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.
The Japan Organization for Metals and Energy Security and Manara Minerals Investment Co., a Saudi firm that invests in the minerals sector, also signed a memorandum of understanding.
The Japanese organization and Manara aim to launch several joint investments within two years. Besides sharing information on mineral-related policies and regulations, they will also offer Japanese companies the chance to learn about Manara’s investment strategy.
Saudi Arabia is being pressed to create new industries to replace oil as countries move to cut carbon emissions. By cooperating with Japan, which has expertise in mining exploration, it aims to acquire mining interests in various countries.
Japan, for its part, will cooperate with oil-rich countries, as well as the United States and European nations, to secure lithium and other important minerals and boost economic security.
Source: www.arabnews.com – japannews.yomiuri.co.jp
