11/05/2009
Saud Abdul-Aziz Al-Qusaibi, the Vice President of Asharqia Chamber, affirmed that the Eastern Region is an excellent environment to attract industrial investment with the presence of Aramco, SABIC and Jubail Industrial City which specializes in petrochemical production. Adding, that it is expected that investment in a second industrial city in Jubail, currently under construction, will reach $190 billion riyals.
During the meeting between Saudi businessmen and the Singaporean trade delegation organized by Asharqia Chamber, Al-Qusaibi mentioned that perochemical production in the Kingdom is prepared to increase after the expansion of SABIC and other future projects worth more than 100 billion riyals. He also mentioned that Saudi Aramco has begun a number of investment projects in the petoleum sector worth 170 billion riyals in addition to joint projects worth 130 billion riyals in the refinement industry.
Al-Qusaibi also spoke about the present trade relations between the two countries affirming that both Saudi Aramco and SABIC have a strong presence in Singapore. Adding that the Asian market for SABIC products stems from Singapore.
Singaporean Minister of Commerce, Lee Yee Sheen, said that trade relations between Singapore and the Kingdom are thriving and increased with the signing of a trade agreement between singapore and the GCC last December. He added that trade between the two countries has risen noticeably in recent years trade between the two countries in 2008 amounting to 55 billion riyals compared to just 35 billion riyals the year before.
