Riyadh, Tokyo in investment pact
1 May 2013
Crown Prince Salman, deputy premier and minister of defense, held wide-ranging talks with Japanese Prime Minister Shinzo Abe, who arrived in Jeddah last night.
“The talks between Crown Prince Salman and Japanese premier focused on a range of bilateral subjects as well as on key regional and international issues,” said Abdulaziz Al-Turkistani, Saudi ambassador to Japan, via phone from Jeddah.
Crown Prince Salman and Prime Minister Abe also witnessed the signing of a major investment treaty.
Abdullatif A. Al-Othman, governor of Saudi Arabian General Investment Authority, signed the investment protection agreement, while Japanese Ambassador Jiro Kodera inked the treaty representing Japan.
A spokeswoman of the Japanese Embassy said: “Japan signed the investment treaty with Saudi Arabia to secure key resources and to ensure more protection to the investors of the two countries.”
The treaty is aimed at helping Japanese firms gain the rights to develop and ship resources back to resources-poor Japan, she added.
Before the treaty signing ceremony, Crown Prince Salman hosted a dinner banquet for Premier Abe, who is on his first visit to Saudi Arabia in six years.
Abe visited the Kingdom in April 2007 during his first stint at the government helm.
“Since the Kingdom has the largest oil reserves and natural gas reserves, Abe’s administration and Japan as an ally is looking to strengthen ties with Riyadh to ensure stable energy supplies and to diversify relations in other sectors,” a source told Arab News.
He said that the two leaders expressed their satisfaction over the growing bilateral relations.