Japan, Saudi Leaders Agree to Establish Special Economic Zone
- Consumer trust crucial in e-commerce: online business forum
- Local companies aim to become satellite businesses for foreign firms
- EU enterprises optimistic about business prospects in Vietnam
Japan will help establishing a special economic zone in Saudi Arabia to implement over 30 projects of cooperation between the two countries according to the agreement reached on Monday by the respective leaders, Prime Minister Shinzo Abe and King Salman, media reported.
 |
Kyodo news agency reported that the agreement was aimed at diversifying the economy of Saudi Arabia by reducing the country's dependence on oil. The cooperation projects envisage the participation of both state and private companies of the two countries.
Japan is ready to provide Saudi Arabia with assistance in the development of infrastructure, medicine, tourism, as well as in the field of renewable energy.
On Sunday, King Salman has arrived in Japan, paying an official visit to the country as part of his Asia tour.
According to the World Bank, in 2015, Japan was forth in the list of Saudi import partners, while Saudi Arabia remains Japan's top oil supplier, covering 33.5 percent of Japan's total oil imports.
