Lee Yi Shyan, Singapore's senior minister of state for trade and industry and national development, will visit Saudi Arabia from May 5 to 7, said Abdullah Al- Meleihi,chairman of the Saudi-Singapore Business Council

He said the visit highlights the depth of economic relations between the two countries.

The trade volume between the two countries touches SR52 billion ($13.8 billion).

Last year, Saudi Arabia was Singapore's second largest trading partner in the Middle East.

Al-Meleihi said that Singapore aims to promote mutual cooperation in the field of security.

In December 2012, he said Deputy Prime Minister Teo Chee Hean signed a memorandum of understanding with the Kingdom.

He said Shyan will also visiting Riyadh as co-chair of the meeting of the Joint Committee for the Free Trade Agreement between the GCC and Singapore with Hamad Al-Bazie, deputy Saudi finance minister.

The free trade agreement is seen as a culmination of the special relations between Saudi Arabia and Singapore on one hand and between the GCC and Singapore on the other.

With the accord, the trade volume between GCC countries — including Saudi Arabia — and Singapore is expected to further increase, Al-Meleihi said.

It's also expected that the foundations will be laid to ensure the effective implementation of the terms of the agreement by all participating countries.

Al-Meleihi said that the Singaporean State Minister will hold talks during seminars regarding the agreement with GCC representatives at the Riyadh Chamber on May 6 and at the Jeddah Chamber on May 7.

The talks are being organized with the support of the Saudi Council of Chambers and Industry.

He said the aims of the seminars is to highlight and illustrate the benefits of the free trade agreement between the GCC and Singapore and advise on how to achieve the maximum benefits for closer relations.