Qatar and Singapore have great potentials to improve their economic relations especially in the opportunities for collaboration in the oil, gas and petrochemical companies of both countries, Singaporean ambassador Jai Sohan Singh stated.
Currently, Singapore holds great relations with Qatar which is backed by strong political and economic co-operation. The growth and development path of both countries clearly reflects that ‘success does not depend on size,’ Mr. Singh stated referring to both the countries’ geographical areas.
In 2019, Singapore’s volume of trade-in-goods with Qatar amounted to more than $6.5 billion although this figure came down in 2020 due to the COVID-19 pandemic.
“The bulk of our trade with Qatar lies in the oil and gas sector. As one of the world’s largest LNG producers, Qatar remains an important source of natural gas imports for Singapore. As part of Singapore’s Long-Term Low Emissions Development Strategy (LEDS), more than 95 percent of our energy needs are currently supplied by natural gas, which is likely to continue for the next 50 years.”
Being small in the geographical areas, Singapore and Qatar share many similarities, Mr. Singh added that the close bilateral relationship of both nations is firmly based on the Qatar-Singapore High-Level Joint Committee.
The Singapore Business Council Qatar (SBCQ) was launched during the visit of His Highness the Amir Sheikh Tamim bin Hamad al-Thani in 2017, which can be used by companies as a platform to explore investment opportunities. Some synergies can be tapped into, particularly areas like urban planning, environmental and water management, e-government, and digitization.
Mr. Singh reiterated that his country supports Qatar’s plan to boost its investments in Asia, noting that Qatari investments in Singapore stood at $1.3 billion in 2018 in sectors like financial, insurance, and real estate.
“Singapore and Qatar are strong economic partners and both the countries serve as aviation hubs within their respective regions. Both Singapore and Qatar are also active, responsible and constructive members of the international community,” the ambassador noted.