Singapore and KSA reaffirm robust partnership with new agreements on logistics, innovation, and vocational education
Singapore, 17 February 2025 – Second Minister for Trade and Industry Dr Tan See Leng co-chaired the 4th Saudi Arabia-Singapore Joint Committee (SSJC) Ministerial Meeting with the Kingdom of Saudi Arabia’s (KSA) Minister of Transport and Logistic Services Eng. Saleh bin Nasser Al Jasser.
During the meeting, the co-chairs affirmed the robust partnership between the two countries and discussed potential areas of collaboration. Minister Tan said, “The Kingdom of Saudi Arabia is one of Singapore’s key trading partners in the Middle East. Our economic partnership has strengthened since we started the SSJC in 2021. Since then, both countries have elevated bilateral relations to a Strategic Partnership. Looking ahead, there is strong potential for both countries to continue collaborations in areas such as connectivity, digital economy, and innovation and energy.”
Singapore and KSA have enjoyed growing economic relations. In 2024, KSA was Singapore’s second-largest trading partner in the Middle East and 22nd-largest trading partner in the world. The bilateral trade in goods between our countries was about S$10.8 billion, a 1.8% increase year-on-year. In 2023, the bilateral trade in services between our countries was about S$2.8 billion, a 19.3% increase year-on-year. As of 2023, Singapore’s stock of direct investment abroad in KSA was about S$600 million, a 276.3% increase year on year. Both have also begun negotiations to update the Bilateral Investment Treaty that entered into force in October 2007 to modernise the agreement.
Three Memorandums of Understanding (MoUs) were signed or exchanged during the meeting. These included an MoU on Cooperation in Logistics, which aims to facilitate the exchange of best practices and deepen collaboration in logistics. Another MoU focused on port automation and sustainable supply chains, signed between PSA Ventures and Saudi Arabia’s National Industrial Development and Logistics Program (NIDLP), seeks to drive innovation by supporting start-ups and developing Minimum Viable Products (MVPs). Additionally, the Implementation Programme for technical and vocational training between Singapore’s Institute of Technical Education (ITE) and Saudi Arabia’s Technical and Vocational Training Corporation (TVTC) aims to enhance cooperation in education and training.
Mr. Tan Soon Kim, Deputy Managing Director (Markets), Enterprise Singapore highlighted Singapore’s commitment to developing solutions in the Kingdom: “There have been determined efforts by the Kingdom of Saudi Arabia to diversify its economic growth beyond the oil and gas sector. Singapore companies are showing strong interest to codevelop solutions and work with local partners across areas such as transport and logistics, renewable energy and smart city solutions. Enterprise Singapore is actively partnering relevant government and business entities in the market to identify and facilitate such opportunities for Singapore companies.”
Several Singaporean companies have been expanding their presence in Saudi Arabia. PSA International, a global port group, has been a longstanding partner in Saudi Arabia’s logistics sector. Mr. Vincent Ng, Regional CEO for Europe and Mediterranean, Middle East and South Asia, PSA International, remarked: “PSA is honoured to have been alongside Saudi Arabia in its commitment to foster economic growth for the region and elevate the Kingdom’s position as a leading hub for international trade. Our partnership with the Public Investment Fund and as a technical partner to Saudi Global Ports reflects our shared commitment to mutual growth and excellence. We look forward to building on our successful collaboration and further contributing to shaping the future of an integrated, resilient, and sustainable ports and logistics ecosystem in the Kingdom.”
SJ Group has been instrumental in key Giga projects such as NEOM, Qiddiya, and the Red Sea. Mr. Younis Bhat, General Manager of SJ Regional Headquarters, noted: “Over the past five years, SJ Group’s business in the Middle East has experienced significant growth, driven largely by our involvement in transformative Giga projects in the Kingdom such as NEOM, Qiddiya and the Red Sea, with partners such as the Public Investment Fund Entities, Jeddah Airports Co., etc. The scale of our operations has grown exponentially – we have established a regional headquarters in the Kingdom and a corporate office in Jeddah. At the same time, we have made significant investments in training local talent and are proud to be recognized locally and globally for our commitment to create meaningful and real impact. The Kingdom boasts one of the largest and most dynamic project pipelines in the world that’s forecasted to grow further. The government’s proactive approach in welcoming foreign companies has also created an environment of collaboration and opportunity. We will continue to support its upcoming programs associated with Expo 2030 and FIFA World Cup 2034 and other Giga projects. We also hope to work closely with entities such as the Ministry of Trade and Industry, and Enterprise Singapore to foster greater connections with in-market partners and explore projects in areas including Healthcare, Energy and Transportation.”
Swan & Maclaren Group (SMG) is making significant contributions to Saudi Arabia’s built environment, particularly in lighting solutions. Mr Robert Yap, Executive Chairman of Swan & Maclaren Group and EXCO Chairman of C2R Arabia, commented: “Since 2022, Swan & Maclaren Group (SMG), through our subsidiary SM C2R, has been contributing to Saudi Arabia’s evolving landscape with world-class lighting and illumination solutions. Our involvement in the Six Flags Theme Park in Qiddiya highlights our expertise in delivering innovative and high-impact design. In 2025, we are strengthening our commitment with the formation of C2R Arabia – a strategic partnership between SM C2R and Advanced Lighting Company based in Saudi Arabia – focused on providing lighting solutions in the region Looking ahead, SMG is also exploring opportunities beyond lighting to bring a broader range of design, technology, and engineering solutions to the built environment. With the strong support of Enterprise Singapore and our local partners, we are excited to contribute to Saudi Arabia’s Vision 2030 and the future of its urban development.”
The engagement between Singapore and Saudi Arabia reflects a commitment to fostering economic growth, innovation, and sustainability, further reinforcing Saudi Arabia’s position as a global investment and business hub.
Source: MTI
