Saudi Minister of Investment Khalid Al-Falih said in a recent statement that Saudi Arabia is targeting $3.3 trillion worth of investments with Japan by 2030, and wants to build more than 500,000 electric cars annually by the end of the decade
On the sidelines of the Saudi Japan Investment Forum held in Riyadh, Al-Falih added that the Kingdom aims to become the world’s leading energy nation as the two countries intend to cooperate for a smoother energy transition.
Saudi Minister of Energy Prince Abdulaziz bin Salman, and Japan’s Minister of Economy, Trade and Industry Nishimura Yasutoshi, signed a memorandum of cooperation in the circular carbon economy and carbon recycling fields as well as hydrogen, fuel ammonia, and derivatives.
Both ministers agreed to focus on emissions reduction rather than energy sources through the effective deployment of carbon recycling and a circular carbon economy.
The dialogue also expressed the two countries’ ambitions to collaborate in the fields of petrochemicals to maximise integration across the value chain, SPA reported.
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