DUBAI: The Saudi Investment Promotion Authority on Monday signed a memorandum of understanding with Japan’s Mizuho Bank Ltd. in an effort to enhance investment opportunities between the two countries.
The MoU was signed by Assistant Minister of Investment Ibrahim bin Yousef Al-Mubarak and bank CEO Masahiko Kato.
The agreement means the Saudi Investment Promotion Authority will provide its expertise and information to help integrate support services to Japanese companies interested in investing in the Kingdom, according to the Saudi Press Agency.
The memorandum comes within the Vision 2030 framework, which aims to diversify the national economy by attracting foreign investments, supporting economic partnerships with international companies, strengthening bilateral investment relations and long-term partnerships, and opening new qualitative areas for cooperation in the investment and economic fields.
On Sunday, the Saudi Japanese Joint Business Council Meeting convened in Riyadh with Minister of Investment Khalid Al-Falih and Japanese Minister of Economy, Trade and Industry Muto Yoji.
Attending the meeting were more than 80 representatives of companies and entities from both nations.
MISA Japan Office Director Mohammed Aldahlawi will lead the engagement with Mizuho Bank, jointly facilitating key investment initiatives by Japanese companies into the Saudi market.
The Japanese delegation included those from industrial and commercial companies, as well as financial institutions focusing on modern technologies with an interest in the Saudi market.
