Singapore enhances business linkage with Middle East

Singapore commits to enhance business linkage with the Middle East and encourages both sides' business communities and people to promote mutual exchanges and understanding, a senior official said on Monday.

As the Middle East and Asian markets hold great potential, Singapore commits to link the two dynamic regions, not only at the government-to-government level, but more importantly, at the business-to-business level, Minister for Trade and Industry Lim Hng Kiang said at the United Arab Emirates (UAE) Asia investment forum.

According to the minister, Singapore has concluded several Free Trade Agreements (FTA) with the Middle East to enhance trade and investment flows. The Singapore-Jordan FTA is the city state's first FTA with a Middle Eastern country.

Singapore has also registered interests for an FTA with the Gulf Cooperation Council.

In 2005, the Middle East was Singapore's 7th largest trading partner and trade volume has more than doubled from a decade ago to 30 billion U.S. dollars.

In these years, Singapore businesses are increasingly involved in the Middle East while Middle Eastern companies are also increasing their presence in Singapore, setting up facilities and opening representative offices.

Source: Xinhua