March 4, 2024

SINGAPORE: Singapore sees development alternatives in logistics, transport and inexperienced power underneath the Saudi Imaginative and prescient 2030, Manpower Minister Tan See Leng mentioned on Tuesday, as the 2 international locations have lately elevated their ties to a strategic stage. 

Saudi Arabia and Singapore agreed to strengthen relations throughout an official go to by Prime Minister Lee Hsien Loong to the Kingdom and his assembly with Saudi Crown Prince Mohammed bin Salman final month. 

The go to was preceded by seven memoranda of understanding to facilitate funding alternatives, which had been inked in the course of the third session of the Saudi-Singapore Joint Committee held in Riyadh, led by Tan, who can also be town state’s second minister for commerce and trade, and Saudi Transport and Logistic Providers Minister Saleh Al-Jasser. 

“Minister of Transport and Logistic Providers Eng. Saleh bin Nasser Al-Jasser and I reaffirmed our dedication to rising our international locations’ bilateral ties,” Tan informed Arab Information. 

“With Saudi Arabia’s Imaginative and prescient 2030, the nation has seen new development areas for Singapore’s companies on many fronts, akin to in logistics, transport and inexperienced power. I had shared with His Excellency Al-Jasser Singapore’s pursuits to deepen our cooperation within the ports and logistics sectors and Singaporean corporations’ curiosity to take part in initiatives arising from Imaginative and prescient 2030.” 

Singapore’s Manpower Minister Tan See Leng indicators an settlement with Saudi Transport and Logistic Providers Minister Saleh Al-Jasser, Riyadh, Oct. 17, 2023. (Tan See Leng)

Singapore, Asia’s high logistics hub, has been ranked by the World Financial institution as the primary on this planet for logistics competence, infrastructure and timeliness of companies. 

Through the Saudi-Singapore Joint Committee’s latest periods, the Saudi Ports Authority, generally known as Mawani, and Saudi International Ports, a subsidiary of Singapore’s port operator PSA, signed an settlement to ascertain an built-in logistics zone on the King Abdulaziz Port in Dammam. 

“The event of the built-in logistics zone is certainly one of SGP’s partnerships with Mawani on its Imaginative and prescient 2030 roadmap to develop Saudi Arabia as a logistics hub,” Tan mentioned. 

“On the power entrance, I used to be happy that Minister of Power Prince Abdulaziz bin Salman and I signed the Power Cooperation Roadmap. Via this, we are going to see nearer cooperation in areas akin to low-carbon options and applied sciences, renewable power, power effectivity and innovation for decarbonization. Prince Abdulaziz and I additionally mentioned our international locations’ dedication to our power transition.” 

This 12 months’s joint committee assembly additionally noticed in attendance representatives of the non-public sector from the Federation of Saudi Chambers and the Singapore Enterprise Federation, in addition to members of a enterprise delegation from Singapore, which signed 5 memoranda with the Saudi Ministry of Funding to facilitate their entry into the Kingdom. 

Tan mentioned that Singaporean corporations had been additionally concerned about working along with Saudis within the fields of oil and gasoline, tourism and hospitality, city infrastructure and training sectors. 

He gave for instance Surbana Jurong, a Singaporean government-owned consulting firm specializing in infrastructure and concrete improvement, which has already established places of work in Riyadh to work on design consultancy in NEOM, the Kingdom’s flagship smart-city megaproject underneath Imaginative and prescient 2030. 

“I’m additionally glad that (the Saudi Ministry of Funding) has arrange a Singapore workplace earlier this 12 months in September, to advertise investments into the Kingdom and facilitate Saudi corporations tapping into Singapore to increase into Asia,” Tan mentioned. 

“With these developments, I hope that within the years to come back, there shall be better presence by Singapore corporations within the Kingdom, and that extra Saudi corporations will discover utilizing Singapore as a launchpad into Southeast Asia.”