Japan-Saudi business forum held despite Prince’s absence

Japan and Saudi Arabia convened a bilateral business forum in Tokyo, focusing on enhanced collaboration in energy and other sectors, despite the absence of Saudi Crown Prince Mohammed bin Salman, Reuters reported.

Notably, the Prince had to postpone his visit scheduled from May 20-23 due to King Salman’s health issues. However, the Crown Prince’s absence didn’t deter discussions.

At the Saudi-Japan Vision 2030 Business Forum, Japanese industry minister Ken Saito met with Saudi delegation, including Energy Minister Prince Abdulaziz bin Salman and Investment Minister Khalid Al-Falih, alongside representatives from Saudi companies.

Saito emphasised Saudi Arabia’s significance as Japan’s primary crude oil supplier and a crucial partner in ensuring energy security.

The forum saw the signing of over 30 memorandums of understanding (MOUs) between the two nations, encompassing energy, finance, and manufacturing sectors, marking a concerted effort to strengthen their alliance.

Among notable collaborations, the Saudi Power Procurement Company inked two power purchase agreements with a consortium led by Japanese trading giant Marubeni (8002.T), signaling a commitment to sourcing power from projects like the AlGhat wind project (600 MW) and the Wa’ad Alshamal wind project (500 MW).