Arabia: Saudi and Media Reports

arabia: 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, according to The Japan Times. 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. 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. 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. It identified nine main areas of cooperation, including competitive industry, energy, health care and medicine, high-quality social infrastructure and investment and finance. At the outset of the meeting, Salman said he believes the joint statement will further strengthen the strategic partnership of the two countries. (news.financializer.com). As reported in the news.