Saudi Arabia and Japan Officials Discuss Boosting Trade in Riyadh
In a bid to enhance trade relations, officials from Saudi Arabia and Japan engaged in talks in Riyadh on Wednesday.
Deputy governor of the Saudi General Authority of Foreign Trade, Farid bin Saeed Al-Asali, met with Kazutaka Kawahara, deputy head of mission at the Embassy of Japan in the Kingdom.
The discussions revolved around international goals, particularly within the World Trade Organization.
At the recent Saudi-Japanese Business Forum, the two countries sealed over 30 agreements and memorandums of understanding in key sectors such as energy, manufacturing, and finance.
With more than 100 Japanese companies already operating in Saudi Arabia across various industries including renewable energy, water, mining, and entertainment, the potential for further collaboration is vast.
In 2022, the total trade between Saudi Arabia and Japan reached $47.5 billion, with a significant surplus of $34.1 billion in favor of the Kingdom. Saudi Arabia’s exports to Japan stood at $40.8 billion, primarily driven by oil exports amounting to $39.8 billion. Meanwhile, the Kingdom imported goods worth $6.7 billion from Japan in the same year.
• This article originally appeared on Arab News Japan