Japan and Saudi Arabia Set to Agree on Developing Rare Earth Mineral Resources

The Nikkei reported that Japan and Saudi Arabia are expected to agree on joint investments to develop rare earth mineral resources during Prime Minister Fumio Kishida's visit to the Middle East, starting tomorrow, Sunday, and lasting until Tuesday. It was stated that Kishida is set to agree with Saudi Crown Prince Mohammed bin Salman on cooperation in rare earth resources on Sunday, exploring joint development projects in other countries. Additionally, Japan will also assist in accelerating the development of resources currently being mined in Saudi Arabia, specifically copper, iron, and zinc. Kishida intends to visit Saudi Arabia, the United Arab Emirates, oil producers, and Qatar, a liquefied natural gas producer, which are major energy suppliers to resource-poor Japan. Rare earth resources are essential for carbon reduction and particularly for the production of electric vehicles, as Japan aims to become carbon-neutral by 2050 while Saudi Arabia is striving to diversify its economy away from oil. A senior official from Japan's Ministry of Foreign Affairs noted to journalists a few days ago that "Kishida intends to discuss energy markets during his upcoming visit to the Gulf states while also aiming to present Japanese technologies to achieve the goal of reaching net-zero carbon emissions."