SINGAPORE: Singapore and Japan on Wednesday (Aug 29) signed a partnership aimed at bolstering support for start-ups and businesses from both countries.
The memorandum of understanding (MOU) was inked by Singapore’s Economic Development Board (EDB) and Enterprise Singapore, as well as the Japan External Trade Organisation (JETRO).
Singapore’s Minister for Trade and Industry Chan Chun Sing and Japan’s Minister for Economy, Trade and Industry Hiroshige Seko witnessed the signing, which took place on the sidelines of the 50th ASEAN Economic Ministers’ Meeting at the Shangri-La Hotel.
The MOU, which aims to strengthen links between Japan and Singapore’s innovation ecosystems, will see the three agencies facilitate access and opportunities through creating initiatives, events and information exchanges for start-ups and businesses.
The MOU also marks Japan’s inclusion in Singapore’s Global Innovation Alliance (GIA) initiative.
A key recommendation in the Committee on the Future Economy report, the GIA was launched in 2017 to strengthen Singapore’s connection with leading innovation hubs and key markets around the world.
Enterprise Singapore’s deputy chief executive officer Ted Tan described Japan as a global leader in innovation, especially in the areas of manufacturing and engineering.
“Through this partnership, we will work with JETRO and their partners to enable Singapore start-ups to tap on Japan’s strong innovation ecosystem, and work together with high potential Japanese start-ups to jointly enter the ASEAN market through Singapore,” he said.
Echoing that, EDB’s assistant managing director and chief digital officer Beh Kian Teik said the partnership will provide valuable access and opportunities for Singapore and Japanese enterprises to connect, partner and co-create solutions.
This will in turn bolster the start-up and innovation ecosystems in both countries, he added.