Japanese Prime Minister visits Jeddah with energy investment at the top of the agenda
Japan's Prime Minister Fumio Kishida landed last Sunday in Saudi Arabia, where he was received by Crown Prince Mohammed bin Salman (MBS from here on). The main motivation for this meeting is to continue to bring closer relations that have been consolidated in recent years as one of the most fruitful for both countries. Indeed, Japan has become the third most important trading partner for the Saudis in terms of trade volume. And further proof of this is this occasion in which the highest representatives of their respective countries have sought to discuss a series of new agreements that will further expand the good moment in which their ties are currently enjoying.
The growth of Japanese-Saudi relations saw its key growth last year. In 2022 alone, the volume of trade amounted to over 41 billion euros, representing a 42% growth over the previous year. Far from being content with this strengthening of the alliance, both Japan and Saudi Arabia know that their relationship can be enormously fruitful in many areas.
The economic aspect was first and foremost on the agenda for a meeting from which Kishia and MBS emerged with 26 memorandums of understanding and investment agreements signed, according to the official Saudi news agency SPA. During this trip, the Japanese Prime Minister was accompanied by 44 executives from various Japanese companies who were received at the Peace Palace in Jeddah. This was the first stop on Japan's Middle East tour, which continued in the United Arab Emirates and will continue in Qatar.
In the economic sector, one of the areas of greatest concern to both administrations is energy. The uncertainty surrounding the markets since Russia's invasion of Ukraine has led to higher energy prices, which is why establishing a stable supply is one of the tasks that most concerns a large part of the international community. In this case, Saudi Arabia, thanks to its oil potential, has not had too many difficulties, but both MBS and Kishida referred to a situation that should also serve as an excuse to increase efforts in the search for new, sustainable sources of supply.
A goal that follows the path set by the Saudi agenda, with Vision 2030 always present. Diversifying its economy and moving away from dependence on oil is one of the goals that Japan can help to achieve. Tokyo wants to support Riyadh through advanced technology to produce infrastructure in the field of 'next generation energy', including hydrogen and ammonia. In this way, they would further advance the goal of decarbonisation while encouraging the growth of a promising industry that aims to replace fossil fuels in the shortest possible time.
However, security issues and international cooperation were also addressed. The growing influence of China and Russia in the Middle East is bringing the two powers closer to Riyadh, which would also favour this Asian harmony, as evidenced by Fumio Kishida's visit. The Japanese Prime Minister and the Saudi Crown Prince reached an agreement to establish a platform for strategic dialogue between the two countries' foreign ministers with the aim of promoting diplomatic and security exchanges, making it clear once again that the Saudi Arabia-Japan partnership can only continue to grow.
United Arab Emirates, another strong OM partner for Japan
The Japanese Prime Minister's tour had its second stop in the UAE, where Sheikh Mohammed bin Zayed Al Nahyan, President of the United Arab Emirates, received Kishida. Bin Zayed said via his Twitter account after the meeting with the Japanese leader that their conversation had focused "on developing bilateral relations and advancing the comprehensive strategic partnership between our two countries". He also described the meeting as "fruitful and constructive", in which one of the most important issues was to address "the objectives of the Cop 28 climate conference".
