Saudi Arabia and Singapore signed seven Memorandums of Understanding (MoUs) across various sectors during the third session of the Saudi-Singapore Joint Committee held in Riyadh on Tuesday.
The co-chairmanship of the session was led by Minister of Transport and Logistic Services, Eng. Saleh Al-Jasser and Singapore’s Minister of Manpower and Second Minister for Trade and Industry Tan See Leng.
Key agreements included an MoU between the Federation of Saudi Chambers and the Singapore Business Forum, signaling a commitment to strengthen business ties.
Another notable agreement was signed by the Saudi Standards, Metrology, and Quality Organization (SASO), focusing on standardization and coordination.
The Ministry of Investment also inked an MoU aimed at fostering cooperation and facilitating investments between Singaporean and Saudi companies.
The agreements further encompassed training and development opportunities within the Kingdom and explored investment prospects within the education sector.
Among the highlighted MoUs, two were signed in the fields of ports, transportation, and logistics services, demonstrating a commitment to advance connectivity and logistical efficiency.
Additionally, an agreement was reached to develop investment in Riyadh’s industrial sector and promote growth in the health and fitness sectors.
Al-Jasser, in his opening speech, emphasized the robust bilateral relationship spanning almost six decades.
He noted the positive impact of previous agreements, contributing to a notable 50% increase in the trade volume between the two nations in 2022, reaching approximately SR45.2 billion.
The session underscored the commitment to further collaboration in economic, investment, and commercial spheres.
Al-Jasser expressed eagerness to expand cooperation in areas such as infrastructure, transport, logistics services, financing, investment, energy, industry, the digital economy, tourism, culture, and social sectors.
Source: Saudi Gazette