The Singapore Business Federation (SBF), and the Council of Saudi Chambers of Commerce and Industry (CSCCI), today held their second Saudi-Singapore Business Council (SSBC) Meeting to discuss initiatives to increase trade and investment between the Kingdom of Saudi Arabia and Singapore .

The meeting was attended by a 16-member Saudi business delegation led by Mr. Abdullah Zaid Al Meleihi, Chairman of Al-Ramez International Group a prominent Saudi Arabian conglomerate, and a team from SBF led by its Chairman, Mr Stephen Lee. Mr Meleihi and Mr Lee co-chair the SSBC.

The Saudi delegation comprised companies from diverse industries, such as Real Estate, Transportation & Logistics, Energy and Info-Communication Technology and Services.

Decisions adopted at today's SSBC meeting include the following:

The Council agreed to:

1. Setting up the Saudi-Singapore Business Council (SSBC) website to serve as the platform for interaction between businesses from both countries. The website will focus on promoting exchange of information, sharing of knowledge, and will also provide project listings and company databases.

2. Establishment of physical facilitation centres ("Saudi-Singapore Facilitator for First-Timers") in Singapore Business Federation and Council of Saudi Chambers of Commerce & Industry (CSCCI) offices targeting local and foreign SMEs to provide:

a) business matching services
b) business programs for visiting businessmen
c) arrangement of video conference calls for local businessmen
d) value for business meetings
e) business incubator avenues for foreign businessmen

3. organize business seminars and business matching sessions in conjunction with the annual SSBC Meeting to:

a) share SSBC's work and activities with the business community from both sides
b) offer opportunities for business networking and exchange of experiences and ideas
c) profile the SSBC and highlight the close private-public partnership through keynote speeches by VIPs e.g. Economic Minister

The SSBC has also decided to put more focus on developing plans in the water and environment sector, and provide more opportunities for collaboration among small and medium enterprises from both countries in the near term. Other industries to be targeted include tourism, energy, healthcare, and education.

Impediments faced by Singapore companies keen on doing business in Saudi Arabia were also raised at today's meeting. These included:

a) cumbersome visa requirements and application process
b) need for clearer and more synchronized business regulation and proper procedural guidelines to aid foreign set-up in Saudi Arabia
c) difficulty in obtaining Iqama - the residence permit required to be issued to employees within 90 days arrival in Saudi Arabia.
"The Saudi-Singapore Business Council is a private-sector led platform at a business to business level. The Council aims to ride on the strong support from the two governments and the close economic ties in facilitating greater business exchanges. Ultimately we hope that through the SSBC, companies can find useful contacts and potential projects which they could partake in."said Mr. Stephen Lee, Chairman of SBF and Co-Chair of SSBC.

The SSBC members called on Senior Minister Goh Chok Tong at the Istana after the meeting.

About Council of Saudi Chambers of Commerce and Industry