Singapore and the United States signed a deal on Monday (Aug 1) to foster collaboration and promote technology partnerships between their firms in third-party markets. (ChannelNewsAsia)
The Memorandum of Understanding (MoU), signed at the sidelines of Prime Minister Lee Hsien Loong’s official visit to Washington, DC, establishes a collaboration platform that will focus on opportunities in the infrastructure sector, which includes smart city solutions as well as the digital infrastructure that supports the e-commerce and Financial Technology (FinTech) sectors.
Through the MoU, US companies can take advantage of Singapore’s position as a gateway to Southeast Asia and leverage Singapore companies’ familiarity with the SEA markets to access the region. Singapore firms can also tap on the US networks to explore third-party collaborations. The MoU was signed by Mr Luke Goh, Deputy Secretary (Trade), Ministry of Trade and Industry and Mr Arun Kumar, Director-General of the US and Foreign Commercial Service and Assistant Secretary for Global Markets, US Department of Commerce.
“This MoU deepens the economic collaboration between Singapore and the US. It facilitates partnerships to spur value creation in infrastructure development, by bringing together our companies’ strengths in market knowledge, technology and regional networks,” Mr Goh said.
International Enterprise (IE) Singapore will be the implementing agency for the MoU.
US foreign direct investment to Singapore in 2014 was valued at S$152.7 billion, making Singapore the largest investment host of the US in Asia. In that year, Singapore was the single largest ASEAN investor in the US, with direct investment to the US valued at S$12.2 billion.