• Two nations have already agreed to seek access to nickel, lithium for electric-vehicle batteries

Arab News Japan

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.

H.E Minister of #Industry_and_Mineral_Resources Mr. Bendar AlKhorayef and H.E Japanese Minister of Economy, Trade and Industry Mr. Saito Ken, sign a MoC between the two ministries in the field of mining and mineral resources. pic.twitter.com/H3h4w2nuNz

— وزارة الصناعة والثروة المعدنية (@mimgov) December 24, 2023

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.

In #SaudiArabia #meti_minister Saito met H.E. Khalid Al-Falih, Minister of Investment, together with a mission of 48 Japanese enterprises covering commerce, banks, energy and new fields such as medicine, healthcare, water, and space. Both sides reaffirmed bilateral economic ties. pic.twitter.com/giTgMz7p0D

— METI, Japan (@METI_JPN) December 25, 2023