RIYADH: Saudi Arabia and Singapore decided Sunday to form an action plan for the development of bilateral trade. Making his speech at the Third Saudi-Singapore Business Council Meeting held on Sunday, Fahad Al-Sultan, secretary general of the Council of Saudi Chambers, stressed the need for an action plan since there is scope for more improvements to develop trade between the two countries.
“In the wake of the global economic situation, business strategies between the two countries should be re-structured to pave the way for future economic developments,” Al-Sultan said, adding that Singapore is a strong and strategic partner of the Kingdom and new areas should be explored for mutual benefits.
He pointed out that the bilateral trade between the two countries is estimated at $12 billion. “This could be increased because of trade potentials that exist between the two countries,” he stressed.
“We have also decided to take responsibility to persuade the respective governments to help ease visa formalities for the Saudi and Singaporean businessmen who wish to travel each other’s countries for business.” Al-Sultan indicated that they had also agreed to promote individual businesses between the two countries in five sectors including transport, tourism and infrastructure development.
The Saudi team was led by Abdullah Al-Melehi, while the Singaporean team was headed by Tang Kin Fei. The Saudi Ambassador in Singapore Jameel Mahmoud Merdad and Singaporean Ambassador in Riyadh Wong Kok Pun also addressed the gathering during the inaugural session. Besides Singaporean officials, representatives from 24 companies and leading local businessmen took part in the discussions.
In his speech, Fei said that the Kingdom is Singapore’s largest trading partner in the Middle East. He pointed out that his country’s exports to the Kingdom had increased by 43 percent when compared to statistics in 2006.
He recalled that Singapore signed a free trade agreement with the GCC (Gulf Cooperation Council) in 2008 and it is currently awaiting ratification by all member countries. “We are optimistic that with the anticipated ratification, trade and investments between the two countries will be propelled to new heights. Our partnership need not restrict itself to the two countries. Given our respective positions as a gateway, the two countries can act as a hub for our marketable products and services in regions in Southeast Asia and West Asia.”
