Sci-tech

King Salman Reviews Regional Developments with Japanese Officials

King Salman Reviews Regional Developments with Japanese Officials”

SoftBank Group Corp Chairman Masayoshi Son will meet Saudi King Salman on Tuesday in Tokyo, a person briefed on the matter said, as the kingdom and the Japanese tech and investment firm proceed with plans to create a $100 billion technology-investment fund.

Specifically, the two governments will launch preparatory researches for the envisaged economic zone and joint investment in the artificial intelligence and big data markets in the Middle Eastern country.

The Nikkei business daily also reported that Toyota Motor is looking at building a vehicle assembly plant in the Middle East country.

The king and his delegation continue their four-day visit to Japan through Wednesday. "Saudi Arabia is aiming to obtain aid both from Japan and China by hedging between the two countries", a diplomatic source said.

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As Japan has friendly ties with Iran, the Japanese government envisages strengthening ties with both Saudi Arabia and Iran.

Abe and King Salman agreed to beef up their countries' security cooperation, including the resumption of subcabinet-level talks, while defining the bilateral relationship as a strategic partnership.

Saudi Arabia is India's fourth largest trade partner and the country imports around 19 per cent of its crude oil requirement from Saudi.

Saudi Arabia's King Salman bin Abdulaziz al-Saud has been touring Asia. and his latest stop in Japan was pure luxury.

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A key thrust of the Vision 2030 strategy is the setting up of special deregulated economic zones in Saudi Arabia, featuring tax incentives, easier Customs procedures and relaxed visa rules, to woo Japanese companies and investors.

It's not the first for King Salman though, as he visited Japan in 2014 when he was still crown prince. "When the King visited Japan, he had a meal with my grandfather at his private residence in Gotemba", he said.

The King was awarded the Order of the Chrysanthemum, Japan's highest order, by Emperor Akihito.

In September a year ago, Emperor Akihito held talks with the king's son, Deputy Crown Prince Mohammed bin Salman, at the Imperial residence.

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