Japan and Saudi Arabia anticipate that Prime Minister Fumio Kishida’s trip to the Middle East, beginning on Sunday, will result in their joint investment. The investment will specifically focus on the development of rare earth minerals. The collaborative effort between Japan and Saudi Arabia aims to advance the exploration and exploitation of these valuable resources.
Japan and Saudi Arabia joint investments: On July 16–18, Kishida is to travel to Qatar, Saudi Arabia, and the United Arab Emirates, the three nations that supply the majority of the liquefied natural gas that Japan imports. Japan is a resource-poor country.
Since Saudi Arabia is aggressively working to diversify its oil-reliant economy and Japan aims to be carbon-neutral by 2050, rare earth minerals are crucial for decarbonization and the development of electric vehicles in particular.
Nikkei reported on Saturday that Kishida and Saudi Crown Prince Mohammed bin Salman would reach an agreement on Sunday to cooperate in the exploration of economic projects in other nations.
Additionally, Nikkei reports that Japan will actively aid in accelerating the development of the copper, iron, and zinc resources currently under investigation in Saudi Arabia.
Kishida intends to address energy markets during his future trip to the Gulf nations, as well as to promote Japanese technologies for net zero transition, a senior official at Japan’s foreign ministry told reporters this week.