Singapore's Senior Minister Goh Chok Tong urged companies from Asia and the Middle East to strengthen business ties when he spoke at the Asia-Middle East Business Seminar held here Wednesday.

"This initiative to gather businessmen from both Asia and the Middle East to exchange views on regional economic changes and explore business opportunities is indeed timely," Goh said.

While Asian countries have been experiencing rapid development in recent years, the annual economic growth for the Middle East and North Africa region averaged a decade-high of 5.6 percent in the past two years, Goh quoted the World Bank as saying.

Companies from the two regions should ride on such good economic conditions to explore mutually-beneficial business opportunities and cooperation, according to Goh.