Saudi Arabia, Singapore to promote bilateral trade and investments

ChannelNews Asia, Singapore

Saudi Arabia, Singapore to promote bilateral trade and investments

4 May 2005

SAUDI ARABIA : Saudi Arabia intends to sign an Investment Guarantee Agreement with Singapore.

The Saudi Arabia General Investment Authority (SAGIA) is also setting up an office in Singapore to promote bilateral trade.

This was disclosed by its Governor, Amr Dabbagh, during a meeting with Deputy Prime Minister Professor S. Jayakumar, who is on a four-day visit to Saudi Arabia.

He said he planned to visit Singapore later this year to open the office and sign the Investment Guarantee Agreement.

He added that the two countries could leverage on each other as platforms for reaching out to Asia and the Middle East.

Also coming to Singapore soon will be a business delegation led by the Saudi Chambers of Commerce and Industry.

Its Chairman, Abdul Rahman Al-Jeraisy, said this was to reciprocate the visit of the Singapore business delegation.

Professor Jayakumar also held talks with Second Deputy Prime Minister and Minister for Defence and Aviation, Prince Sultan bin Abdul Aziz Al Saud.

The Foreign Affairs Ministry said the two leaders noted the current positive state of bilateral relations and discussed the current security situation in Iraq and the Middle East.

Professor Jayakumar also met Saudi Arabia’s Minister for Health, Dr Hamad bin Abdullah Al-Manae, to discuss possible collaboration in healthcare services.

Summing up his four-day visit, Professor Jayakumar said it had served to build on the momentum generated by Senior Minister Goh Chok Tong’s visit in February this year.

The feedback from the Singapore business delegation is that Saudi Arabia is a new but important market with potential for Singapore companies.

Professor Jayakumar said he expected the signing of the Investment Guarantee Agreement and opening of a SAGIA office in Singapore to have a positive impact in promoting mutual investment between the two countries.

The agreement had been concluded earlier and is now in the final stages of obtaining approval by the Saudi Arabia Council of Ministers. - CNA/de

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