RIYADH: Saudi Arabia has boosted business ties with Slovenia and Singapore as the Kingdom looks to develop trade links amid its economic diversification initiative Vision 2030.
The Kingdom’s Minister of Economy and Planning Faisal Al-Ibrahim oversaw the signing of a memorandum of understanding to establish a dedicated business council with Slovenia during a trip to the country, the Saudi Press Agency reported.
Likewise, the Minister of Commerce Majid Al-Qasab was present for the creation of a similar body with Singapore as he met with officials in the Asian country, according to SPA.
The Slovenia agreement was inked on the sidelines of a business roundtable meeting that featured several presentations on investment opportunities in the Kingdom.
Speaking at the event, Al-Ibrahim said: “There is substantial untapped potential for collaboration between Saudi and Slovenian private sectors. This synergy can lead to innovative ventures and investment opportunities that create mutually beneficial outcomes for businesses in both countries.”
During his trip, the minister held meetings with senior Slovenian government officials, including Minister of Economy, Tourism and Sport Matjaz Han, Minister of Finance Klemen Bostjancic and Chamber of Commerce and Industry President Tibor Simonka.
Al-Ibrahim’s visit is part of the Kingdom’s efforts to build bridges and boost cooperation with the rest of the world, in line with the Vision 2030 initiative.
That goal was echoed by Al-Qasab’s trip to Singapore, where a business forum was held to increase trade between Saudi Arabia and the Asian nation.
At this event, the Federation of Saudi Chambers and the Singapore Business Federation announced the launch of the Joint Business Council.
The body will focus on opening new qualitative areas of economic cooperation, facilitating continuous interaction between the business sectors of the two countries, exchanging information about opportunities and markets, and organizing exhibitions and conferences.
It will also organize visits by trade delegations.
The Kingdom and Singapore have strong economic relations, with the volume of trade exchanged reaching about SR45.2 billion ($12.05 billion) in 2022.
Another international commerce boost came when Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef held a meeting on Wednesday with his Bahraini counterpart Abdullah Fakhro, focusing on improving economic ties between the countries.
The discussions at the ministry’s headquarters in Riyadh focused on the objectives of Saudi Vision 2030 and Bahrain’s Economic Vision 2030, emphasizing strengthening industrial cooperation, fostering private-sector exchange of expertise and technology and boosting trade, particularly non-oil exports, SPA reported.
In 2022, the Kingdom’s non-oil exports to Bahrain amounted to SR7 billion, while imports were SR9.8 billion.
The Saudi Industrial Development Fund contributed to financing 13 projects worth SR1.5 billion.