1. The Second Japan Saudi Energy Ministerial Dialogue

On December 24, 2023, the Second Japan Saudi Energy Ministerial Dialogue was held in Riyadh, with the attendance of Minister Saito and H.R.H Abdulaziz, Minister of Energy.

This dialogue follows the establishment of the Japan-Kingdom of Saudi Arabia Lighthouse Initiative for Clean Energy Cooperation, which was announced during the bi-lateral meeting between H.R.H. Prince Mohammed bin Salman bin Abdulaziz Al-Saud, Crown Prince and Prime Minister of the Council of Ministers of the Saudi Arabia, and Mr. Kishida Fumio, Prime Minister, in Jeddah on July 16, 2023.

In the dialogue, the two ministers reviewed the progress of the Lighthouse Initiative, which covered key areas, such as hydrogen and ammonia, e-fuels, Circular Carbon Economy/ Carbon Recycling, critical minerals required for the energy sector and supply chains resilience, sustainable advanced materials, and research and knowledge exchange.

Moreover, the both ministers emphasized the need to support stable global oil markets and secure stable global energy supply by promoting dialogue between oil producers and consumers, in the knowledge that Saudi Arabia has been the largest oil supplier and a trusted partner of Japan.

Both ministers also agreed to further expand bilateral relationship, in advancing global efforts toward net-zero emissions and cooperation under the Lighthouse Initiative. Both sides also shared the view of the importance of taking various pathways in line with national circumstances toward net-zero and simultaneously addressing energy security and economic growth.

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2. The Ministerial Meeting on Saudi-Japan Vision 2030 and the Saudi-Japan Investment Forum

On December 25, the 7th Ministerial Meeting on Saudi-Japan Vision 2030 was held, bringing together governmental stakeholders of Japan and Saudi Arabia, including Minister Saito and Mr. Fukazawa Yoichi, Parliamentary Vice-Minister for Foreign Affairs, as representatives of Japan, and H.E. Eng. Al-Falih, Minister of Investment as a representative of Saudi Arabia. This dialogue in Riyadh was the first meeting since the first dialogue held there in 2016.

Minister Saito and Minister Al-Falih confirmed the progress made in cooperation in the fields of energy, water, medical and healthcare, and space, in light of the details of the agreement concluded at the summit meeting between Prime Minister Kishida and Prince Mohammed in July 2023. In addition, Minister Saito mentioned that Japan and Saudi Arabia face common challenges, including carbon neutrality and further economic development, and, against this backdrop, he expressed Japan’s commitments that it will strive to facilitate the Saudi-Japan Vision 2030 through further expansion of cooperation and close collaboration between the public and private sectors in Japan and Saudi Arabia to solve these challenges.

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The Saudi-Japan Investment Forum was held and Minister Saito and Minister Al-Falih attended. This forum brought together not only a mission of over 130 representatives of 48 Japanese companies and associations, including Japanese trading companies and banks as well as large companies and startups in such fields as energy, medical and healthcare, water, and space, but also representatives of Saudi Arabian companies and other organizations. During his keynote speech, Minister Saito highlighted the importance of the ties between Japan and Saudi Arabia and explained that the two countries will cooperate in a variety of fields, including decarbonization, and further enrich their ties as global partners. Also, he mentioned that industrial diversification has been advancing in Saudi Arabia and that amid this, some new efforts have also been progressing in such fields as medical and healthcare, water, and space, and he shared his expectations that Japanese and Saudi Arabian companies in these fields that have participated in the forum will proactively interact with each other and that such interaction will fruitfully lead to future projects.

Note: The Saudi-Japan Vision 2030 is a comprehensive cooperation framework consisting of projects in which the public and private sectors participate, an effort serving as a new compass for the strategic partnership between Japan and Saudi Arabia.

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3. Bilateral meetings

(1) Signing a memorandum of cooperation with H.E. Mr. AlKhorayef, Minister of Industry and Mineral Resources

Minister Saito held a meeting with Minister AlKhorayef where the two sides discussed deepening bilateral relations in the field of mineral resources and industry.

Following the meeting, the ministers concluded a memorandum of cooperation (MOC) aiming to deepen cooperation in the field of mineral resources through efforts such as information exchange, human resource development, and joint investment in third countries. This is the first MOC for Japan to conclude with a country in the Middle East in the field of mineral resources.

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In addition to signing the MOC above, Minister Saito also witnessed the signing of another MOC between the Japan Organization for Metals and Energy Security (JOGMEC) and Manara Minerals Investment Company, which focuses on joint investment in third countries.

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(2) H.E. Dr. Al-Qasabi, Minister of Commerce

Minister Saito held a meeting with Minister Al-Qasabi. The two sides confirmed the importance of the ties between Japan and Saudi Arabia and held discussions on approaches to enhancing cooperative ties between the Ministry of Economy, Trade and Industry and the Ministry of Commerce, Saudi Arabia, taking the opportunity of Minister Saito’s visit to Saudi Arabia.

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(3) H.E. Mr. Alibrahim, Minister of Economy and Planning

Minister Saito held a meeting with Minister Alibrahim. In light of the results of this visit to Saudi Arabia, he acknowledged that Japan and Saudi Arabia have been advancing economic ties. In addition, he shared his expectations for Japanese companies that possess promising technologies and Saudi Arabian companies to further work together.

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Division in Charge

Information on the Japan Saudi Energy Ministerial Dialogue

International Affairs Division, Agency for Natural Resources and Energy

Information on Minister AlKhorayef

Mineral and Natural Resources Division, Agency for Natural Resources and Energy

Information on the Saudi-Japan Vision 2030 and Minister Al-Qasabi

Middle East and Africa Division, Trade Policy Bureau