KSA: Saudi Arabia and Singapore are celebrating the strengthening of their economic partnership, with trade relations hitting an impressive $12 billion.
The two nations recently signed seven Memoranda of Understanding (MoUs) during the third session of the Saudi-Singapore Joint Committee held in Riyadh, highlighting their commitment to expanding economic cooperation.
The Minister of Transport and Logistic Services for Saudi Arabia, 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. This high-level involvement from both countries’ officials underscores the significance of this economic relationship.
The MoUs span various sectors, showcasing the comprehensive nature of their collaboration. They cover areas such as transportation and logistics, investment, education, ports, industrial development, as well as the health and fitness sectors.
Additionally, private sector entities have played a vital role in this partnership, with the Federation of Saudi Chambers and the Singapore Business Forum signing an MoU. This is a clear indication of the broader involvement of businesses in furthering economic ties.
The commitment to fostering investment is evident through an MoU for cooperation and facilitation of investments between Singaporean and Saudi companies. KSA and Singapore both recognize the importance of creating an attractive environment for investments, which can drive economic growth and job creation.
One of the most striking aspects of this development is the substantial 50% increase in trade volume between Saudi Arabia and Singapore in 2022 compared to the previous year, reaching approximately $12 billion.
The collaboration is not limited to trade alone. The Kingdom of Saudi Arabia and Singapore aim to deepen their partnership in various areas, including infrastructure, energy, tourism, culture, and social sectors.
Moreover, there is a commitment to enhancing infrastructure development, which will improve transportation and the movement of goods and passengers between the two countries.