SINGAPORE: An agreement between Singapore and the US on bilateral cooperation in infrastructure has been renewed, the Ministry of Trade and Industry said on Friday (Nov 16).
The renewal of the US-Singapore Collaboration Platform Memorandum of Understanding (MOU) on Nov 13 aims to deepen bilateral cooperation between the two countries, MTI said in a media release.
This include areas in infrastructure, such as energy, providing support in the digital economy, as well as growth in financial technology (FinTech), e-commerce, smart city solutions and deep technology.
The MOU was signed by Mr Loh Khum Yean, Singapore's Permanent Secretary for Trade and Industry, and Ms Stephanie Syptak-Ramnath, the US Embassy Singapore's Charge d'Affaires, ad interim.
Since signing the MOU in 2016, both countries have collaborated on events such as the Asia-Singapore Infrastructure Roundtable and the Singapore FinTech Festival, which ran its 2018 edition from Nov 12 to 16.
“Singapore and the US share robust and longstanding bilateral economic relations," said Mr Loh.
"The renewal of the US-Singapore Collaboration Platform MOU signifies our shared commitment to continue strengthening our economic partnership in order to stay relevant and useful to our businesses and industries, and bring about mutual benefit for both our countries.”
Mr Png Cheong Boon, CEO of Enterprise Singapore, said: “The first MOU paved the way for both countries to focus on and foster collaboration in mutually beneficial opportunities in infrastructure development.
"Building on the progress made, the renewal of the MOU enables us to explore cooperation in other areas such as standards development and technology partnerships.”
According to MTI, bilateral trade in goods and services between Singapore and the US reached nearly US$75 billion (S$103 billion) in 2017.
The US remained the largest foreign investor in Singapore in the same year, while Singapore became the US’ second-largest Asian investor.