“TIMELY” STRENGTHENING OF TIES
The strengthening of ties with Saudi Arabia is “most timely”, said Dr Balakrishnan.
“At the political level, we have maintained very close ties and we have been constantly searching for ways to deepen our cooperation,” he added.
He said that in the 14 months after Mr Lee’s visit, both sides have exchanged 14 ministerial-level visits, averaging one per month.
Economically, Saudi Arabia is also a significant trading partner for Singapore, with bilateral trade in goods reaching S$10.6 billion in 2023 and still “growing nicely”, said Dr Balakrishnan.
“Prominent Saudi companies have established a significant presence in Singapore, including Aramco and the Saudi Basic Industries Corporation, which invested S$220 million in opening its second factory earlier this year,” he said.
Foreign direct investment from Saudi Arabia amounted to S$4.1 billion as of the end of 2022, he said, adding that Singapore welcomes more Saudi firms to leverage the country as a “gateway to our region”.
He added that Saudi Arabia in turn offers “a compelling value proposition” for Singapore firms too.
“It has the largest market within the Gulf Cooperation Council and a young, dynamic, eager and affluent population,” said Dr Balakrishnan.
“Saudi Arabia’s exciting Vision 2030 is ambitious. It is a forward-thinking masterplan which offers enormous opportunities, including for Singapore companies.”
