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Saudi Arabia & Singapore elevate relations to ‘Strategic Partnership’

His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia has elevated the relations to a strategic partnership with Singapore.

In the economic realm, Crown Prince and Singapore’s Prime Minister Mr. Lee Hsien Loong addressed challenges in the global economy, noting a 51 percent growth in bilateral trade value in 2022.

They emphasized the importance of leveraging the Gulf Cooperation Council – Singapore Free Trade Agreement and intensifying collaborations in energy, digital economy, financial services, agriculture, food industries, and transport.

During the meeting, energy cooperation was emphasized, focusing on the security of supply and low-carbon solutions. The Energy Cooperation Roadmap, stemming from a Memorandum of Understanding, will explore clean hydrogen, carbon capture, renewable energy, and innovation. Further, cooperation in defense and security, combating crimes, and strengthening ties in international forums were underscored.

Both nations expressed aspirations for enhanced cooperation in environment, water, agriculture, digital economy, connectivity, tourism, culture, education, health, and youth. The two sides agreed to enhance cooperation in the defense and security fields and coordinate on issues of common interest, including combating crimes in all forms, which contributes to achieving security and stability in the two countries.

The two sides emphasized strengthening cooperation in international forums and international financial organizations to enhance efforts addressing the challenges facing the global economy.

According to the statement, “The two sides expressed their aspiration to enhance cooperation and information sharing in the areas of fintech and innovation between the Saudi Central Bank and the Monetary Authority of Singapore. In international affairs, the two sides renewed their determination to support and intensify efforts to maintain international peace and security.”