“We are looking forward to a new era in Saudi-Japan relations,” the ambassador said. “Some 300 Saudi students are now studying in Japan.” Turkistani also spoke about the interest shown by Japanese banks and companies in using Islamic banking products to finance their projects in the Kingdom and other Gulf countries.
He said the SJBC meeting had discussed prospects of expanding bilateral trade and establishing more joint investment projects.
“Saudi Arabia has become a fertile ground for investment,” he said. The SR540 billion national budget for 2010, the largest in the Kingdom’s history, has boosted investor confidence in the country.
He noted the government’s plan to carry out massive development projects in industry, health, electricity, infrastructure, railways and other vital sectors, despite global recession.
He highlighted the role being played by the Saudi Embassy in Tokyo in taking Saudi-Japan ties to new heights. The embassy issued more than 2,400 visas last year and facilitated the visit of many Japanese trade delegations to the Kingdom, he said.
“We issue multiple entry business visas to Japanese businessmen for six months to one year within 24 hours,” the ambassador said.
The Saudi-Japan trade accounted for 13 percent of the Kingdom’s total foreign trade, which is valued at SR1.6 trillion.
Businessman Abdul Rahman Al-Jeraisy, president of SJBC on the Saudi side, expressed his hope that the conducive investment climate in Saudi Arabia would encourage more Japanese companies to take part in new investment projects in the Kingdom.
Al-Jeraisy highlighted the strategic partnership between Saudi Arabia and Japan. “I call upon more Japanese companies to enter into new investment projects required by the Kingdom,” he said.
“There are no obstacles that obstruct the flow of Japanese capital funds to the Kingdom,” he added.
Al-Jeraisy described Japan as the Kingdom’s second largest trading partner. Two-way trade between the two countries reached $57 billion in 2008 while joint investments reached $12 billion. Japan is the second largest investor in the Kingdom after the US in petrochemicals and medicine.
Al-Jeraisy, who is deputy chairman of the Council of Saudi Chambers of Commerce and Industry, urged Japanese businessmen to make use of the growing investment opportunities in the Kingdom, especially in industry, energy, infrastructure, education, health, financial services and human resource development.
Hiroshi Saito, the Japanese president of the council, said there was tremendous progress in SJBC’s activities. “In our previous meetings discussions were focusing on how to overcome difficulties facing Japanese investors. But today we are discussing what new projects we can implement,” he said.
Saito said the meeting agreed to cooperate in four areas: manufacturing marine equipment and marine cables; producing desalination spare parts; making of equipment for producing ethylene; and mobile phone industry.
“We are also discussing 13 new joint investment projects,” he added.
Japan’s Ambassador to the Kingdom Shigeru Endo urged Saudis to explore Japanese culture by visiting his country. “We want to change the perception that Japan is only an industrial country. People should know that we also have a great culture.”
