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SINGAPORE: A business delegation from Saudi Arabia is in Singapore to drum up investments in the kingdom.
Saudi Arabia is seeking to build its non-oil sectors, such as infrastructure, mining, water desalination, power generation and high technology projects.
Speaking at the second Saudi-Singapore Business Council forum on Tuesday, Minister of State for Trade and Industry Lee Yi Shyan said there are many opportunities in Saudi Arabia that Singapore can tap upon.
He noted that there were various new initiatives by the Saudi Arabia General Investment Authority (SAGIA).
He said: "Some analysts estimated that Saudi Arabia will spend close to a trillion US dollars on infrastructure and oil and gas related projects in the next ten years.
"SAGIA also told us that they have plans to build ten new world-class industry clusters in the next ten years – its 10 by 10 strategy. All these suggest that the kingdom is diversifying its economy, and they are changing fast."
Last year, trade between Singapore and Saudi Arabia rose by 2.2 per cent to S$15.9 billion. - CNA/ac
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