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Singapore

Singapore and Australia to launch A$20 million programme to help SMEs co-develop innovative green products

The two countries will also work towards establishing a green and digital shipping corridor by the end of 2025.

02:47 Min
Singapore and Australia will launch a new A$20 million (US$13.2 million) programme to support small- and medium-size enterprises (SMEs) from both countries to jointly develop innovative green products. Tan Si Hui reports.

SINGAPORE: Singapore and Australia will launch a new A$20 million (US$13.2 million) programme to support small- and medium-size enterprises (SMEs) from both countries to jointly develop innovative green products.

Under the Go-Green Co-Innovation Programme, Australia's Department of Foreign Affairs and Trade, as well as Enterprise Singapore will set aside the sum to support SMEs from both countries over the next four years, said the Ministry of Foreign Affairs (MFA) in a factsheet.

The programme falls under the Singapore-Australia Green Economy Agreement, which was signed by both countries in October 2022.

Singapore and Australia will also work towards establishing a green and digital shipping corridor between their ports by the end of 2025, MFA said. 

The two countries have finalised the guiding principles and work plan to guide collaboration under a food pact, which aims to increase the trade of food products, promote Singapore as a transhipment hub for Australian food products, and cooperate on global food security issues.

"When you think about the future objectives that both Singapore and Australia would like to see for our economies and societies, clearly, there are many shared objectives," said Acting Prime Minister Lawrence Wong on Friday (Jun 2), speaking at a joint press conference with Australian Prime Minister Anthony Albanese.

"We both want a greener and cleaner future, and we will get to net zero. We both want more resilient supply chains, particularly in critical areas like food and energy," Mr Wong continued, responding to a question about what the private sector can take away from the partnership.

This "very clear alignment" of objectives will provide many opportunities for the private sector to collaborate, he added. "Because we cannot achieve all that we want through government collaboration."

The private sector in the region is "looking for certainty" and are up for investments, said Mr Albanese.

"They know the enormous economic opportunity that areas like green hydrogen, the transition to green shipping, to cleaner aviation, the use of biofuels, the transition that is occurring in the economies of the world, they understand that it's an opportunity," he added.

"But they're looking for governments to facilitate the investments that they're up for making."

Mr Wong received Mr Albanese at the Istana on Friday as Acting Prime Minister for the 8th Singapore-Australia Leaders' Meeting, after Prime Minister Lee Hsien Loong tested positive for COVID-19 again on Thursday.

Mr Albanese is due to deliver the keynote address at the Shangri-La Dialogue on Friday evening.

MULTILATERALISM IMPORTANT TO AUSTRALIA, SINGAPORE

Mr Wong and Mr Albanese also responded to a question about Australia's "stabilising" role in the region amid heightened US-China tensions.

Australia can help to steer developments in the region towards a path for the best chance of continued stability and growth, said Mr Wong.

"One way is to continue to uphold and strengthen multilateralism, because if there is an erosion of international rules, then we start to move towards the direction of regional blocs, regional spheres of influence, then it becomes more and more of a world where there will be beggar-thy-neighbour policies," he added.

In this case, countries will assert their own interests and override international rules on the basis of their "so-called national security interest", said Mr Wong.

"And increasingly under such a scenario, we move towards more of a case where might becomes right and we end up with a situation where the law of the jungle prevails."

Australia and Singapore share common perspectives on the importance of multilateralism, Mr Wong noted.

Singapore would also welcome Australia's continued role in actively engaging with the Association of Southeast Asian Nations (ASEAN), he said, adding that Australia was ASEAN's first dialogue partner, which was then upgraded to a comprehensive strategic partnership.

"We think that's good for ASEAN because there's a shared perspective in wanting an open, stable, inclusive region," said Mr Wong.

Strengthening bilateral relations between "middle powers" like Australia and Singapore can also help to promote stability, security and prosperity in the region, said Mr Albanese.

"But it's also through regional engagement and through multilateralism," he added, noting that Australia will host a summit in March 2024 with all the ASEAN leaders.

"Just to show the most significant gathering that will occur in Australia since we hosted the G20, in terms of any international forum. That says something about how important it is."

Source: CNA/hw(sn)

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