Saudi Logistics Hub Promotes Investment Opportunities and Trading Ties With Singapore
The Saudi Logistics Hub, a government initiative mandated to drive growth in Saudi Arabia's thriving logistics sector, held its latest global roadshow event in Singapore.
The sixth stop on the Saudi Logistics Hub's global tour, the Singapore roadshow was held on December 11th at the Four Seasons Hotel. Participants, including prominent business leaders from the logistics industry, gained valuable insight into the current logistics landscape in Saudi Arabia, as well as an understanding of the Saudi Logistics Hub's drive to engage with foreign partners and encourage investment in the Kingdom's logistics sector.
Singapore and Saudi Arabia enjoy a deep-rooted bilateral trade partnership, with Singapore being Saudi Arabia's eighth largest export market in 2018, leading to bilateral trade surging 51 percent between 2016 and 2018. The Saudi Logistics Hub seeks to build on this existing relationship to create lucrative investment opportunities across the logistics sector. Strong ties between Saudi Arabia and Singapore are a key component in connecting the key logistical hubs of the Asia Pacific region and the GCC region.
His Excellency Eng. Saleh bin Nasser Al-Jasser, Saudi Minister of Transport and Chairman of the Saudi Logistics Hub, said: "Between 2016 and 2018, Singapore's imports from Saudi Arabia rose by 56 percent, reflecting the strong ties and mutual support between the two countries. In line with Saudi Arabia's commitment to continue shaping an enabling trade environment with foreign partners, Singapore's inclusion in this series of roadshows demonstrates our shared keenness to drive groundbreaking initiatives across the logistics sector."
Saudi Arabia currently commands a 55 percent share of the logistics market in the GCC region. Over the last decade, the country has invested more than US$100 billion in its transport and logistics infrastructure, resulting in a comprehensive nationwide network. In 2019, Saudi Arabia saw a 47 percent increase in the number of new foreign transport and logistics companies establishing operations, according to the Saudi Arabian General Investment Authority.
Today, Saudi Arabia has one of the fastest-growing logistics sectors globally and was ranked the world's fastest economic reformer by the World Bank Group's Doing Business 2020 report, jumping 30 positions to 62nd place. The country demonstrated significant improvements in 9 of the 10 Doing Business indicators, including jumping 72 positions to 86th place in the Trading Across Borders ranking, and 103 positions to 38th place in the Starting a Business ranking. Saudi Arabia's impressive reforms are part of the government's efforts to enhance the business climate and encourage foreign investors to set up operations in the country.
The global roadshows provide a platform to promote the latest opportunities for collaboration and investment, while enhancing the Saudi Logistics Hub's credentials as a logistical gateway to Asia, Africa, and Europe.
The Saudi Logistics Hub's global roadshow agenda also includes the UAE, Jordan, Egypt, China, Japan, India, and Germany.
About the Saudi Logistics Hub
The Saudi Logistics Hub is a government initiative formed by leading transport and logistics entities in Saudi Arabia with a mandate to support growth in the sector and position the country as a strategic gateway at the crossroads of three continents in line with Vision 2030's bold ambitions.
The Saudi Logistics Hub is transforming Saudi Arabia into a globally competitive and efficient export, re-export, and domestic connectivity platform through enhancing the sector's infrastructure, processes, procedures, and regulatory frameworks.
This will enable logistics players to:
- Access one of the fastest-growing logistics markets in the world
- Benefit from recent reforms that reduce the time and cost of logistics operations
- Capitalize on specific investment opportunities
*Source: AETOSWire
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