DUBAI: Saudi Arabia and Japan have signed a pact to expand cooperation in the mining and mineral resources sector.
The agreement was inked on Sunday in Riyadh between Japan’s Economy, Trade and Industry Minister Ken Saito and Saudi Arabia’s Industry and Mineral Resources Minister Bandar AlKhorayef.
The pact highlights Japan’s commitment to work with the Kingdom, which has a stable supply of minerals, while Saudi Arabia aims to diversify its economy.
Earlier this month, the two ministers met to discuss further economic cooperation, with Saito highlighting the benefits of the Japan-Saudi Vision 2030 agreement.
In March, Saito visited Riyadh and signed an agreement with Saudi Arabia to invest in Africa and other resource-rich nations — with a focus on securing interests in nickel, lithium and other minerals for the production of electric vehicle batteries.
Saito stated: “We would like to promote efforts to strengthen the supply chain of important minerals by actively involving companies from both countries.
In addition, Saito also met with Saudi Arabia’s Minister of Investment Khalid Al-Falih to discuss economic relations.
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