(MENAFN- Kuwait News Agency (KUNA)) TOKYO, Sept 1 (KUNA) -- Japanese leading bank Mizuho Financial Group, Incorporated and state-owned Saudi Arabian Oil Co. (Saudi Aramco) on Thursday signed an agreement for business cooperation with an aim to support Japanese companies investing in the Saudi Kingdom.
With the memorandum of understanding, Mizuho, the sole Japanese bank to have an office in Saudi Arabia, will work more closely with the kingdom and provide enhanced support to Aramco, which works to transform its business portfolio, the Tokyo-based financial group said in a press release.
"Moreover, Mizuho will use Aramco's knowhow and network to introduce Japanese companies, in particular SMEs and middle-marketers which have unique technological advantages, to Aramco and other Saudi companies as their business partners," it said. Saudi Arabia is currently promoting the national growth strategy called "Saudi Vision 2030" and Aramco is enhancing their business especially in the fields of renewable energy, privatization and capital markets.
"Under the vision, Saudi Arabia promotes privatization of state-owned companies and sophistication and diversification of industries," the bank said. It also pointed out that the Middle East North Africa region has large potential with over 600 million populations and Saudi Arabia in particular is expected to see rapid growth. (end) mk.gta