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Japan offers Saudi crown prince help in reducing oil dependency

Published: June 30, 2019
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Japanese Prime Minister Shinzo Abe praised Saudi Arabia’s efforts to reduce its dependence on oil and promised Crown Prince Mohammed Bin Salman that Japan will help the kingdom with a sweeping reform plan, as reported by Reuters.

“Saudi Arabia’s ‘Vision 2030’ is an unprecedented major reform aimed at shifting away from dependence on oil and at diversifying industry, under your majesty’s initiative,” Abe told the crown prince at the beginning of a bilateral meeting after a summit of Group of 20 leaders in the city of Osaka.

Japan will continue its utmost efforts by government and the private sector to help achieve its success

Abe said.

Riyadh announced the reform plan in 2016, with goals ranging from overhauling its state-owned Public Investment Fund to increasing visits of Muslim pilgrims and encouraging more Saudis to play sports.

Despite last October’s murder of Saudi journalist Jamal Khashoggi at the hands of Saudi agents, big investors are pushing ahead with deals and pouring money back into its stock market as well as Vision 2030 projects that aim to diversify the economy of the world’s top oil exporter and create jobs.

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