SINGAPORE: Singapore and Saudi Arabia have established a new bilateral partnership body at the highest levels of leadership, to step up cooperation in areas such as economic, defence and people-to-people ties.
The foreign ministers of both countries on Wednesday (Jan 15) signed a memorandum of understanding to establish the Saudi-Singapore Strategic Partnership Council, co-chaired by Singapore Prime Minister Lawrence Wong and Saudi Crown Prince Mohammed Bin Salman.
The partnership was first announced during former Prime Minister Lee Hsien Loong’s visit to Saudi Arabia in October 2023.
It is Singapore’s first such partnership with a Middle Eastern country and Saudi Arabia’s first in Southeast Asia.
“The memorandum of understanding we have just signed is an important milestone in the relationship between the Kingdom of Saudi Arabia and the Republic of Singapore,” said Singapore Foreign Affairs Minister Vivian Balakrishnan during a joint press conference with his Saudi counterpart.
He said the creation of the council would let both countries’ heads of government “meet regularly and chart strategic directions to grow our bilateral cooperation”.
Both sides will set up several committees at the ministerial level, to step up political, economic, defence, security and people-to-people ties, said Dr Balakrishnan.
The inaugural council meeting will be convened at a mutually convenient date.
The strengthening of ties with Saudi Arabia is “most timely”, said Dr Balakrishnan.
“At the political level, we have maintained very close ties and we have been constantly searching for ways to deepen our cooperation,” he added.
He said that in the 14 months after Mr Lee’s visit, both sides have exchanged 14 ministerial-level visits, averaging one per month.
Economically, Saudi Arabia is also a significant trading partner for Singapore, with bilateral trade in goods reaching S$10.6 billion in 2023 and still “growing nicely”, said Dr Balakrishnan.
“Prominent Saudi companies have established a significant presence in Singapore, including Aramco and the Saudi Basic Industries Corporation, which invested S$220 million in opening its second factory earlier this year,” he said.
Foreign direct investment from Saudi Arabia amounted to S$4.1 billion as of the end of 2022, he said, adding that Singapore welcomes more Saudi firms to leverage the country as a “gateway to our region”.
He added that Saudi Arabia in turn offers “a compelling value proposition” for Singapore firms too.
“It has the largest market within the Gulf Cooperation Council and a young, dynamic, eager and affluent population,” said Dr Balakrishnan.
“Saudi Arabia's exciting Vision 2030 is ambitious. It is a forward-thinking masterplan which offers enormous opportunities, including for Singapore companies.”
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The foreign ministers of both countries on Wednesday (Jan 15) signed a memorandum of understanding to establish the Saudi-Singapore Strategic Partnership Council, co-chaired by Singapore Prime Minister Lawrence Wong and Saudi Crown Prince Mohammed Bin Salman.
The partnership was first announced during former Prime Minister Lee Hsien Loong’s visit to Saudi Arabia in October 2023.
It is Singapore’s first such partnership with a Middle Eastern country and Saudi Arabia’s first in Southeast Asia.
“The memorandum of understanding we have just signed is an important milestone in the relationship between the Kingdom of Saudi Arabia and the Republic of Singapore,” said Singapore Foreign Affairs Minister Vivian Balakrishnan during a joint press conference with his Saudi counterpart.
He said the creation of the council would let both countries’ heads of government “meet regularly and chart strategic directions to grow our bilateral cooperation”.
Both sides will set up several committees at the ministerial level, to step up political, economic, defence, security and people-to-people ties, said Dr Balakrishnan.
The inaugural council meeting will be convened at a mutually convenient date.
"TIMELY" STRENGTHENING OF TIES
The strengthening of ties with Saudi Arabia is “most timely”, said Dr Balakrishnan.
“At the political level, we have maintained very close ties and we have been constantly searching for ways to deepen our cooperation,” he added.
He said that in the 14 months after Mr Lee’s visit, both sides have exchanged 14 ministerial-level visits, averaging one per month.
Economically, Saudi Arabia is also a significant trading partner for Singapore, with bilateral trade in goods reaching S$10.6 billion in 2023 and still “growing nicely”, said Dr Balakrishnan.
“Prominent Saudi companies have established a significant presence in Singapore, including Aramco and the Saudi Basic Industries Corporation, which invested S$220 million in opening its second factory earlier this year,” he said.
Foreign direct investment from Saudi Arabia amounted to S$4.1 billion as of the end of 2022, he said, adding that Singapore welcomes more Saudi firms to leverage the country as a “gateway to our region”.
He added that Saudi Arabia in turn offers “a compelling value proposition” for Singapore firms too.
“It has the largest market within the Gulf Cooperation Council and a young, dynamic, eager and affluent population,” said Dr Balakrishnan.
“Saudi Arabia's exciting Vision 2030 is ambitious. It is a forward-thinking masterplan which offers enormous opportunities, including for Singapore companies.”
Continue reading...