JEDDAH, 29 May 2008 — A group of visiting Japanese executives held a meeting yesterday at the Jeddah Chamber of Commerce and Industry and urged Saudi businessmen to consider investing in Japan. Daisuke Matsushima, New Delhi-based senior director of the Japan External Trade Organization (JETRO), who headed the team, listed the advantages of investing in his country.
JCCI Director General Mustafa A.K. Sabri in his introductory remarks spoke about the Japanese prowess in technology and how it was well entrenched in this part of the world. Japanese Consul General Toshimitsu Ishigure said that the scope for Saudi investment in Japanese projects in Japan or overseas was vast.
In his presentation, Matsushima outlined Japan’s investment climate and also discussed how Japanese foreign direct investment could be directed toward Saudi Arabia.
He also discussed the possibility of the “Triangle business alliance” involving the Kingdom, Japan and India through some major Japanese projects in India. Matsushima said that Japan’s attractiveness as an investment destination was increasing, as the government had been working to improve the business environment.
Japan is the center of new trends and creativity and is a preferred testing ground for new products. A survey of overseas companies in Japan conducted by JETRO has indicated that one in five of these companies sees Japan as a center for research and development and as a base for business activities in Asia.
Matsushima said that Saudis could also consider investing in Japanese projects in India as part of a triangle alliance involving Saudi Arabia, Japan and India.
Japan has already moved some of its manufacturing facilities in India. The triangle alliance idea can suit the three countries, as each has a role to play. While Saudis have money to invest, Japan excels in technology and India has the skilled and professional manpower to manufacture goods and services.
Matsushima, who was on a three-day visit to the Kingdom to enhance trade and investment relations between the Kingdom and Japan, also had meetings at the Islamic Development Bank. During the meeting, IDB President Dr. Ahmed Mohammed Ali discussed various avenues of mutual cooperation between Japan and the IDB.
Matsushima presented the Delhi-Mumbai Industrial Corridor Project in India, which is under construction with the cooperation of the Japanese government. He also spoke about the possibilities of IDB partnership in this project.
