Singapore and Saudi Arabia have agreed to upgrade their relations to a "strategic partnership", as an enhancement to its bilateral relations, the foreign ministries of both countries said in a joint statement on Saturday (Oct. 21).

This comes after Prime Minister Lee Hsien Loong met with Saudi Crown Prince Mohammed Bin Salman on Oct. 18, where they "reviewed the historical relations" between the two countries and "the means to deepen them in all areas".

The statement added:

"Driven by the desire of the leadership of the two countries to enhance bilateral relations and cooperation, the two sides agreed to upgrade relations to a Strategic Partnership.

This will allow the deepening and expansion of mutually beneficial cooperation across all fields."

PM Lee conveyed his appreciation to the Crown Prince for the support of Singaporean pilgrims performing the Haj.

Singapore also expressed its support for Saudi's bid to host the 2034 World Cup.

Additionally, both sides welcomed the "good progress" made by the Saudi-Singapore Joint Committee (SSJC), which held its third session in Riyadh on Oct. 17.

What they discussed

Economic, trade and investment fields

In the economic, trade and investment fields, the two sides welcomed the growth in the value of bilateral trade in 2022 by 51 per cent, 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, as well as intensifying collaborations between their private sectors in various fields, including energy, digital economy, financial services, agricultural and food industries, and transport and logistics.

The two sides also affirmed the opportunities in investment partnerships provided by the Kingdom's Vision 2030 in various sectors, benefiting from the expertise and capabilities of Singapore companies, and holding joint commercial and investment events.

Energy

In the field of energy, the two sides stressed the need to ensure security of supply in global markets by encouraging dialogue and cooperation between countries.

They emphasised cooperation in the fields of low carbon solutions and technologies, including clean and green hydrogen, as well as carbon capture, utilisation and storage, electricity, renewable energy, energy efficiency and conservation, and innovation.

This will be pursued under the Energy Cooperation Roadmap, which is an implementation plan of the Memorandum of Understanding in the Energy Field, signed between Saudi's Ministry of Energy and Singapore's Ministry of Trade and Industry.

Both sides agreed on the importance of enhancing cooperation in the fields of oil and refined products, and petrochemicals, as well as developing innovative technologies for the uses of hydrocarbon resources and energy efficiency.

Climate change

On climate change, Singapore welcomed the Kingdom's initiatives and expressed support for its efforts.

The two sides stressed the importance of the principles of the Framework Convention on Climate Change and the Paris Agreement, and the need to develop and implement climate agreements by focusing on emissions rather than sources.

Enhancing cooperation in other fields

Both sides agreed to enhance cooperation in the defence and security fields and coordinate on issues of common interest, including combating crimes in all forms.

They expressed their aspiration to enhance cooperation and information sharing in the areas of fintech and innovation between the Saudi Central Bank and the Monetary Authority of Singapore.

The two sides also agreed to enhance cooperation in these following fields:

• environment, water, agriculture and food security
• digital economy and innovation
• air, land, rail, port and logistics connectivity
• tourism, culture and youth
• education
• health

In 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.

At the end of the visit, PM Lee "expressed his thanks and appreciation" to the Crown Prince for the "good reception and generous hospitality".

PM Lee also "looked forward" to welcoming the Crown Prince on an official visit to Singapore at a mutually convenient date.

The Crown Prince "expressed his best wishes for health and happiness to Prime Minister Lee, and further progress and prosperity to the Singaporean people".

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Top image via PM Lee on Facebook.