Saudi, Singapore Ministers Explore Investment Opportunities In The Kingdom

Minister of Industry and Mineral Resources Bandar Alkhorayef met with Singapore's Minister for Manpower and Second Minister for Trade and Industry Tan See Leng. They discussed investment opportunities in Saudi Arabia. The meeting took place at the Singaporean Ministry of Trade and Industry.

Alkhorayef emphasised Saudi Arabia's strategic position, linking Asia, Africa, and Europe. He also highlighted the country's rich natural resources. The minister proposed forming working teams to boost industrial cooperation between the two nations.

The meeting was attended by several notable figures. These included Assistant Minister of Industry and Mineral Resources for Planning and Development Abdullah Ali Alahmari, CEO of the Industrial Center Saleh Al-Solami, CEO of MODON Majed Al-Argoubi, and Saudi Ambassador to Singapore Abdullah Al-Madhi.

The discussions also focused on building human capital in areas of mutual interest. Both sides affirmed the strong relationship between Saudi Arabia and Singapore.

Alkhorayef is on an official visit to Singapore as part of his economic tour of East Asia, which includes China. He leads a delegation from the industrial and mineral resources sector to strengthen bilateral ties and attract investments.

Trade Figures

Saudi non-oil exports to Singapore reached 9.3 billion Saudi Riyals in 2023. Imports from Singapore amounted to 5.9 billion Saudi Riyals. Key exports included plastics, chemical products, electrical devices, equipment, base metals, and their products.

Main imports from Singapore comprised ships, boats, floating structures, optical instruments, medical devices, and pharmaceuticals.

Joint Committee Session

The third session of the Saudi-Singapore Joint Committee saw the signing of seven memoranda of understanding. These agreements aim to enhance cooperation in economic, investment, and trade sectors.

This visit underscores the commitment to strengthening ties between Saudi Arabia and Singapore while exploring new avenues for collaboration.

With inputs from SPA