Minister Bandar Alkhorayef and Minister Tan See Leng explored ways to enhance industrial cooperation and build human capital, highlighting Saudi Arabia’s strategic advantages and economic ties with Singapore.
Singapore, 2 September 2024 – Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, held a significant meeting with Singapore’s Minister for Manpower and Second Minister for Trade and Industry, Tan See Leng. The discussions focused on exploring qualitative investment opportunities in Saudi Arabia, leveraging the Kingdom’s strategic location that bridges Asia, Africa, and Europe, as well as its rich and diverse natural resources.
The meeting took place at the Singaporean Ministry of Trade and Industry, where Minister Alkhorayef emphasized the services and potentials of Saudi Arabia’s industrial and mineral wealth sectors. He proposed the formation of working teams to enhance industrial cooperation between the two nations, aiming to strengthen the Saudi-Singaporean relationship.
Key attendees 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 the Saudi Authority for Industrial Cities and Technology Zones (MODON), Majed Al-Argoubi; and Saudi Ambassador to Singapore, Abdullah Al-Madhi.
The talks also explored ways to build human capital in areas of mutual interest, further solidifying the strong ties between Saudi Arabia and Singapore. Minister Alkhorayef’s visit to Singapore is part of a broader economic tour of East Asia, which also includes China. This tour aims to enhance bilateral ties, attract high-quality investments to Saudi Arabia, and explore mutual opportunities in the industrial sector.
In 2023, Saudi non-oil exports to Singapore amounted to 9.3 billion Saudi Riyals, while imports from Singapore reached 5.9 billion Saudi Riyals. Key Saudi exports included plastics, chemical products, electrical devices and equipment, and base metals. Singapore’s main exports to the Kingdom comprised ships, boats, floating structures, optical instruments, medical devices, and pharmaceutical products.
Additionally, the third session of the Saudi-Singapore Joint Committee recently saw the signing of seven memoranda of understanding across various sectors, aimed at boosting cooperation in economic, investment, and trade fields.
Source: SPA
