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Singapore agrees to aid South Korea's tech companies in ASEAN expansion

The Infocomm Development of Authority of Singapore and the National IT Industry Promotion Agency of the Republic of Korea signed a MoU to support the expansion of Korean tech startups and SMEs into South-east Asia.

SINGAPORE: The Infocomm Development Authority of Singapore (IDA) has signed a Memorandum of Understanding (MoU) with the National IT Industry Promotion Agency of the Republic of Korea (NIPA) to support the expansion of Korean tech startups and small- and medium-sized enterprises (SMEs) into the South-East Asian market.

In a statement on Monday (July 14), IDA said the MoU was signed last Friday, after South Korea picked Singapore as its South-east Asian hub to site IT Cooperation Centre. The collaboration will open up more opportunities for partnerships between Singapore and South Korea's ICT industries, and give tech startups from both countries direct access to each other's markets, it added.

The MoU also covers cooperation in the areas of ICT policies, manpower development and training, and exchange of thought leadership through seminars and workshops, the statement said.

The MoU was signed between IDA Managing Director Ms Jacqueline Poh and NIPA President Park Soo-yong, in conjunction with the launch of the Korea IT Cooperation Centre in Singapore by the Republic of Korea's Ministry of Science, ICT and Future Planning. 

"Singapore and the Republic of Korea share a vision of developing knowledge-based creative economies, and using technology to enhance the quality of citizens' lives. We are encouraged that they see Singapore as a good launchpad for Korean tech startups to make inroads into the large and growing South-East Asian markets," Ms Poh said.

She added that Singapore will supporting these companies' expansion with the country's "strong accelerator and investor community".

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