Saudi-Singaporean Business Forum Discusses Means to Expand Trade

Riyadh, September 26, 2023, SPA -- Minister of Commerce Dr. Majid bin Abdullah Al-Qasabi has stressed that the vision launched by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, has resulted in transformations in the Saudi economy that made it different from what it was five years ago.
During the Saudi-Singaporean Business Forum, held with the participation of some 300 leaders from the public and private sectors in the two countries, Al-Qasabi noted that the Kingdom and Singapore enjoy strategic trade relations and that the volume of trade between the two countries is estimated at $12 billion. There are significant opportunities to expand and diversify trade, pointing out that the Kingdom is transforming into a global hub for trade and logistics, thanks to the solid infrastructure and the economic zones it launched this year, together with achieving the highest GDP growth rate among all G20 countries in 2022 at 8.7%, with a total production of $ 1.1 trillion, in addition to the fact that 12% of the global trade volume in 2021 was in the Kingdom of Saudi Arabia and that the Saudi e-commerce market ranks 27th at the global level.
Speaking at the forum, Singaporean Minister for Manpower and Second Minister for Trade and Industry Dr. Tan See Leng said that the Kingdom and Singapore enjoy close economic relations with strong trade and investment connections and that significant progress has been made in boosting economic cooperation in areas such as communication and energy, noting that the Saudi Vision 2030 is impressive and offers opportunities for Singaporean companies. He also said that the launch of the Saudi-Singaporean Business Council will enhance trade relations between the two countries and will take this partnership to higher levels in areas such as low-carbon alternatives, digital transformation, ports and logistics.
Vice Minister of Commerce and CEO of the National Competitiveness Center Dr. Iman bint Habas Al-Mutairi reviewed the most prominent reforms implemented to enhance the competitiveness of the Kingdom and promising opportunities in vital sectors, noting that there are over 700 economic reforms implemented by 60 government institutions since 2016 in nine key areas, which has enhanced the Kingdom's competitiveness. She added that 1,200 laws and regulations have been issued and updated, making the business environment one of the world's leading destinations in attracting companies and businesspeople.
CEO of Singapore Business Federation Kok Ping Soon thanked the Ministry of Commerce, the National Competitiveness Center, and the Federation of Saudi Chambers for organizing the forum.
He pointed out that the Kingdom is Singapore's main trading partner in the Middle East, saying that the total annual trade value between the two countries increased by 47% in 2022 over 2021 and that Singaporean companies are seeking to seize the new opportunities offered by the Kingdom's Vision 2030.
Held in conjunction with a visit by a high-level Saudi delegation headed by the Minister of Commerce, the forum aims to introduce economic reforms in the Kingdom, promote bilateral trade, strengthen cooperation between the two countries in several vital sectors, transfer knowledge and exchange expertise.
The forum included announcing the launch of the Saudi-Singapore Business Council, signing memorandums of understanding between companies on both sides and an accompanying exhibition of Saudi and Singaporean companies operating in the e-commerce sector.
The Saudi delegation included several government agencies, including the ministries of commerce, investment, education, health, and industry and mineral resources, the Standards, Metrology and Quality Organization, the Small and Medium Enterprises General Authority (Monshaat), the Saudi Data and AI Authority (SDAIA), the Saudi Business Center, the Saudi Ports Authority (Mawani), the Food and Drug Authority, the National Competitiveness Center, the National E-Learning Center, the Saudi Logistics Academy, the Federation of Saudi Chambers, and officials from several Saudi companies.
--SPA