Riyadh, September 26, 2023, Minister of Commerce, Dr. Majid bin Abdullah Al-Qasabi, emphasized the profound economic changes brought about by the visionary leadership of Crown Prince Mohammed bin Salman during the Saudi-Singaporean Business Forum. This gathering, attended by 300 leaders from both public and private sectors, underscored the strategic trade relations between Saudi Arabia and Singapore, with trade volume estimated at $12 billion. Al-Qasabi highlighted the Kingdom's evolving role as a global trade and logistics hub, propelled by robust infrastructure and the recent launch of economic zones. Additionally, Saudi Arabia achieved the highest GDP growth rate among all G20 nations in 2022 at 8.7%, contributing $1.1 trillion to total production. Notably, 12% of global trade in 2021 flowed through Saudi Arabia, while the Saudi e-commerce market ranked 27th globally.
Singaporean Minister for Manpower and Second Minister for Trade and Industry, Dr. Tan See Leng, praised the strong economic ties and progress in sectors like communication and energy between the two nations. He lauded the impressive Saudi Vision 2030, which presents opportunities for Singaporean companies. The newly established Saudi-Singaporean Business Council was identified as a catalyst for enhanced trade relations, especially in areas like low-carbon alternatives, digital transformation, and ports and logistics.
Vice Minister of Commerce and CEO of the National Competitiveness Center, Dr. Iman bint Habas Al-Mutairi, discussed the Kingdom's enhanced competitiveness resulting from over 700 economic reforms implemented since 2016 across nine key areas. She highlighted the issuance and updating of 1,200 laws and regulations, making Saudi Arabia an attractive destination for businesses.
Kok Ping Soon, CEO of the Singapore Business Federation, expressed gratitude for organizing the forum and emphasized the growing trade ties between Singapore and Saudi Arabia. Notably, total annual trade between the two countries surged by 47% in 2022 compared to 2021, with Singaporean companies actively pursuing opportunities stemming from Saudi Vision 2030.
This forum, coinciding with a high-level Saudi delegation led by the Minister of Commerce, aimed to introduce economic reforms, boost bilateral trade, and strengthen cooperation in vital sectors. Key highlights included the launch of the Saudi-Singapore Business Council, the signing of memorandums of understanding between companies from both sides, and an accompanying exhibition featuring Saudi and Singaporean companies operating in the e-commerce sector.
The Saudi delegation comprised various government agencies, including the ministries of commerce, investment, education, health, industry and mineral resources, as well as entities such as the Standards, Metrology and Quality Organization, the Small and Medium Enterprises General Authority (Monshaat), the Saudi Data and AI Authority (SDAIA), the Saudi Business Center, the Saudi Ports Authority (Mawani), the Food and Drug Authority, the National Competitiveness Center, the National E-Learning Center, the Saudi Logistics Academy, the Federation of Saudi Chambers, along with officials from numerous Saudi companies.
