Minister Akazawa Visits the Kingdom of Saudi Arabia and the United Arab Emirates (UAE)

1. Kingdom of Saudi Arabia

(1) Saudi-Japan Ministerial Investment Forum (January 11)

Minister Akazawa and H.E. Eng. Al-Falih, Minister of Investment of Saudi Arabia, hosted the Saudi-Japan Ministerial Investment Forum, where the advancement of bilateral business relationships was discussed with representatives from companies based in Japan and Saudi Arabia.

In his opening remarks, Minister Akazawa stressed the importance of implementing a hybrid trade strategy that promotes measures to ensure free trade and the rule of law while addressing issues relating to the United States and the People’s Republic of China amidst the recent instability of the rules-based free trade system. He also emphasized the importance of linking efforts to resolve global issues to the economic growth of Japan and Saudi Arabia. In addition, he introduced the Government of Japan’s policy to encourage proactive investments in 17 key strategic fields as strategic investments that enhance resilience against potential crises, and discussed the need to accelerate reciprocal investments in space and other fields to spur the mutual growth and development of both countries. Furthermore, he announced the Government of Japan’s formal decision to participate in Expo 2030 Riyadh and stated that the government will begin cooperation to accept Saudi personnel in order to facilitate the transfer of knowhow acquired through EXPO 2025 Osaka, Kansai, Japan, in the hope of contributing to the success of the exposition.

At the investment forum, Minister Akazawa and H.E. Eng. Abdullah Alswaha, Chairman of the Saudi Space Agency, presented the memorandum of cooperation between the two governments in the field of outer space, along with 12 new memoranda of cooperation between companies spanning finance, space, agritech, and other areas. 

(2) Meeting with Minister Al-Falih (January 11)

Ahead of the Saudi-Japan Ministerial Investment Forum, Minister Akazawa met with Minister Al-Falih and agreed to encourage companies in Japan and Saudi Arabia to expand reciprocal investments, with a focus on private-sector collaboration in the fields of outer space and content. In particular, both sides concurred that the two countries will scale up the outcomes of reciprocal investments in the 17 key strategic fields designated to enhance resilience against potential crises.

The two ministers also concurred that they will proactively work to strengthen cooperation in green transformation (GX) involving hydrogen and ammonia, as well as in finance, in response to Minister Al-Falih’s strong expectations. In addition, Minister Akazawa announced Japan’s participation in Expo 2030 Riyadh and proposed accepting personnel involved in the Riyadh Expo’s operations from Saudi Arabia to share Japan’s expo expertise. The proposal was well received by the Saudi side.

(3) Meetings with H.E. Dr. Majid Bin Abdullah Al-Qasabi, Minister of Commerce of Saudi Arabia, and H.R.H. Prince Faisal bin Bandar bin Sultan Al-Saud, Chairman, Saudi Esports Federation (SEF) (January 11)

Following the Saudi-Japan Ministerial Investment Forum, Minister Akazawa met with SEF Chairman Faisal and exchanged views on the expanding cooperation in games and esports. He also held a brief meeting with Minister Al-Qasabi and shared views, confirming the importance of maintaining communication at all levels of government and between the private sectors of the two countries. He also requested cooperation to ensure that the ongoing economic partnership agreement (EPA) between the Government of Japan and the Gulf Cooperation Council (GCC) delivers high-quality outcomes.

(4) Japan-Saudi Energy Dialogue (Deputy Minister/ Director-General Level; January 12)

During this opportunity, a Japan-Saudi Energy Dialogue was held at the Deputy-minister/ Director-General　level, with companies from both countries in attendance. The Japan side once again requested that the Saudi Arabia side cooperate to ensure a stable supply of crude oil to Japan and stabilize the international oil market. It also welcomed the renewal of the strategic crude oil storage agreement between METI and Saudi Aramco, Marubeni Corporation’s announcement of the signing of a financing agreement for an onshore wind power project in Saudi Arabia, and progress in cooperation between the two countries, including under the Lighthouse Initiative, confirming the direction ahead to forge further collaboration.

2. United Arab Emirates (UAE)

(1) Participation in the World Future Energy Summit (WFES) (January 13)

The WFES was held as part of Abu Dhabi Sustainability Week (ADSW), focusing on renewable energy and green technology as its themes. Minister Akazawa attended the opening ceremony for the meeting and talked with UAE dignitaries, including H.H. Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, H.E. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, CEO of Abu Dhabi National Oil Company (ADNOC), and Special Envoy to Japan, H.E. Suhail Mohamed Al Mazrouei, Ministry of Energy and Infrastructure, and H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade. Taking this opportunity, METI exhibited the Japan Pavilion upholding the theme of “Solutions to Achieving Sustainable Society” and showcased Japanese companies’ cutting-edge technology and energy-related AI expertise.

(2) Meeting with H.E. Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, Group CEO of Abu Dhabi National Oil Company (ADNOC), and Special Envoy to Japan (January 12)

Minister Akazawa and Minister Jaber made detailed arrangements for the State Visit of UAE President H.H. Sheikh Mohamed bin Zayed Al-Nahyan to Japan scheduled for February this year. They concurred that the two countries should aim to conclude a Japan-UAE Economic Partnership Agreement (EPA), or a so-called Comprehensive Economic Partnership Agreement (CEPA), a top priority for the UAE, to accelerate collaboration on building supply chains for critical minerals and in leading-edge technologies such as space and healthcare, beyond the existing framework of cooperation in crude oil and gas.

(3) Visit to ADNOC’s control center (January 12)

Minister Akazawa visited ADNOC’s control center to see its integrated management facility, which uses AI and digital technologies to visualize the entire ADNOC Group’s business, from upstream to downstream, optimizing and streamlining operations.

(4) Meeting with H.E. Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure (January 13)

In their meeting, Minister Akazawa and Minister Mazrouei concurred on the importance of collaboration between oil-producing countries and oil-consuming countries to stabilize the global crude oil market amid the current situations in the Bolivarian Republic of Venezuela and the Islamic Republic of Iran.

(5) Meeting with H.E. Dr. Thani bin Ahmed Al Zeyoudi, Minister of Foreign Trade (January 13)

Minister Akazawa and Minister Zeyoudi shared their recognition that the Japan-UAE Economic Partnership Agreement (EPA) should not only aim to expand trade investment, but also to strengthen the relationship between the two nations as trusted partners and advance their industrial development from a strategic perspective, and concurred on striving for an early conclusion.

Related Material

• List of Cooperation Documents Announced at the Saud-Japan Ministerial Investment Forum (Provisional Translation)(PDF:122KB)

Divisions in Charge

• Middle East and Africa Division, Trade Policy Bureau

• International Affairs Division, Commissioner’s Secretariat, Agency for Natural Resources and Energy

• International Strategy on Energy Resources Office, Natural Resources and Fuel Department, Agency for Natural Resources and Energy

• Space Industry Division, Manufacturing Industries Bureau