Singapore companies need to explore the immense potential business opportunities in Saudi Arabia, Singapore's Minister for Trade and Industry Lim Hng Kiang said here Tuesday at a business seminar.

Projects worth some 624 billion U.S. dollars are being planned over the next 15 years in Saudi Arabia, which include the development of the King Abdullah Economic City comprising a seaport, holiday resorts, home zones, educational and financial institutions, as well as industries, according to the minister.

"Saudi Arabia has also demonstrated its keenness to engage Singapore companies in its economic development program with the recent opening of a representative office in Singapore of the Saudi Arabia General Investment Authority," Lim said.

Saudi Arabia is Singapore's largest trading partner in the Middle East with bilateral trade growing by over 50 percent to reach 10 billion U.S. dollars in 2005. It is also Singapore's largest foreign investor from the Middle East.

Saudi Minister of Economy and Planning Khalid Mohammed Al Gosaibi was also present at the seminar. He is accompanying Crown Prince of the Kingdom of Saudi Arabia Sultan Bin Abdul Aziz Al- Saud on a six-day official visit to the city state, which started on Monday.

The two countries signed an investment guarantee agreement and a Memorandum of Understanding (MOU) on Trade Cooperation between Singapore's Ministry of Trade and Industry and the Saudi Ministry of Commerce and Industry on Monday.

Source: Xinhua