Kishida and Saudi Crown Prince Mohammed bin Salman will agree on rare earth resources cooperation on Sunday to jointly explore development projects in other countries.
The co-investment initiative highlights the growing importance of rare earth elements for decarbonization efforts and electric vehicle production, especially as Japan sets an ambitious goal of achieving carbon neutrality by 2050. Meanwhile, Saudi Arabia is actively diversifying its oil-reliant economy so the collaboration is mutually beneficial.
On July 16-18, Prime Minister Kishida plans to visit oil producers Saudi Arabia and the United Arab Emirates, as well as liquefied natural gas producers Qatar. During his visit, Kishida had planned a strategic itinerary which included meetings with Japan’s main energy suppliers, namely: Saudi Arabia, United Arab Emirates (UAE), and Qatar.
These three countries are important partners for Japan as producers of oil and liquefied natural gas (LNG). Strengthening ties with these countries will ensure a stable supply of energy for resource-poor Japan while promoting collaboration in the field of rare earth resource development.
Amid the prime minister’s trip, discussions on energy markets will take center stage and look forward to energy cooperation and forging stronger energy partnerships. The anticipated deal between Kishida and Saudi Crown Prince Mohammed bin Salman promises increased cooperation in rare earth resources.
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Japan has pledged to accelerate the development of ongoing resources such as copper, iron, and zinc in Saudi Arabia by leveraging its advanced technologies related to achieving net zero carbon emissions.
Their collaboration will involve joint exploration projects in countries beyond their borders, promoting sustainable development in the global rare earths industry. By offering their expertise and innovation, Japan seeks to support the Gulf countries in their own transitions to sustainable energy practices.
Source: mtv.com.lb, bnn.network
