Riyadh – Attesting to the undeniable investment attraction that is Saudi Arabia, Japan’s market giant motor corporation, Toyota, announced plans to launch its first ever production factory in the Kingdom.

Such an announcement confirms that grand-scale companies trust in Saudi economy and view it with optimistic potential.

Speaking at a Japan-held forum, Chairman of the Japanese Business Federation Sadayuki Sakakibara, explored economic and investment cooperation between the Kingdom and Japan.

Sakakibara stressed the importance of the Kingdom’s economic role for Japan and the keenness of the Japanese business sector toward the achievement of the strategic economic and developmental objectives of the Saudi-Japanese Vision 2030 that aims to bolster bilateral cooperation

Earlier, a memorandum of understanding was signed by the National Industrial Cluster Development Program (NICDP) and the Toyota Motor Corporation for the feasibility study of an industrial project to produce vehicles and parts in the Kingdom.

“The study would take into account the evaluation of development of a local supply base using materials produced by major Saudi companies like Sabic, Maaden, Petro Rabigh, and other major industrial companies in the Kingdom,” the official Saudi state news agency reported.

It further aims to enhance the development and attraction of a Saudi workforce and put in place the adequate training programs.

Abdul Latif Jameel, as a local distributor for Toyota, will be also taking part in the joint feasibility study.

Toyota remains the leader in Saudi and other Gulf Cooperation Council (GCC) car markets with more than 500,000 units sold in the GCC in 2016, according to SPA.

Moreover, on the third day of the fourth leg of a seven-nation Asian tour, the king attended the Saudi-Japanese Vision 2030 business forum aimed at strengthening bilateral ties.

King Salman was received at the forum by Minister of Economy and Planning Adel Fakeih and Japanese Minister of Economy, Trade and Industry Hiroshige Seko.