PM Lee and Crown Prince Mohammed bin Salman Discuss Expanded Cooperation Under Saudi Arabia’s Vision 2030
Singapore’s Prime Minister Lee Hsien Loong and Saudi Arabia’s Crown Prince Mohammed bin Salman have agreed to enhance bilateral relations in areas including trade, investment, green energy, and digital economy. The two leaders met on October 18, 2023, where they reaffirmed their countries’ strong ties and discussed the potential for further collaboration.
Prime Minister Lee emphasized Singapore’s interest in the growth areas under Saudi Arabia’s Vision 2030, a plan to diversify the country’s economy and reduce reliance on oil. As part of this strategy, they highlighted cooperation in energy, connectivity, and public sector development, with a particular focus on sustainability and green energy initiatives.
During the visit, PM Lee expressed hope for more Saudi companies to use Singapore as a gateway to Southeast Asia, positioning the city-state as a hub for business and innovation in the region. Both leaders also discussed the review of the Gulf Cooperation Council-Singapore Free Trade Agreement, with a view to enhancing economic cooperation in light of new developments in the region.
Additionally, discussions on the Saudi-Singapore Joint Committee explored further areas of cooperation, including agriculture, financial services, and logistics. Several memorandums of understanding covering human capital, fintech, energy cooperation, and vocational training are expected to be signed as part of the ongoing collaboration.
This meeting precedes the inaugural ASEAN-GCC summit, where energy, digital infrastructure, and security are expected to be key discussion points, particularly given the current global tensions.
