Saudi Arabia and Singapore have agreed to upgrade their relationship to a “strategic partnership” and deepen and expand mutually beneficial cooperation in all fields.
The joint statement was issued after Singaporean Prime Minister Lee Hsien Loong’s visit to Saudi Arabia.
The Prime Minister praised Saudi Arabia’s efforts in providing services to pilgrims and visitors to the Two Holy Mosques who come to perform Hajj and Umrah, and praised the high degree of cooperation between the two countries.
Loon and his delegation arrived in Riyadh on Tuesday to take part in the Riyadh Summit between Gulf Cooperation Council (GCC) and Association of Southeast Asian Nations (ASEAN) member states.
Singapore supported Saudi Arabia’s bid to host the 2034 World Cup.
Both sides welcomed the good progress made by the Saudi-Singapore Joint Commission (SSJC).
SSJC held its third meeting in Riyadh on October 17, during which the two sides discussed ways to strengthen partnership and cooperation in various areas such as connectivity, digital economy and innovation, energy, and industry.
Furthermore, both sides considered challenges in the global economy and discussed the common economic interests of Saudi Arabia and Singapore.
Both sides welcomed the 51% increase in bilateral trade value in 2022 compared to 2021.
Leaders emphasized the importance of working together to strengthen and diversify bilateral trade by leveraging and improving the Gulf Cooperation Council-Singapore Free Trade Agreement and strengthening cooperation between the private sectors in various areas. emphasized.
Both sides acknowledged the investment partnership opportunities offered by Vision 2030 programs and projects in various sectors, and confirmed that they will benefit from the expertise and capabilities of Singaporean companies and hold joint commercial and investment events.
In the energy sector, both countries emphasized the need to ensure security of supply in the world market by promoting dialogue and cooperation between countries.
They highlighted cooperation in low-carbon solutions and technologies, including clean and green hydrogen, carbon capture, utilization and storage, electricity, renewable energy, energy efficiency and conservation, and innovation.
This will be driven by the Energy Cooperation Roadmap, an implementation plan of the Memorandum of Understanding (MoU) signed between Saudi Arabia’s Ministry of Energy and Singapore’s Ministry of Trade and Industry.
Both sides agreed on the importance of strengthening cooperation in petroleum and refined products, petrochemicals, the development of innovative technologies for the utilization of hydrocarbon resources, and energy efficiency.
On climate change, Singapore welcomes Saudi Arabia’s launch of the Saudi Green and Middle East Green Initiatives, and supports Saudi efforts in climate change by implementing the circular carbon economy approach initiated by Saudi Arabia and endorsed by the G20 in 2020. expressed support for.
Both sides emphasized the importance of the United Nations Framework Convention on Climate Change principles and the Paris Agreement, and reiterated the need to develop and implement climate change agreements that focus on emissions rather than sources.
Both sides agreed to strengthen cooperation in the field of defense and security and to work together on issues of common interest, including combating crime, contributing to achieving security and stability.
The Leaders emphasized strengthening cooperation in international forums and financial institutions to strengthen efforts to address global economic challenges.
The two leaders also expressed their desire to strengthen cooperation and information sharing in fintech and innovation between the Saudi Central Bank and the Monetary Authority of Singapore.
Both sides agreed to strengthen cooperation in various areas and work together in supporting global efforts to combat current and future pandemics, risks and health challenges.
Referring to the international situation, both sides renewed their determination to support and strengthen efforts to maintain international peace and security.
The two leaders exchanged views on matters of common interest in the regional and international arena, and are determined to promote moderation, tolerance and interreligious harmony, as well as strengthen cooperation in the fight against extremism, fanaticism, hate speech and terrorism. I reconfirmed.