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Japan and Saudi Arabi to launch study on economic zones

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Staff Writer | March 14, 2017
Saudi Arabian King Salman bin Abdul-Aziz al-Saud met Prime Minister Shinzo Abe in Tokyo on Monday, with the two agreeing to launch a feasibility study on setting up special deregulated economic zones to attract Japanese firms to Saudi Arabia.
Japan Saudi Arabia
Cooperation   Enabler Showcase Zone
Within the so-called Enabler Showcase Zone, Saudi Arabia is expected to offer tax incentives and simplified customs procedures to encourage Japanese firms to build plants and research and development centers there.

In a related move, media reports have said Toyota Motor Corp. plans to begin studies soon on possibly building an auto assembly plant in Saudi Arabia.

“Saudi Arabia is on the one hand targeting to diversify its economy and reduce its reliance on oil by fostering growth and job creation across various non-oil related industry sectors,” read a joint statement entitled Saudi Japan Vision 2030, released after Abe’s talks with Salman at the Prime Minister’s Office.

“Japan on the other hand is aiming to boost exports, investments and tourists in particular by exploring new growth markets beyond its domestic and neighboring countries,” the statement continued.

At the outset of the meeting, Salman said he believes the joint statement “will further strengthen the strategic partnership of the two countries.”