99 Japanese companies invest in Saudi Arabia in specific sectors
Shrouq
Khalid Al-Falih, Saudi Minister of Investment, said that Japanese companies are doing well in various sectors in Saudi Arabia.
Investment volume
During his speech at the Saudi-Japanese Forum, the Minister of Investment said that there are 99 Japanese companies investing in the Kingdom.
The Kingdom of Saudi Arabia aspires for the volume of investments between the two countries to reach $3.3 trillion by 2030.
He added that the two countries are focusing on several sectors, including energy, as the two countries intend to cooperate jointly through the energy transition.
Investment sectors
He explained that the investment relationship over the past seven decades focused on:
- Oil and petrochemicals are the focus today on new energies.
- The second focus for the Kingdom is manufacturing, as there are at least 4 areas of cooperation between Saudi Arabia and Japan, including minerals, marine industries, petrochemicals, the automotive industry, and in general advanced manufacturing, and the flexibility of the global supply chain.
He pointed out that the Kingdom has a competitive advantage due to its strategic location, in addition to the low costs of energy and raw materials, and the global initiative for supply chains.
He stated that the auto industry targets more than 500,000 electric cars annually by 2030, and now two out of three companies are already ready to go.
He explained that the Kingdom intends to provide 500,000 cars annually as a minimum, which indicates the huge potential for Japanese companies to invest in the Kingdom.
He pointed out that Saudi Arabia aims to become a major center for games and electronic sports by 2030, with content that can be exported in the region and globally.
