In a speech, Tong welcomed Crown Prince Sultan, wishing him good stay in Singapore. He gave an account on Crown Prince Sultan's philanthropic efforts and good endeavors in the political, economic, social and charitable fields.

On his part, Crown Prince Sultan thanked the Singaporean government and people for the warm welcome and generous hospitality accorded to him and accompanying delegation.

He noted with pleasure the expansion of bilateral cooperation, citing the signing of a number of agreements and memoranda in Singapore yesterday.

He said the Arab Asian cooperation ushers in new era, noting that the size of trade between the two sides have increased in the recent few years to more than thr In this regard, Crown Prince Sultan pointed to the visit of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz to a number of Asian countries last year and the Singaporean initiative to launch dialogue between member countries of Asia and the Middle East last year.

He said the increase in economic growth rates in a number of Asian and Arab countries, particularly the member countries of the GCC, is considered among the world's highest.

He said trade and investment exchanges between the two regions are expected make great strides, noting the accelerating privatization programs in the member states of the two regions.

As for Saudi Arabia privatization program, Crown Prince Sultan said it covers vital sectors including water desalination and treatment, power generation, gas and minerals exploration, telecommunications, air transportation, airports and sea ports.

He paid tribute to the economic development experiment in Singapore, describing it as an ideal unique one that deserves respect.ee folds.

Based on the Kingdom of Saudi Arabia's influential role in the oil market, an ambitious program worth more than $50 billion will bring to 12.5 million barrels per day the Saudi Arabian oil production capacity when it is completed, Crown Prince Sultan said.

He reassured the oil market of the determination of the world's leading oil producer and exporter of continual stability and steady supply.

About the troubled Middle East, Crown Prince Sultan said the Arab Israeli conflict is still a source of tension in the region, pending a fair and comprehensive solution based on the international legitimacy.

He expressed hope that the solution will be based on the peace initiative launched by King Abdullah of Saudi Arabia during the Beirut Arab summit 2002 and the road map.

We also gear forward to see a secure, stable Iraq that maintains its integral unity and independence as an integral part of the Arab world and world community, he said.

He reiterated his country's position denouncing all forms of terrorism as this international plague is a violation of the values of Islam.

He recalled that Saudi Arabia has hosted the Unti-terrorism International Conference in Riyadh in 2005 which adopted Saudi Arabia's proposal to set up of an international center for combating terrorism "which we hope that the United Nations will adopt it", he said.

Crown Prince Sultan called for upgrading the level of understanding, contacts and spreading the culture of peace, tolerance and equality among civilizations and rejecting violence and terrorism.

In response to a question following the speech, Crown Prince Sultan confirmed that Saudi Arabia and Singapore have agreed to jointly enhance their fight against terrorism in the two countries.

He expressed hope that the Saudi Singaporean Joint Business Council which was initialed in Singapore yesterday will play its role in boosting cooperation between the two countries.

The event was attended by Crown Prince Sultan's accompanying delegation, Singaporean ministers and senior government officials, diplomatic corps accredited to Singapore and university professors.

Crown Prince Sultan's speech is the 28th annually organized by the institute. Each year a leader of the world delivers a lecture at the institute.