SINGAPORE — Prime Minister Lawrence Wong and his Saudi counterpart, Crown Prince Mohammed bin Salman, will meet regularly to grow co-operation between Singapore and Saudi Arabia under a new council.
Several ministerial-level committees will also be set up, with hopes to boost political, economic, defence, security and people-to-people ties between the two countries, said Foreign Minister Vivian Balakrishnan.
He made these remarks on Jan 15, during a visit by Saudi Foreign Minister Prince Faisal bin Farhan Al Saud to sign a memorandum of understanding (MOU) on the Saudi-Singapore Strategic Partnership Council.
The council represents an elevation of institutional engagement between Singapore and Saudi Arabia. It will supersede the existing Saudi-Singapore Joint Committee, co-chaired by Manpower Minister Tan See Leng and Saudi Transport and Logistics Minister Saleh bin Nasser Al-Jasser.
In remarks after signing the MOU, Prince Faisal said the council presents a valuable opportunity to strengthen collaboration and partnership across various sectors, particularly in relation to initiatives outlined in the Saudi Vision 2030.
This is a road map of measures to diversify Saudi Arabia's economy, which has traditionally been dependent on oil.
"Singapore is one of the most important financial hubs in the world. We will continue to strive to seize new opportunities to achieve greater economic benefits in consistency with the capabilities of our two countries and in alignment with our shared interests," Prince Faisal added.
Singapore is the first stop on his tour of the region.
The upgrading of relations between both countries to a strategic partnership was announced in October 2023, during then Prime Minister Lee Hsien Loong's visit to Saudi Arabia. It marked Singapore's first such partnership with a Middle Eastern country and Saudi Arabia's first such partnership in South-east Asia.
The new council marks an important milestone in the two countries' relationship, and will be co-chaired by PM Wong and the Saudi Crown Prince, Dr Balakrishnan said.
The strengthening of ties with Saudi Arabia is timely, the Foreign Minister added, noting that this comes at a time of frequent exchanges on political and economic fronts.
He said at the political level, the two countries have, in the 14 months since then PM Lee's visit, exchanged 14 ministerial-level visits — an average of one per month.
"We have maintained very close ties and we have been constantly searching for ways to deepen our co-operation," he added.
On the economic front, Saudi Arabia is a significant trading partner. Bilateral trade in goods hit $10.6 billion in 2023 and is "growing nicely", with prominent Saudi companies establishing a significant presence here, he said.
These include the Saudi Basic Industries Corporation (Sabic) and Aramco, he noted.
Sabic, a petrochemicals giant, recently opened its second Singapore factory — a $220 million manufacturing facility in Pioneer — to produce a type of high-strength resin used in industries such as aerospace and healthcare.
Noting that foreign direct investment from Saudi Arabia topped $4.1 billion at the end of 2022, Dr Balakrishnan said: "We welcome more Saudi companies to leverage Singapore as a gateway to the region."
He also said that Saudi Arabia offers a "compelling value proposition" for Singapore companies, as it hosts the largest market within the Gulf Cooperation Council, and a young, dynamic, eager and affluent population.
"Saudi Arabia's exciting Vision 2030 is ambitious. It is a forward-thinking masterplan which offers enormous opportunities, including for Singapore companies," he added.
With the country being the custodian of Islam's two holiest sites, Dr Balakrishnan also noted the Saudi government's longstanding commitment in ensuring the safety and well-being of Singaporean pilgrims, as he reiterated Singapore's request for an increase in haj quota.
Muslims go on the haj pilgrimage in Mecca at least once in their lifetime if they have the means, and the journey is safe for them. The number of haj slots each year is subject to Saudi Arabia's allotment.
On Jan 13, Minister-in-charge of Muslim Affairs Masagos Zulkifli, who was in Saudi Arabia to attend the Hajj Conference and Exhibition, said Singapore has requested additional slots after 900 slots were granted for Singaporeans to perform the haj pilgrimage in 2025.
"We always hope that Saudi Arabia will favourably consider a request for an increase in the haj quota, which will enable more Singaporean Muslims to fulfil their religious obligations," Dr Balakrishnan said.
Beyond the bilateral relationship, he said Saudi Arabia has played an important role in rallying the international community to find a resolution to the Gaza conflict and the other troubled spots in the Middle East.
On the humanitarian crisis in Gaza, Dr Balakrishnan said: "We hope that the ceasefire can be achieved as soon as possible, that there will be an immediate release of all hostages, and that aid can be delivered effectively to all the civilians in Gaza as quickly as possible."
Both Saudi Arabia and Singapore recognise that a negotiated two-state solution in accordance with the relevant UN Security Council resolutions is the only viable pathway towards a lasting and enduring peace, he added.
Prince Faisal last visited Singapore in 2022 during his introductory visit as foreign minister.
This time round, he called on PM Wong at the Istana and was hosted to lunch by Dr Balakrishnan and Minister in the Prime Minister's Office Maliki Osman, the Ministry of Foreign Affairs said.
In a Facebook post on his meeting with Prince Faisal, PM Wong said the new council reflects the importance of the partnership between Singapore and Saudi Arabia.
"I look forward to co-chairing the first council meeting with the Saudi Crown Prince and Prime Minister His Royal Highness Mohammed bin Salman bin Abdulaziz Al Saud," he added.
[[nid:713339]]
This article was first published in The Straits Times. Permission required for reproduction.