Singapore and Saudi Arabia sign two economic agreement.
Singapore and Saudi Arabia today signed two economic agreements, in a demonstration of the strengthening bilateral economic relations between the two countries.
The first agreement, an investment guarantee agreement, is designed to promote greater investment flows between the two countries by providing a framework that clearly sets out investment norms and protection when investing in the other country. The key provisions of the agreement include:
a. Saudi government entities responsible for investing public funds overseas can be treated as “investors”;
b. Both countries will provide non-discriminatory treatment to each others’ investments;
c. Both countries are committed to ensure free flow of capital for investors between the two countries.
The second agreement, a Memorandum of Understanding on Trade Cooperation between the Ministry of Trade and Industry and the Saudi Ministry of Commerce and Industry, is the first such agreement between Singapore and Saudi Arabia.
The MOU re-affirms both countries’ commitment to expand and develop economic linkages, and will provide the basis for the two ministries, in conjunction with other relevant economic agencies, to work together and exchange expertise and experience in various areas, including export development and promotion, economic statistics, development of small and medium enterprises (SMEs) and competition policies.
The signatories to the investment guarantee agreement were Minister for Trade and Industry, Lim Hng Kiang, and Governor of the Saudi Arabian General Investment Authority (SAGIA), Amr Al Dabbagh. Minister Lim will also sign the MOU on Trade Cooperation with Saudi Minister of Economy and Planning, Khalid Mohammed Al Gosaibi. Both signings will be witnessed by Prime Minister Lee Hsien Loong and the Crown Prince of the Kingdom of Saudi Arabia, HRH Crown Prince Sultan Bin Abdul Aziz Al-Saud.
Ministry of Trade and Industry
10 April 2006
The first agreement, an investment guarantee agreement, is designed to promote greater investment flows between the two countries by providing a framework that clearly sets out investment norms and protection when investing in the other country. The key provisions of the agreement include:
a. Saudi government entities responsible for investing public funds overseas can be treated as “investors”;
b. Both countries will provide non-discriminatory treatment to each others’ investments;
c. Both countries are committed to ensure free flow of capital for investors between the two countries.
The second agreement, a Memorandum of Understanding on Trade Cooperation between the Ministry of Trade and Industry and the Saudi Ministry of Commerce and Industry, is the first such agreement between Singapore and Saudi Arabia.
The MOU re-affirms both countries’ commitment to expand and develop economic linkages, and will provide the basis for the two ministries, in conjunction with other relevant economic agencies, to work together and exchange expertise and experience in various areas, including export development and promotion, economic statistics, development of small and medium enterprises (SMEs) and competition policies.
The signatories to the investment guarantee agreement were Minister for Trade and Industry, Lim Hng Kiang, and Governor of the Saudi Arabian General Investment Authority (SAGIA), Amr Al Dabbagh. Minister Lim will also sign the MOU on Trade Cooperation with Saudi Minister of Economy and Planning, Khalid Mohammed Al Gosaibi. Both signings will be witnessed by Prime Minister Lee Hsien Loong and the Crown Prince of the Kingdom of Saudi Arabia, HRH Crown Prince Sultan Bin Abdul Aziz Al-Saud.
Ministry of Trade and Industry
10 April 2006