Expanding Bilateral Cooperation and Business Ventures in Key Sectors
Prime Minister Lee Hsien Loong has highlighted the emerging opportunities for Singaporeans and Singaporean businesses in Saudi Arabia, noting the country’s rapid transformation under the leadership of Crown Prince Mohammed bin Salman. As Saudi Arabia diversifies its economy, sectors such as logistics, transportation, green energy, and food are opening up for collaboration with Singapore.
During his visit to Saudi Arabia, PM Lee discussed bilateral ties and the potential for joint ventures in areas like renewable energy. He emphasized that while Saudi Arabia is traditionally known for oil and gas, its vast solar energy resources hold significant potential for green hydrogen production, an area where Singapore has already signed a memorandum of understanding (MOU) to collaborate with the Saudi government.
The Prime Minister also touched on the increasing interest in trade and investment, with Singapore businesses now more confident about entering the Saudi market. A notable agreement during the trip was the MOU on halal certification, signed between the Islamic Religious Council of Singapore (Muis) and Saudi Arabia’s Food & Drug Authority. This MOU will facilitate smoother exports of halal products from Singapore to Saudi Arabia, marking a milestone in bilateral trade relations.
With ongoing developments in high-end tourism in cities like Madinah and Al Ula, as well as projects under Saudi Arabia’s Vision 2030, Singapore businesses are positioned to tap into the country’s growth and further strengthen the bilateral partnership.
