Saudi Arabia and Singapore are exploring economic ties as trade between the two countries passed SR45bn ($12bn) last year.
The Kingdom of Saudi Arabia and Singapore signed seven MoUs in several fields during the third session of the Saudi-Singapore Joint Committee held in Riyadh.
The Minister of Transport and Logistic Services Saleh bin Nasser Al-Jasser and Singapore’s Minister of Manpower and Second Minister for Trade and Industry Tan See Leng co-chaired the session.
Saudi-Singapore trade
The Federation of Saudi Chambers and the Singapore Business Forum signed an MoU at the end of the session, while the Saudi Standards, Metrology, and Quality Organisation (SASO) signed an MoU regarding standardisation and coordination.
Meanwhile, the Ministry of Investment signed an MoU for cooperation and facilitation of investments between Singaporean and Saudi companies.
Also, the MoUs include training and development opportunities in the Kingdom and investment opportunities in the education sector.
The session witnessed the signing of an MoU in the fields of ports, transportation and logistics services, besides an MoU to develop investment in the industrial sector in Riyadh and health and fitness sectors.
In his opening speech at the session, Minister Al Jasser said the Kingdom and Singapore enjoy a strong bilateral relationship that spans nearly six decades. He added that the joint committee confirms the strong links between Saudi Arabia and Singapore.
The minister said the two countries’ joint efforts have flourished after signing several agreements and MoUs covering various areas, including transport services and logistics.
He added that these joint efforts have contributed to enhancing the investment and trade relations between the two countries at all levels in both the public and private sectors.
Al Jasser highlighted the progress of Saudi-Singaporean cooperation, including in the economic, investment, and commercial fields.
He said the trade volume between the two countries significantly increased by around 50 per cent in 2022 compared to the previous year, hitting around SR45.2bn ($12bn).
He noted that the meeting is a continuation of successful joint efforts and cooperation between both countries.
Minister Al Jasser underlined the importance of enhancing economic and developmental relations between the two countries, facilitating the movement of imports and exports of goods and attracting investment opportunities in industry and the digital economy.
He also voiced keenness for enhancing cooperation in various areas, including:
- Infrastructure
- Transport and logistics services
- Financing
- Investment
- Energy
- Industry
- Digital economy
- Tourism
- Culture
- Social sectors
Al Jasser said he looks forward to implementing infrastructure development projects to improve transportation and facilitate the movement of passengers and goods between the two countries under the umbrella of their joint committee.
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