saudi Heritage Commission, York University ink pact in Riyadh
- Survey, excavation data will help rehabilitate archeological sites
RIYADH: The Saudi Heritage Commission has signed a scientific cooperation agreement with the University of York in the UK for archaeological surveys at prehistoric sites on the Farasan Islands in the Jazan region, as well as along the Red Sea coast in the southwest of the Kingdom.
Representing the commission at the signing ceremony, held recently at its headquarters in Riyadh, was the general manager of archaeology, Abdullah Al-Zahrani, along with the commission’s CEO, Jasser Al-Harbash. The University of York was represented by the project director at the archaeological site, Prof. Geoff Bailey.
This agreement is part of the commission’s ongoing effort to expand field archaeological surveys and excavation work across the Kingdom. And to prepare and rehabilitate archaeological sites by expanding the base of scientific partnerships with universities and international research centers specializing in heritage.
Through this agreement, the commission aims to gather more scientific data on prehistoric sites and understand patterns of ancient pastoral activity.
Field studies will be conducted, and the publication of the findings from archaeological surveys and excavations will be broadened as a result of this collaboration.
The aim is also to attract top-notch scientific talent to assist with such projects.
The agreement calls for the joint preparation of periodic reports and scientific studies, as well as the exchange of information and expertise in related fields.
Last week, the Heritage Commission signed an agreement with Japan’s Kanazawa University to collaborate on archaeological work at two prehistoric sites in Jouf and Tabuk.
It highlights the commission’s commitment to expanding its field work and archeological surveys across the Kingdom and enhances its scientific partnerships with specialist universities and centers around the world.
Syrian refugees benefit from KSrelief’s volunteer program
- The week-long program involved 23 volunteers who assisted more than 900 Syrian refugees
RIYADH: The 25th volunteer training program organized by Saudi aid agency KSrelief recently concluded at Zaatari refugee camp in Jordan, Saudi Press Agency reported.
The week-long program involved 23 volunteers who assisted more than 900 Syrian refugees.
Run in collaboration with the Technical and Vocational Training Corp. and the Saudi Arabian Football Federation, the program offered training courses in areas such as tablet and mobile phone maintenance, sewing and embroidery, ceramics, pottery, and carpentry.
It also included English language courses, interactive science courses in chemistry and physics, and activities to enhance children’s creative and social skills.
Additionally, the program provided medical services at the camp’s clinics in specialties such as ophthalmology, dermatology, diabetic foot care, and physical and occupational therapy.
Workshops for wheelchair maintenance and repair and about medical equipment were also held.
This program was one of KSrelief’s volunteer initiatives and emphasized the importance of volunteer work.
Saudi Arabia and UK conclude talks on development and aid, make recommendations
- The nations agree during 2-day event to establish a framework for cooperation in support of efforts to achieve UN’s Sustainable Development Goals
- They also agree to collaborate on projects in Bangladesh, Ukraine and Sudan, and enhance cooperation between the Saudi Fund for Development and UK authorities
RIYADH: The Second Strategic Dialogue on International Development and Humanitarian Assistance between Saudi Arabia and the UK concluded on Tuesday with a high-level plenary session.
Aqeel Al-Ghamdi, the assistant general supervisor for planning and development at Saudi aid agency KSrelief, reviewed several recommendations by both sides, the Saudi Press Agency reported. They included an agreement to establish a framework for cooperation between the countries in support of efforts to achieve the UN’s Sustainable Development Goals, and to continue discussions of goals on the sidelines of the UN General Assembly.
Al-Ghamdi said both countries also agreed to collaborate on projects in Bangladesh, Ukraine and Sudan, including the exchange of expertise, skills and research, and field visits. They will also work to enhance cooperation between the Saudi Fund for Development and UK authorities, through a memorandum of cooperation signed on the sidelines of the talks.
The two-day event, which began on Monday at the KSrelief headquarters in Riyadh, was chaired by the organization’s general supervisor, Abdullah Al-Rabeeah. The Saudi delegation included the Kingdom’s ambassador to the UK, Prince Khalid bin Bandar, and the CEO of the Saudi Fund for Development, Sultan Al-Murshid.
The British delegation was led by Andrew Mitchell, the deputy foreign secretary and minister of state for development and Africa, and included the British ambassador to the Kingdom, Neil Crompton.
Earlier on Tuesday, representatives of the countries took part in two roundtable meetings on “the effectiveness of aid, research and study impact” and “community resilience, results-based management, monitoring and evaluation.”
The former considered ways to: facilitate the exchange of successful strategies and the lessons that can be learned from them; promote effective development practices; develop concrete and implementable recommendations to integrate community resilience; monitor and evaluate future projects; and strengthen the existing partnership between the countries through a shared commitment to the provision of effective aid and sustainable development.
It also discussed opportunities to enhance coordination among donors to improve the effectiveness of aid, and the importance of cooperation in efforts to strengthen the interconnected nature of humanitarian, development and peace-building efforts to help ensure peace and prosperity in fragile and high-risk countries, in addition to the basic principles for enhancing programs in support of an interconnected approach that can ensure sustainability and resilience.
The participants in the latter roundtable exchanged views on the progress made in efforts to achieve the UN’s Sustainable Development Goals, ways in which this might be accelerated, and the challenges they face. They also agreed on prioritization of Saudi-British efforts to achieve the goals, and explored opportunities for the development of this cooperation.
