SINGAPORE: Singapore and Saudi Arabia have established a new diplomatic partnership system at the highest levels of management, to move up assistance in areas such as financial, military and people-to-people ties.
The Saudi-Singapore Strategic Partnership Council, co-chaired by Singapore’s Prime Minister Lawrence Wong and Saudi Crown Prince Mohammed Bin Salman, was signed by the two countries ‘ foreign ministers on Wednesday ( January 15 ).
The agreement was initially made known during former prime minister Lee Hsien Loong’s visit to Saudi Arabia in October 2023.
It is Saudi Arabia’s first South Asian collaboration and Singapore’s first with a Middle Eastern nation.
In a joint press conference with his Royal rival, Singapore’s Foreign Affairs Minister Vivian Balakrishnan remarked,” The memorandum of understanding we have merely signed is an important step in the connection between the Kingdom of Saudi Arabia and the Republic of Singapore.”
He claimed that the council’s formation would allow the heads of state from both nations to “meet often and chart strategic directions to expand our diplomatic cooperation.”
Both sides may set up various boards at the governmental level, to step up social, financial, defence, security and people-to-people relationships, said Dr Balakrishnan.
The first council meeting may be set up at a time that is socially convenient.
” TIMELY” Increasing OF Relations
The conditioning of relationships with Saudi Arabia is “most timely”,  , said Dr Balakrishnan.
We have kept quite close ties with one another on a political stage, and we have been looking for ways to bolster our cooperation, he continued.
He said that in the 14 months after Mr Lee’s attend, both sides have exchanged 14 ministerial-level trips, averaging one per month.
Commercially, Saudi Arabia is also a major trading partner for Singapore, with diplomatic trade in goods reaching S$ 10.6 billion in 2023 and also “growing nicely”, said Dr Balakrishnan.
He noted that” major Royal organizations have established a reputation in Singapore, including Aramco and the Saudi Basic Industries Corporation, which invested S$ 22 million in opening its second manufacturer earlier this year.
Saudi Arabia’s foreign direct investment reached S$ 4.1 billion as of the close of 2022, he said, adding that Singapore welcomes more Royal companies to use the nation as a “gateway to our place.”
He added that Singapore companies can also expect a” convenient value proposition” from Saudi Arabia.
” It has the largest business within the Gulf Cooperation Council and a young, powerful, excited and educated people”, said Dr Balakrishnan.
” Saudi Arabia’s fascinating Vision 2030 is optimistic. It is a forward-thinking masterplan which offers huge options, including for Singapore businesses”.