Saudi Arabia called on Japan to move beyond traditional partnership to strategic integration, Investment Minister Khalid al-Falih said during the Saudi-Japanese Investment Forum, Al-Eqtisadiah reported on September 24.

Al-Falih confirmed during the forum held at Expo Osaka that Riyadh has completely restructured its economy in line with Vision 2030.

Japan is Saudi Arabia's third-largest partner and imports 40% of its oil needs from the kingdom, however Japanese banks' presence remains modest.

Al-Falih said the kingdom is studying ways to integrate Japanese companies into its economic zones, inviting them to participate in Saudi Arabia's infrastructure sector transformation and explore tourism opportunities.

He confirmed that energy transformation projects in Saudi Arabia provide investment opportunities for Japanese financial institutions and investors with green capital.

Tokyo's consul general in Jeddah, Daisuke Yamamoto, revealed to Al-Eqtisadiah that 118 Japanese companies have invested SAR23.6bn ($6.29bn) directly in the kingdom, with 18 making Saudi Arabia their regional headquarters.

Eighty-two companies operate in Riyadh and 36 in Jeddah, covering sectors including petrochemicals, energy, electricity, water, automotive, electronics and titanium production.

Bilateral trade volume grew 37.2% over five years from 2020, rising to more than $36bn currently.

Saudi exports to Japan accounted for the largest share at $29.9bn, mostly oil and petrochemicals, whilst Japanese imports to Saudi Arabia reached $6bn, including cars, equipment and machinery.