Singapore and Saudi To Boost Corporation on Several Sectors
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Singapore and Saudi To Boost Corporation on Several Sectors

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Singapore and Saudi Arabia have decided to elevate their relations to the level of strategic cooperation, according to the foreign ministries of both nations. Both nations stated in a joint statement issued during Prime Minister Lee Hsien Loong's official visit to the kingdom that such a partnership would allow for the development and extension of mutually beneficial collaboration in all sectors.

PM Lee also wrote in a Facebook post on Saturday: “This will be Singapore’s first with a Middle East country, and will deepen our cooperation across many fields.”

He was received by Saudi Crown Prince Mohammed bin Salman on Wednesday, and both leaders reviewed relations between their countries and means to deepen them in all areas, the statement said. He conveyed his appreciation to Crown Prince Mohammed for the support of Singaporean pilgrims performing the haj, as per straitstimes.

Singapore also backed Saudi Arabia's bid to host the World Cup in 2034. During the visit, both parties praised the Saudi-Singapore Joint Committee, which convened its third session in Riyadh on October 17. The statement also underlined the key areas of disagreement between the two parties. In the economic, trade, and investment spheres, they welcomed a 51% increase in the value of bilateral commerce in 2022 over 2021.

They emphasized the need of working together to strengthen and diversify bilateral commerce by using and improving the Gulf Cooperation Council-Singapore Free commerce Agreement, as well as expanding partnerships between their corporate sectors in a variety of disciplines. Energy, the digital economy, financial services, agriculture and food sectors, and transportation and logistics are among them.

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