Saudi Industry Minister Engages Singapore For Enhanced Industrial Cooperation

Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef recently visited Singapore, where he met with Dr. Tan See Leng, Singapore's Minister for Manpower and Second Minister for Trade and Industry. The meeting aimed to strengthen bilateral ties and explore investment opportunities in the industrial sector.

Al-Khorayef emphasised Saudi Arabia's strategic location, connecting Asia, Africa, and Europe. He highlighted the Kingdom's rich and diverse natural resources. The minister also showcased the services and enablers within the industrial and mineral resources sectors, focusing on promising competitive sectors under development.

The meeting took place at Singapore's Ministry of Trade and Industry. Attendees included Assistant Minister of Industry and Mineral Resources for Planning and Development Dr. Abdullah Al-Ahmari, National Industrial Development Center CEO Eng. Saleh Al-Solami, Saudi Authority for Industrial Cities and Technology Zones (MODON) CEO Eng. Majed Al-Argoubi, and Saudi Ambassador to Singapore Abdullah Al-Madhi.

During discussions, Al-Khorayef proposed forming working groups to enhance cooperation between Saudi Arabia and Singapore in the industrial sector. Both sides also explored ways to build human capital in areas of mutual interest. They stressed the strong relationship between Saudi Arabia and Singapore.

Saudi Arabia's non-oil exports to Singapore reached SAR9.3 billion in 2023. Key exports included plastics, chemical industry products, electrical devices, equipment, metals, and their by-products. In contrast, Saudi imports from Singapore amounted to SAR5.9 billion that same year.

Tour of East Asia

Al-Khorayef's visit to Singapore is part of a broader tour of East Asia that includes China. The tour aims to boost bilateral ties further, attract high-quality investments to Saudi Arabia, and explore investment opportunities in each country's industrial sector.

The main imports from Singapore were ships, boats, floating structures, optical instruments and devices, medical devices, and pharmaceutical products.

This official visit underscores the commitment of both nations to deepen their economic partnership while leveraging each other's strengths in various sectors.

With inputs from SPA