In an effort to strengthen bilateral ties, the Prime Minister of the Republic of Singapore, Mr. Lee Hsien Loong, recently visited the Kingdom of Saudi Arabia. During his visit, he was warmly received by His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister. Both leaders took the opportunity to reflect on the historical relations between their nations and explored avenues for deeper cooperation.
Driven by the mutual desire to enhance their relationship and collaboration, both parties agreed to upgrade their relations to a Strategic Partnership. This significant step aims to facilitate extensive cooperation across various domains.
The two sides applauded the Saudi-Singapore Joint Committee (SSJC) for its progress. During the SSJC’s third session, held in Riyadh, discussions revolved around strengthening partnerships and cooperation in various fields, including connectivity, the digital economy, innovation, energy, and industry.
In the realm of economics, trade, and investment, the leaders reviewed challenges in the global economy and highlighted their shared economic interests. Bilateral trade between the two nations increased by 51% in 2022 compared to the previous year. The leaders emphasized the importance of cooperation to diversify bilateral trade, leveraging the Gulf Cooperation Council – Singapore Free Trade Agreement. Collaboration in sectors such as energy, digital economy, financial services, agriculture, food industries, transport, and logistics was also discussed.
Both parties recognized the investment opportunities in Saudi Arabia’s Vision 2030 projects, inviting Singaporean companies to contribute their expertise and capabilities. They also discussed the need for dialogue and cooperation to ensure the security of energy supply in global markets, focusing on low-carbon solutions, clean hydrogen, carbon capture and storage, renewable energy, energy efficiency, and innovation.
Singapore praised Saudi Arabia’s “Saudi Green” and “Middle East Green” initiatives in the field of climate change. The leaders emphasized the importance of principles from the Framework Convention on Climate Change and the Paris Agreement. They agreed on the significance of focusing on emissions rather than sources.