Mr Shamsher Zaman, Chairman of the Middle East Business Group at the Singapore Business Federation (SBF), says Singapore is ramping up efforts to engage with Saudi Arabia
In an exclusive interview with IN Diplomacy Mr Shamsher Zaman said Singapore should be prepared to see, “The deepening and expansion of mutually beneficial relations in all fields, enhancing investment, trade and economic cooperation, thanks to the upgrading in relations to a Strategic Partnership. The SBF lead a group of 32 business leaders to see for themselves the developments and opportunities in Saudi Arabia during the same period with Prime Minister Lee Hsien Loong’s visit last October. Mr Shamsher Zaman shares his thoughts following the SBF visit last October in the following interview.
Overall, how successful did you find the above meetings?
SZ: The Saudi Arabia-Singapore Joint Committee (SSJC) Meeting is an annual platform, which was formed in 2021, with the aim of fostering closer relations between both Saudi Arabia and Singapore.
The recent 3rd SSJC meeting reaffirms the strong bilateral relations between both countries and reiterated the benefits of working together in areas of mutual interests in connectivity, digital economy and in novation, as well as energy and industry. In conjunction with Prime Minister Lee Hsien Loong’s official visit to the Kingdom of Sau di Arabia (KSA) and United Arab Emirates (UAE), Singapore Business Federation led a group of 32 business leaders on a mission trip and they witnessed the developments and opportunities in Saudi Arabia first-hand.
Among the seven Memorandums of Understanding (MoUs) that were signed at SSJC, SBF inked two MoUs with the Ministry
of Investment Saudi Arabia (MISA) and the Federation of Saudi Chambers (FSC). The MoUs reflect the continuous commitment of both countries, paving way for more future collaborations to come.
What is the impact on Singapore-Saudi relations following this visit?
SZ: During Prime Minister Lee’s recent visit to Saudi Arabia, both Saudi Arabia and Singapore have agreed to upgrade the relations to a Strategic Partnership. This allows for the deepening and expansion of mutually beneficial relations in all fields, enhancing investment, trade and economic cooperation. Both countries stand to benefit from the exchange of opportunities and expertise between Singapore and Saudi Arabian companies in areas highlighted such as, trade and investment, green energy, digital economy, and public sector development.
What would you consider to be the most important highlights of the visit and leaders’ meeting?
SZ: One of the key areas of commitment highlighted in this visit is the importance of cooperation to address the challenges in the energy markets, and the importance toward building efforts combating climate change. As such, it was announced during this visit that this effort is to be pursued under a planned Energy Cooperation Roadmap between the two countries. Singapore and Saudi Arabia share many complementary strengths that can work towards innovative solutions together for the renewable energy sectors; both countries have also urged the global community towards implementing climate agreements by focusing on emissions rather than sources.
From your observations during this trip were there aspects of Social or Education or Manpower Development etc that you think Singapore can learn from the Saudi and vice versa? As of now in your opinion what are the best ways Singapore can contribute to Saudi Arabia’s Vision 2030 blueprint?
SZ: The vibrant transformation we witness in Saudi Arabia today is driven by the nation’s young agents of change, with 63% of its population under the age of 30 years old. The rapid pace of development can be seen and experienced throughout Saudi Arabia, as the country is rapidly building towards Vision 2030. The Saudi Arabia Vision 2030 is a comprehensive plan with key objectives in diversifying the country’s economy and promoting social and cultural development.
The transformation is predicated on developing its social and education sectors, and Singapore is a key partner in working together towards developing the human capital and its education sector, built upon Singapore’s experience and expertise in these fields. We are increasingly seeing Singapore companies in education and human capital development, which are keen to bring our expertise to Saudi Arabia and being a part of this transformation. This is a welcome sign of our willingness to impart and collaborate together on this growth.
