Saudi Arabia to Reinforce Logistical Ties With Japan
The Saudi Logistics Hub, a government initiative mandated to drive the growth of the country's logistics sector, held its first global roadshow in Tokyo.
The roadshow, held on December 5 at The Palace, drew the participation of business leaders from the logistics sector, including the Saudi Commercial Attaché to Tokyo. Participants gained insights on the current logistics landscape in Saudi Arabia, including an understanding of Saudi Logistics Hub. In addition to the global roadshow, the Saudi Logistics Hub will be meeting with three Japanese government entities to further discuss the logistics sector and explore investment opportunities in Saudi Arabia.
The Saudi-Japan relations strengthened following the launch of the Saudi-Japan Vision 2030 in 2016. Since then, the two countries have incrementally built strategic synergies to reinforce trade ties and serve both their economies and future prospects. In 2018, Japan was Saudi Arabia's sixth-largest import market and second-largest export market. Japan's imports from Saudi Arabia accounted for US$33.8 billion, while its exports to the country were valued at US$4.1 billion for the same period.
To infuse fresh momentum to bilateral ties, in 2019, both countries announced the Saudi-Japan Vision 2030 2.0 ? to further drive investments and accelerate efforts on the Vision 2030 projects.
His Excellency Eng. Saleh bin Nasser Al-Jasser, Minister of Transport and Chairman of the Saudi Logistics Hub, said: "The transport and logistics sector in Saudi Arabia is undergoing a paradigm shift and enhancements to meet today's demands. Through the ongoing ease-of-doing-business reforms and investment initiatives, Saudi Arabia is set on a path to create a favorable trading environment. As one of Saudi Arabia's strongest trade partners, we look forward to leveraging our relationship with Japan to drive trade and investment cooperation, and will commit to enabling the country's transformation."
Saudi Arabia currently commands a 55 percent share of the logistics industry in the GCC region. Over the last decade, the country has invested more than US$100 billion in its transport and logistics infrastructure, resulting in a comprehensive nationwide network. In 2019, Saudi Arabia achieved a 47 percent increase in the number of new foreign transport and logistics companies, according to the Saudi Arabian General Investment Authority.
Today, Saudi Arabia has one of the fastest-growing logistics sectors globally and was ranked the world's fastest economic reformer by the World Bank Group's Doing Business 2020 report, jumping up 30 positions to the 62nd place. The country has demonstrated significant improvements in 9 out of 10 Doing Business areas, surging 72 spots to the 86th place in the Trading Across Borders ranking, which factors in time and cost of the logistical process in the export and import of goods and services. In addition, Saudi Arabia climbed 103 places to the 38th spot in the Starting a Business ranking. The impressive reforms are part of the government's efforts to enhance the business climate and encourage foreign investors to set up operations in Saudi Arabia.
The Saudi Logistics Hub's global roadshow agenda includes the UAE, Jordan, Egypt, China, Singapore, India and Germany, and aims to promote emerging investment opportunities in the country's burgeoning logistics industry.
About the Saudi Logistics Hub
The Saudi Logistics Hub is a government initiative formed by leading transport and logistics entities in Saudi Arabia with a mandate to support growth in the sector and position the country as a strategic gateway at the crossroads of three continents in line with Vision 2030's bold ambitions.
The Saudi Logistics Hub is transforming Saudi Arabia into a globally competitive and efficient export, re-export, and domestic connectivity platform through enhancing the sector's infrastructure, processes, procedures, and regulatory frameworks.
This will enable logistics players to:
- Access one of the fastest-growing logistics markets in the world
- Benefit from recent reforms that reduce the time and cost of logistics operations
- Capitalize on specific investment opportunities
*Source: AETOSWire
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