Saudi King visits Japan, seeks help in diversifying economy
00:54, Mar 15, 2017
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Japan has offered to share its expertise in supply chain management, healthcare and renewable energy with Saudi Arabia, as the kingdom seeks to wean its economic dependency on crude oil.
During their 35-minute meeting, the two leaders agreed on a nine-point blueprint titled Saudi-Japan Vision 2030. He pointed out that the visit means a lot for the Japanese, in general, and the Japanese Muslims, in particular, hailing the well-established cooperation between the two countries, according to Saudi Press Agency (SPA).
Groundwork for the strategy began last August when Mr Abe met Saudi Deputy Crown Prince Mohammed Salman in Tokyo. The economic program, though, could pave the way for a new business relationship between the countries.
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Last month, the Saudi monarch went to Indonesia on his first trip outside the Middle East and North Africa since he visited the U.S. in 2015.
Saudi Arabia is the eighth largest market in the world for Indian exports and is destination to more than 2.4 per cent of India's global exports while Saudi Arabia is the source of 5.34 per cent of India's global imports.
On Monday, the two governments inked memorandums on 11 projects to promote bilateral cooperation, while private-sector firms signed another 16 documents. The number of Saudi-Japanese joint ventures in the Kingdom reached 83 projects, including 24 industrial and 59 non-industrial plans. A joint study group on the planned initial public offering of Saudi Arabian Oil, better known as Saudi Aramco, will include the Tokyo Stock Exchange, with an eye toward a potential listing in Tokyo as well.
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The king's group is two to three times the size of the delegation led by his son, Deputy Crown Prince Mohammed bin Salman, that visited Japan in September previous year. Earlier, he visited Malaysia and Indonesia, the largest predominately Muslim nations in Southeast Asia.
The two leaders met on Monday, the second day of the king's visit to Japan, part of a month-long Asian tour.
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