Saudi Arabia and Singapore Enhance Economic Relations through Business Forum

27 Sep, 2023

Saudi Arabia and Singapore Enhance Economic Relations through Business Forum

In a significant step toward enhancing economic ties between Saudi Arabia and Singapore, Saudi Arabia's Minister of Commerce, Majid Al-Qasabi, led a delegation comprising 36 officials on a productive visit to the Southeast Asian nation. This visit, scheduled until September 27, plays a pivotal role in the Saudi-Singaporean Business Forum, which is dedicated to the advancement of trade in goods and services. The forum's objectives include fostering collaboration in emerging industries, promoting digital literacy, and encouraging entrepreneurship, as reported by the Saudi Press Agency.

The initial day of the forum revolved around crucial discussions pertaining to the Singaporean education system, cooperation in endowments, and opportunities for student skill development. Minister Al-Qasabi engaged in meetings with Singapore's Education Minister, Chan Chun Sing, and Minister for Social and Family Development, Masagos Zulkifli, who also oversees Muslim affairs. These meetings underscored the potential for partnerships between educational institutions and the expansion of educational initiatives in both nations.

Recognizing the significance of modernization, Minister Al-Qasabi explored potential collaborations in the digitalization of manufacturing processes, the development of business parks, and the cultivation of a thriving service-oriented economy. The discussions also encompassed possibilities for joint research initiatives, notably between Saudi Arabia's National Competitiveness Center and the Asia Competitiveness Institute at the Lee Kuan Yew School of Public Policy.

This visit serves as an opportune moment to assess the progress made in the implementation of Saudi Vision 2030 and to further strengthen trade relations between the two nations. The forum's agenda extends to various sectors, including e-commerce, logistics, and cutting-edge technologies.

As part of their itinerary, the delegation will embark on visits to various educational academies, innovation centers, and the world's largest automated port, Tuas. These visits exemplify the mutual commitment of both nations to learning and collaboration across multiple sectors.