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- Minister Nishimura Visits Saudi Arabia
Minister Nishimura Visits Saudi Arabia
December 27, 2022
On December 25 (Sun.) and 26 (Mon.), Mr. Nishimura Yasutoshi, Minister of Economy, Trade and Industry, visited Saudi Arabia, where he held the Japan Saudi Energy Ministerial Dialogue with H.R.H. Prince Abdulaziz bin Salman, Minister of Energy, Saudi Arabia. He also held the Saudi-Japan Vision 2030 Investment Forum and bilateral meetings with H.E. Eng. Khalid Al-Falih, Minister of Investment, H.E. Dr. Majid Bin Abdullah Al Qasabi, Minister of Commerce and Investment, and H.E. Mr. Yasir Othman Al-Rumayyan, Governor of the Public Investment Fund.
1. Japan Saudi Energy Ministerial Dialogue
On December 25, 2022, the First (1st) Japan Saud Energy Ministerial Dialogue was held in Riyadh between Minister Nishimura and H.R.H. Prince Abdulaziz bin Salman, Minister of Energy. The dialogue was first agreed to be established in 2020 between former Prime Minister Abe, who was visiting Saudi Arabia, and Prince Abdulaziz.
During the dialogue, the two ministers emphasized the need to ensure a stable supply of all energy sources in the global market and the importance of supporting the stability of the global oil market, noting that Saudi Arabia remains Japan's largest source of reliable crude oil supplies and its reliable and trusted partner. Furthermore, they highlighted the importance of supporting the stability of global oil markets by encouraging dialogue and collaboration between oil producer and consumer countries.
The two ministers signed two memorandums of cooperation in the areas of Circular Carbon Economy (CCE) and Carbon Recycling as well as Clean Hydrogen, Fuel ammonia and derivatives. The two Ministers also welcomed the new three-year extension of the strategic stockpiling cooperation between METI and Saudi Aramco. It was also highlighted that in order to realize a carbon-neutral society, it is necessary to focus on emissions rather than energy sources through effective deployment of CCE and Carbon Recycling technologies.
The two ministers welcomed Japanese companies’ investment and participation in Saudi Arabia's energy market to diversify global supply chains through localization strategies that draw on respective comparative strengths. Both sides also discussed potential collaboration in the fields of Petrochemicals. In addition, they expressed their desire to carry on cooperation in electricity, renewable energy, energy efficiency and innovation.
2. Saudi-Japan Vision 2030 Business Forum
More than 150 businesspersons from Japanese companies and 60 large companies from heavy industry, trading, banking, and startups participated in the Saudi-Japan Vision Business Forum.
In his keynote speech at the beginning of the Forum, Minister Nishimura reiterated the importance of Saudi-Japanese relations in terms of energy security, including the stable supply of crude oil, and stated that the economic and social reforms and huge projects being promoted under Saudi Arabia's leadership were becoming increasingly important as drivers of new growth in the Middle East and as means of creating a global trend toward carbon neutrality. Furthermore, he mentioned cooperating with twelve startups in a wide variety of fields including the environment, mobility, AI, tourism, and sustainability in order to further expand and deepen the existing cooperative relationship based on the Saudi-Japan Vision 2030. He expressed his hope that the forum would be a chance to further accelerate collaborations, and stated that METI would support the companies' initiatives.
3. Bilateral meetings
(1) Bilateral meeting with H.E. Eng. Khalid Al-Falih, Minister of Investment
During the meeting with H.E. Eng. Khalid Al-Falih, Minister of Investment, the two ministers welcomed the successful opening of the Saudi-Japan Vision Business Forum and exchanged views on strengthening cooperation between companies in both countries, including startups.
(2) Bilateral meeting with H.E. Mr. Yasir Othman Al-Rumayyan, Governor of the Public Investment Fund
During the meeting with H.E. Mr. Yasir Othman Al-Rumayyan, Governor of the Public Investment Fund, the two sides exchanged views on future collaborations while taking note that there was an opportunity for a presentation to the executive management of the PIF by promising Japanese startups in a wide variety of fields including esports, games, biotechnology, AI, and mobility during Minister Nishimura's visit to Saudi Arabia this time. The meeting was also attended by representatives from NEXI and JBIC, with whom they discussed further cooperation in the field of finance.
Division in Charge
International Affairs Division, Agency for Natural Resources and Energy
Policy Planning Division, Natural Resources and Fuel Department, Agency for Natural Resources and Energy
- <Saudi-Japan Vision 2030 and bilateral relations>
Middle East and Africa Division, Trade Policy Bureau