Japan seeks $100bn prize of Saudi float

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The visit of King Salman to Japan and China will add momentum to trade and investment relations with the Kingdom, according to an expert.

The two countries go way back.

"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.

"We are looking forward to the visit of the King of Saudi Arabia later this year", External Affairs Secretary (Economic Relations) Amar Sinha, said at an event organised by the Saudi petrochemicals giant SABIC. The Council of Saudi Chambers is dispatching two business delegations during the king's visit to Japan and China, he said.

Shinzo Abe, the prime minister of Japan, asked King Salman of Saudi Arabia to support Tokyo's pitch to be Aramco's worldwide listing venue during a meeting in Japan.

Visiting King Salman of Saudi Arabia, joined by hundreds of members of his entourage, attended an evening banquet in his honor hosted by Prime Minister Shinzo Abe on March 13.

Also on Tuesday, around 20 Japanese companies, including Toyota, exchanged memoranda of understanding with Saudi Arabian companies and government to strengthen ties.

Japan will also help Saudi Arabia build supply chains for local manufacturers by having Japanese suppliers build new factories there, and offer Japan Post Co.'s assistance for establishing the infrastructure for Japanese consumers' imports from the country through the Internet.

Mr Al-Sati said the Kingdom's Vision 2030 plan aims to free the Saudi economy from dependence on oil by diversifying its sources of income, attract foreign investment and make Saudi Arabia a manufacturing hub. "When the King visited Japan, he had a meal with my grandfather at his private residence in Gotemba", he said. This is why Saudi leaders seek closer cooperation with the two countries in these areas.

The King was awarded the Order of the Chrysanthemum, Japan's highest order, by Emperor Akihito.

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