Japan woos Saudi Arabia for world's largest IPO

Janis ColeMar 15, 2017

Within the so-called Enabler Showcase Zone, Saudi Arabia is expected to offer tax incentives and simplified customs procedures to encourage Japanese firms to build plants and research and development centers there.

During their 35-minute meeting, the two leaders agreed on a nine-point blueprint titled Saudi-Japan Vision 2030.

Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud received at his residence in the Japanese capital Tokyo Governor of Tokyo Yuriko Koike.

A document for cooperation signed by Japan and Saudi Arabia on Monday indicated that the two countries will move to strengthen economic ties.

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"Japan on the other hand is aiming to boost exports, investments and tourists in particular by exploring new growth markets beyond its domestic and neighboring countries", the statement continued.

In September past year, Emperor Akihito held talks with the king's son, Deputy Crown Prince Mohammed bin Salman, at the Imperial residence.

Saudi Arabia is Japan's largest oil supplier, with about one-third of all oil imports in 2015 coming from the kingdom.

Last month, the Saudi monarch went to Indonesia on his first trip outside the Middle East and North Africa since he visited the USA in 2015.

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Thirty-one projects involving both the public and private sectors are included in the Japan-Saudi Vision 2030. The number of Saudi-Japanese joint ventures in the Kingdom reached 83 projects, including 24 industrial and 59 non-industrial plans.

The king and his delegation continue their four-day visit to Japan through Wednesday. Earlier, he visited Malaysia and Indonesia, the largest predominately Muslim nations in Southeast Asia.

They include more than 1,000 Cabinet ministers, corporate executives and royal family members.

Taking the opportunity of a Saudi king's first Japan trip in 46 years, Tokyo, for its part, aims to expand business opportunities for Japanese companies by offering to play a role in the Saudi economy's structural reform.

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