2007 News Story

Saudi-Japanese Joint Committee pledges to expand economic ties

The Ninth Saudi-Japanese Joint Committee concluded its meeting in Riyadh yesterday under the co-chairmanship of Minister of Economy and Planning Khalid Al-Qusaibi and Japanese Minister of Economy, Trade and Industry Akira Amari.

In a joint statement, Saudi Arabia and Japan agreed to expand economic ties between the two countries. They pledged to pursue the development of a multi-phased strategic partnership, which was agreed on during Japanese Prime Minister Shinzo Abe’s recent visit to the Kingdom.

The two countries agreed to invite Saudi delegates to participate in training programs in the fields of oil, exploration and development and to hold forums for small- and medium-scale industrial ventures. They affirmed the importance of governmental support to increase Japanese investment in Saudi Arabia, particularly in the industrial, energy and water desalination sectors, and agreed to form a specialized team to accomplish that goal.

In the statement, Saudi Arabia and Japan expressed satisfaction with the progress of a Japanese free trade agreement with the Gulf Cooperation Council (GCC) and pledged to support the realization of such an agreement.

The two nations also reaffirmed the importance of stability in the global oil markets, and agreed to hold the next round of meetings in Tokyo.