Saudi Arabia and Singapore have agreed to upgrade relations to a Strategic Partnership, which would deepen and expand mutually beneficial cooperation across all fields.
A joint statement was issued after the visit of Prime Minister of Singapore Lee Hsien Loong to Saudi Arabia.
The Prime Minister lauded the Saudi efforts in serving the pilgrims and visitors of the Two Holy Mosques who come to perform Hajj and Umrah, praising the high level of coordination between the two countries.
Loong and his accompanying delegation arrived in Riyadh Tuesday to participate in the Riyadh Summit between the Gulf Cooperation Council (GCC) and Association of Southeast Asian Nations (ASEAN) members.
The Singaporean side supported the Kingdom's bid to host the 2034 World Cup.
The two sides welcomed the good progress made by the Saudi-Singapore Joint Committee (SSJC).
The SSJC held its third session in Riyadh on October 17, during which both sides discussed ways to enhance partnerships and cooperation in various fields such as connectivity, digital economy and innovation, energy, and industry.
Furthermore, the two sides reviewed challenges in the global economy and discussed the common economic interests between Saudi Arabia and Singapore.
The two sides welcomed the growth in the value of bilateral trade in 2022 by 51 percent as compared to 2021.
They stressed the importance of cooperating to enhance and diversify bilateral trade by tapping on and improving the Gulf Cooperation Council – Singapore Free Trade Agreement and intensifying collaborations between their private sectors in various fields.
The two sides affirmed the opportunities in investment partnerships provided by the programs and projects of Vision 2030 in various sectors, benefiting from the expertise and capabilities of Singapore companies and holding joint commercial and investment events.
In energy, they sides stressed the need to ensure the security of supply in global markets by encouraging dialogue and cooperation between countries.
They emphasized 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.
It will be pursued under the Energy Cooperation Roadmap, an implementation plan of the Memorandum of Understanding (MoU) signed between the Saudi Ministry of Energy and the Singaporean Ministry of Trade and Industry.
Both sides agreed on the importance of enhancing cooperation in oil and refined products, petrochemicals, developing innovative technologies for using hydrocarbon resources, and energy efficiency.
On Climate Change, Singapore welcomed the Kingdom's launch of the Saudi Green and Middle East Green initiatives and expressed its support for the Kingdom's efforts in climate change by implementing the Circular Carbon Economy approach, launched by the Kingdom and endorsed by G20 in 2020.
The two sides stressed the importance of the Framework Convention on Climate Change principles and the Paris Agreement, reiterating the need to develop and implement climate agreements by focusing on emissions rather than sources.
The two sides agreed to enhance cooperation in the defense and security fields and coordinate on issues of common interest, including combating crimes, which contributes to achieving security and stability.
They emphasized strengthening cooperation in international forums and financial organizations to enhance efforts addressing global economic challenges.
Also, they expressed their aspiration to enhance cooperation and information sharing in fintech and innovation between the Saudi Central Bank and the Monetary Authority of Singapore.
The two sides agreed to enhance cooperation in various fields and coordinate between them in supporting global initiatives to confront current and future pandemics, risks, and health challenges.
Addressing international affairs, the two sides renewed their determination to support and intensify efforts to maintain international peace and security.
They exchanged views on issues of mutual concern in the regional and international arenas and reaffirmed their determination to enhance cooperation in combating extremism, fanaticism, hate speech, and terrorism, along with promoting moderation, tolerance, and inter-faith harmony.
