19-10-2023 (RIYADH) Prime Minister Lee Hsien Loong and Saudi Arabia’s Crown Prince Mohammed bin Salman have jointly affirmed their commitment to enhancing relations between the two nations, particularly in the domains of trade, investment, and green energy. These discussions took place during their meeting on Wednesday.
Prime Minister Lee was received by Crown Prince Mohammed, who is also Saudi Arabia’s Prime Minister, at the Al Yamamah Palace, where the two leaders explored opportunities for bolstering bilateral cooperation, with a special focus on the digital economy, public sector development, and Saudi Arabia’s Vision 2030.
Singapore’s Ministry of Foreign Affairs (MFA) released a statement following the meeting, highlighting the excellent bilateral relations between Singapore and Saudi Arabia. The two leaders underscored the significance of ongoing exchanges of study visits and the sharing of best practices between the two nations.
During the meeting, PM Lee expressed Singaporean companies’ keen interest in the new growth areas outlined in Saudi Arabia’s Vision 2030. This ambitious initiative, spearheaded by Crown Prince Mohammed, aims to reduce the country’s dependence on oil and align with sustainable development principles, a crucial consideration in the face of the climate crisis. Vision 2030, unveiled in April 2016, is designed to modernize and diversify the Saudi economy.
Both leaders also acknowledged the multifaceted cooperation fostered by the Saudi-Singapore Joint Committee, which recently held its third meeting in Riyadh. The committee focuses on connectivity, digital economy, innovation, energy, and industry.
PM Lee expressed gratitude to Crown Prince Mohammed for supporting the review and enhancement of the Gulf Cooperation Council (GCC)-Singapore free trade agreement to encompass new areas of economic development. The agreement, effective since 2013, encourages greater economic exchanges between the GCC economies and Singapore in mutually beneficial sectors.
In addition to Saudi Arabia, the GCC includes Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates. PM Lee also thanked the Crown Prince for facilitating haj arrangements for Singaporean pilgrims during the Covid-19 pandemic and reiterated Singapore’s request for an increase in the official quota. He extended an invitation to the Crown Prince to visit Singapore.
Beyond bilateral affairs, the two leaders delved into global and regional developments, including recent tensions in the Middle East.
Following the meeting, PM Lee and his delegation attended a briefing on Vision 2030 organized by the Saudi strategic management office. PM Lee noted that Singapore could contribute both from the private sector and at the government-to-government level.
The Singaporean delegation also participated in the Saudi-Singapore Roundtable Meeting, hosted by Minister of Investment Khalid Al Falih. Senior representatives from various well-established Saudi companies expressed their interest in deepening collaboration with Singapore across various sectors, including agriculture, digital economy, innovation, financial services, energy, petrochemicals, transport, and logistics. PM Lee welcomed Saudi companies to use Singapore as a gateway to explore business opportunities in Asia.
The visit is expected to witness the signing of several memorandums of understanding and agreements between Singapore and Saudi Arabia, covering areas such as human capital and leadership development, technical and vocational education and training, fintech cooperation, energy cooperation, and logistics.
PM Lee’s meeting with Crown Prince Mohammed comes ahead of the inaugural Asean-GCC summit, where leaders from both blocs are set to discuss shared interests in energy, food, security, digital infrastructure, and technology transfers. Energy is expected to be a focal point as Asean countries seek to address rising oil prices through cooperation with the GCC. Analysts also anticipate discussions surrounding the current tensions in the Middle East during the summit.
