We are creating some awesome events for you. Kindly bear with us.

Singapore and Republic of Korea ink three MoUs To Foster Greater Economic Collaboration

Singapore and Republic of Korea ink three MoUs To Foster Greater Economic Collaboration

The Singapore Government, in a press
on 12 July 2018, announced that Singapore’s Ministry of Trade and
and the Republic of Korea’s Ministry of Trade, Industry, and
exchanged three Memoranda of Understanding (MoUs) today to promote greater economic
collaboration in the areas of trade, industry, and

The MoUs were exchanged by Dr Tan Wu Meng, Senior
Parliamentary Secretary for Trade and Industry and Foreign Affairs, Singapore and
Mr Kim Hyun-chong, Minister for Trade, the
Republic of Korea in the presence of Mr Lee Hsien Loong, Prime Minister, Singapore
and Mr Moon Jae-in, President, Republic
of Korea.

Under the first Memorandum of Understanding,
which is on trade, and is entitled the ‘Cooperation in Free and Open Trade’,
both sides will sign a Korea-Singapore Free Trade Agreement (KSFTA)
implementation review, which is scheduled to be launched within six months.
This Memorandum of Understanding also reaffirms a mutual commitment by both the
countries towards strengthening the ASEAN-Korea Free Trade Agreement (FTA), including
via the further liberalisation of tariffs
for products under the Sensitive Track. In addition, the MoU commits both
countries to working together to reach a
substantive conclusion of the Regional Comprehensive Economic Partnership
(RCEP) negotiations by this year.

The second Memorandum of Understanding is
on industry and is entitled the ‘Technological Cooperation in Response to the
Fourth Industrial Revolution’. This MoU focuses on cooperation in Fourth
Industrial Revolution technologies and aims to enhance collaboration in the
fields of Medical/Bio-Technology,
Artificial Intelligence (AI) and Industrial Internet of Things (IIoT). The collaborations between the countries
will include, but are not limited to (a) supporting joint R&D projects in
relevant fields of cooperation, which may involve industries, academia, and research institutions; and (b) holding
events such as joint seminars, conferences and business forums in areas of
mutual interests. The Korea Institute for Advancement of Technology (KIAT) and
Singapore’s Agency for Science, Technology, and
Research (A*STAR) have been designated as the agencies responsible for the
implementation of this MoU.

The third and final Memorandum of Understanding is on energy. It is titled the
‘Cooperation in the Field of Smart Grids’ and will allow both countries to
pursue mutual cooperation in the areas of, but not limited to (a) smart grids,
including distributed power generation, micro-grids, energy storage systems and
advanced metering infrastructure; and (b) energy security and Internet of
Things (IOT) applications in energy
technologies. Additionally, cooperation includes, but is not limited to (a)
joint bilateral R&D projects in areas of mutual interest; and (b) technical
cooperation including training, exchange of personnel and information, and
conducting joint research, workshops, seminars, and symposia. The Korea
Institute of Energy Technology Evaluation and Planning (KETEP) and Singapore’s
Energy Market Authority (EMA) have been designated as the agencies responsible
for the implementation of this MoU.

In a statement to the press, Dr Tan Wu Meng, Singapore’s Senior
Parliamentary Secretary for Trade and Industry and Foreign Affairs said, “Singapore
and the Republic of Korea enjoy good bilateral economic relations and today’s MoUs
will further deepen our economic ties. I am particularly happy to note that
both countries have agreed to launch a KSFTA implementation review under the MoU
on free and open trade. The KSFTA is an important cornerstone of our bilateral
economic relations and this review will ensure that the agreement continues to
remain relevant to the business needs of both Singaporean and Korean

In 2017, the Republic of Korea was Singapore’s
9th largest trading partner, with bilateral trade in goods amounting to S$45.4


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

Send this to a friend