Japan, Saudi Arabia to Cooperate on Clean Energy Supply Chains

Jiji Press

10:46 JST, May 22, 2024

Tokyo (Jiji Press)—Japanese Prime Minister Fumio Kishida and Saudi Arabia’s Crown Prince Mohammed bin Salman agreed Tuesday to cooperate in building supply chains for clean energy resources, such as hydrogen and ammonia.

The two leaders had a video teleconference after the crown prince postponed his trip to Japan that had been slated to begin on Monday, due to Saudi King Salman’s health condition.

In the videoconference, Kishida voiced his wish to work with the crown prince for an early conclusion of a free trade agreement between Japan and the Gulf Cooperation Council, made up of Saudi Arabia and five other Middle East nations.

The crown prince said he welcomes the resumption of FTA negotiations.

Kishida and the de facto Saudi leader agreed to establish a strategic partnership council, which will be chaired by the two, in hopes of strengthening the two countries’ ties.

The two leaders also exchanged views on the situation in the Palestinian territory of the Gaza Strip.

Kishida showed expectations for Saudi Arabia’s role in stabilizing the crude oil market. The crown prince replied that his country remains committed to a stable oil supply.

Also on Tuesday, a forum was held in Tokyo on cooperation between Japanese and Saudi companies.

At the event, hosted by Japan’s industry ministry and others, participants, including financial group SBI Holdings Inc. and trader Marubeni Corp., concluded a total of 32 memorandums and contracts.

Industry minister Ken Saito, who attended the event, said that he felt the enthusiasm from both sides to further strengthen business ties.