- Saudi Arabia and Japan have recently solidified their commitment to mutual cooperation in the mining and mineral resources sector. The formal agreement, signed in Riyadh, involved Japan's Economy, Trade, and Industry Minister Ken Saito and Saudi Arabia's Industry and Mineral Resources Minister Bandar AlKhorayef. This collaboration underscores Japan's dedication to partnering with Saudi Arabia, known for its stable mineral supply, as the Kingdom strives to diversify its economy.
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A testament to this commitment was seen earlier this month when the ministers convened to explore deeper economic cooperation, leveraging the advantages outlined in the Japan-Saudi Vision 2030 agreement. The partnership extends beyond bilateral discussions, with tangible actions taken to fortify the mineral supply chain. In March, Minister Saito visited Riyadh, formalizing an agreement that focused on investing in Africa and other resource-rich regions. The emphasis was on securing interests in critical minerals like nickel and lithium, crucial for electric vehicle battery production.
Why it matters
Minister Saito emphasized the need to actively involve companies from both countries to strengthen the supply chain for vital minerals. Furthermore, Minister Saito engaged in discussions with Saudi Arabia's Minister of Investment, Khalid Al-Falih, to delve into broader economic relations, highlighting the multifaceted nature of the collaboration between these two strategic partners.
