Saudi Arabia, Singapore strengthen economic ties with 7 MoUs
Business
Volume of trade exchange between the nations reaches SR45.2 billion
RIYADH (Web Desk) - Saudi Arabia and Singapore have signed seven memorandums of understanding to facilitate investment opportunities across various sectors, the Saudi Press Agency reported.
The MoUs were inked during the third session of the Saudi-Singapore Joint Committee held in Riyadh.
The joint committee was led by Saudi Transport and Logistic Services Minister Saleh Al-Jasser and Singaporean Manpower Minister Tan See Leng.
Al-Jasser said that both countries have enjoyed strong ties for nearly six decades, and the joint committee will bolster it further.
Highlighting strong cooperation across all fields, he said that the volume of trade exchange between the nations reached SR45.2 billion ($12.05 billion) in 2022, representing an increase of about 50 percent compared to 2021.
The Saudi minister added that the Kingdom is keen to cooperate with Singapore across infrastructure, transport and logistics sectors.
The other sectors under consideration were financial services, energy, digital economy and tourism.
The joint committee meeting also highlighted the opportunities available to Singaporean companies in the Saudi market as the Kingdom steadily diversifies its economy away from oil, aligned with the goals outlined in Vision 2030.
One of the noted deals inked during the event was between the Federation of Saudi Chambers and the Singapore Business Forum.
Saudi Arabia’s Ministry of Investment also inked an MoU with its Singaporean counterpart to foster investment opportunities between the nations.
Saudi Standards, Metrology, and Quality Organization also partnered with its Singaporean counterpart, focusing on standardization and coordination.
Among other MoUs, two were signed in the fields of ports, transportation and logistics services, while another one focused on investment in Riyadh’s industrial sector and promoting growth in the health and fitness sectors.
Last month, a Saudi trade delegation led by Commerce Minister Majid Al-Qasabi conducted a three-day visit to Singapore to enhance trade exchange and economic partnership between the two countries.
During the visit, the delegation participated in the Saudi-Singapore Business Forum, co-organized by the Federation of Saudi Chambers and the Singapore Business Federation.
