Singapore and Saudi Arabia signed two agreements Monday to strengthen their economic relations, according to a statement by Singapore's Ministry of Trade and Industry (MTI).

The investment guarantee agreement, signed by Singapore's Minister for Trade and Industry Lim Hng Kiang and Governor of the Saudi Arabian General Investment Authority (SAGIA) Amr Al Dabbagh, stipulates the norms and protection for investments into each other 's countries to increase investment flows between them.

Lim also signed a Memorandum of Understanding (MOU) on Trade Cooperation between the MTI and the Saudi Ministry of Commerce and Industry with Saudi Minister of Economy and Planning Khalid Mohammed Al Gosaibi.

Under the MOU, the two ministries will "exchange expertise and experience in various areas, including export development and promotion, economic statistics, development of small and medium enterprises (SMEs) and competition policies," said the statement.

Singapore's Prime Minister Lee Hsien Loong and visiting Crown Prince of the Kingdom of Saudi Arabia Sultan Bin Abdul Aziz Al- Saud witnessed the signing of the two agreements.

Crown Prince Sultan, who is also Deputy Prime Minister, Minister of Defense and Aviation and Inspector General of Saudi Arabia, arrived in Singapore on Monday for a six-day official visit at Lee's invitation.

He will call on Singapore President S. R. Nathan, meet with Prime Minister Lee Hsien Loong, Minister Mentor Lee Kuan Yew and other senior officials during his stay here.

This is Prince Sultan's first visit to Singapore since he became Crown Prince last August.

Source: Xinhua