Kingdom of Saudi Arabia - Riyadh 21/06/2020
Out of the keenness of Saudi Export Development Authority “SAUDI EXPORTS" to increase Saudi non-oil exports and create export opportunities that enhance the presence of Saudi products in the global markets, it worked in cooperation with its Singaporean counterpart (Enterprise Singapore) to increase exports of Saudi food products to the Singaporean market. SAUDI EXPORTS held bilateral meetings between their Singaporean counterpart and 24 Saudi companies specialized in the manufacture of food products, with the aim of linking them with importers from Singapore, matching the requirements of the Singapore market and methods on how Saudi companies can meet these demands, and increasing the presence of the Saudi product in the Singaporean market.
These meetings come with the aim of strengthening local industries and opening new export channels for Saudi food products companies in international markets, and complementing the role through which SAUDI EXPORTS seek to facilitate linking exporters with potential buyers and partners, which would contribute to increasing market shares of the local product in global markets and increasing the proportion of non-oil exports.
It worth noting that there is a free trade agreement between all the countries of the Gulf Cooperation Council and Singapore to increase intra-trade. It covered all commercial aspects such as trade in goods, rules of origin, customs procedures, trade in services and government procurement. The agreement and efforts between the relevant authorities in the two countries contributed to developing and supporting bilateral trade relations between the Kingdom of Saudi Arabia and Singapore. The value of non-oil trade exchange between the two countries during the past five years (2015-2019) amounted to nearly SAR 76 billion, and the value of non-oil exports from the Kingdom to Singapore for the same period amounted to about SAR 58 billion, while the Kingdom's imports from Singapore for the same period amounted to SAR 18 billion. The Kingdom's exports of food products sector to Singapore for the past five years amounted to SAR 85 million.