Saudi and Singaporean Ministers Explore Investment Opportunities and Strengthen Ties

KSA, 3 September, 2024 : Saudi Arabia's 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, to explore investment opportunities in the Kingdom. The discussion focused on Saudi Arabia's strategic location, diverse natural resources, and the potential for industrial cooperation between the two nations.

Alkhorayef proposed forming working teams to strengthen industrial ties and highlighted the Kingdom's competitive sectors. The meeting was attended by key Saudi officials, including Abdullah Ali Alahmari, Assistant Minister for Planning and Development, and Saleh Al-Solami, CEO of the Industrial Center.

The talks also emphasized building human capital in areas of mutual interest, underscoring the strong Saudi-Singaporean relationship. Alkhorayef's visit to Singapore is part of his East Asia economic tour, which also includes China, aimed at boosting bilateral ties and attracting investments to Saudi Arabia.

In 2023, Saudi non-oil exports to Singapore totaled 9.3 billion Saudi Riyals, with imports reaching 5.9 billion Riyals. Major exports included plastics, chemicals, and base metals, while imports comprised ships, optical instruments, and pharmaceuticals.

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

Source : www.zawya.com