Transcript Of Joint Press Remarks By Minister For Foreign Affairs Dr Vivian Balakrishnan And Minister Of Foreign Affairs Of The Kingdom Of Saudi Arabia His Highness Prince[...]

Minister for Foreign Affairs Dr Vivian Balakrishan: Good morning, ladies and gentlemen. A very warm welcome to my dear friend, His Highness Prince Faisal Bin Farhan Al Saud. He is visiting Singapore as the first stop on his regional tour. You were last here in 2022, but we meet regularly all over the world, we exchange WhatsApp messages and phone calls, so this is a close relationship, one that I treasure. I always value the advice and the analysis that you provide.

The Memorandum of Understanding (MOU) we have just signed is an important milestone in the relationship between the Kingdom of Saudi Arabia and the Republic of Singapore. We are establishing the Saudi-Singapore Strategic Partnership Council. This Council will be co-chaired by Prime Minister Lawrence Wong and Saudi Arabian Crown Prince and Prime Minister His Royal Highness Mohammed Bin Salman Bin Abdulaziz Al Saud.

The Strategic Partnership was announced during then-Prime Minister Lee Hsien Loong's visit to Saudi Arabia in October 2023. In fact, this is Singapore's first-ever Strategic Partnership with a Middle Eastern country, and I believe we are also Saudi Arabia's first Strategic Partner in Southeast Asia. With the launch of the Saudi-Singapore Strategic Partnership Council, our Heads of Government will meet regularly and chart strategic directions to grow our bilateral cooperation. Under the Council, we will establish several committees at the Ministerial level. We hope to step up cooperation in the political, economic, defence, security and people-to-people ties.

The strengthening of these ties with Saudi Arabia is most timely. At the political level, we have maintained very close ties and we have been constantly searching for ways to deepen our cooperation. In the last 14 months since then-PM Lee's visit, in fact we have exchanged 14 Ministerial-level visits, which means an average of once per month. I have also had the privilege of visiting Saudi Arabia every year for the last three years.

On the economic front, Saudi Arabia is a very significant trading partner for us. Bilateral trade in goods reached a total of S$10.6 billion in 2023 and is growing nicely. Prominent Saudi companies have established a significant presence in Singapore, including Aramco and the Saudi Basic Industries Corporation, which invested S$220 million in opening its second factory earlier this year.

Foreign direct investment from Saudi Arabia amounted to S$4.1 billion at the end of 2022, and we welcome more Saudi companies to leverage Singapore as a gateway to our region. Saudi Arabia offers a compelling value proposition for Singapore companies. It has the largest market within the Gulf Cooperation Council and a young, dynamic, eager and affluent population. Saudi Arabia's exciting Vision 2030 is ambitious. It is a forward-thinking masterplan which offers enormous opportunities, including for Singapore companies.

Our relationship with Saudi Arabia extends far beyond the economic field. As the custodian of the Two Holy Mosques in Mecca and Medina, Saudi Arabia obviously holds immense significance for the Muslim community in Singapore. The Saudi government has worked very closely with MUIS to ensure the safety and well-being of Singapore pilgrims, and we are deeply grateful for that. We are also grateful for your long-standing commitment and your facilitation of our pilgrimages. In fact, as we speak, Minister-in-charge of Muslim Affairs, Masagos Zulkifli, is on his way back from Saudi Arabia where he attended the Hajj Conference and Exhibition. And I must make this additional point: we always hope that Saudi Arabia will favourably consider a request for an increase in the Haj quota, which will enable more Singaporean Muslims to fulfil their religious obligations.

Beyond the bilateral relationship, Saudi Arabia has played a very important role in rallying the international community to find a resolution to the conflict in Gaza and the other troubled spots in the Middle East. You have also played a critical role in coordinating international efforts to respond to the humanitarian crisis in Gaza. We hope that the ceasefire can be achieved as soon as possible, that there will be an immediate release of all hostages, and that aid can be delivered effectively to all the civilians in Gaza as quickly as possible. Both Saudi Arabia and Singapore recognise that a negotiated two-state solution in accordance with the relevant UN Security Council resolutions is the only viable pathway towards a lasting and enduring peace.

So let me again conclude by thanking Prince Faisal for your personal friendship, your counsel, your advice, and your support for our strategic partnership. Whilst I am always happy to have this direct personal line of communication with you, I think our key job as Foreign Ministers is to expand this network of effective cooperation and coordination across both governments. So, on that note, Your Highness, the floor is yours. Thank you.

Minister of Foreign Affairs of the Kingdom of Saudi Arabia His Highness Prince Faisal Bin Farhan Al Saud: Thank you, my friend. I am pleased to be here with you today in Singapore, and I would like to extend my sincere thanks to His Excellency, Dr Vivian Balakrishnan, for the generous hospitality and warm welcome we have received.

Today's meeting reaffirms my nation's genuine commitment to enhancing the longstanding ties with the Republic of Singapore, which have seen significant development in recent years. We discussed during our meeting strengthening bilateral relations between the Kingdom of Saudi Arabia and the Republic of Singapore, with the aim of cultivating these ties in alignment with the aspirations of our two nations' leaderships to expand and broaden them.

The conclusion of our meeting was marked by the signing of a Memorandum of Understanding between our two nations aimed at establishing the Strategic Partnership Council. The Saudi-Singapore Strategic Partnership Council presents a valuable opportunity to strengthen collaboration and partnership across a range of sectors, particularly in relation to the initiatives outlined in the Kingdom's Vision 2030.

The Kingdom is committed to strengthening economic and investment relations with Singapore. Our two countries have made significant progress in their trade cooperation with the volume of trade exceeding $1 billion in 2024. Singapore is one of the most important financial hubs in the world. We will continue to strive to seize new opportunities to achieve greater economic benefits in consistency with the capabilities of our two countries and in alignment with our shared interests.

I again thank His Excellency for his warm hospitality and for organising this meeting. I look forward to our continued collaboration and to the next steps in unlocking the full potential of our vibrant bilateral relations.

Thank you.

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