News

Economy

Staff Reporter

Published:

3 years ago

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Photo by CHUTTERSNAP on Unsplash

SG, PH ink deal to boost trade and investment flows

Under the deal, the two nations will jointly develop New Clark City in the Philippines.

Singapore has agreed to jointly develop the Philippines' New Clark City, in a bid to boost trade and investment flows with the country.

The Memorandum of Understanding (MOU) was signed by Enterprise Singapore and the Philippine Bases Conversion and Development Authority (BCDA).

Under the deal, New Clark City will be developed through technology transfer and partnerships in urban and smart city solutions.

To create more opportunities for collaboration, Singapore and the Philippines are also eyeing to expand their bilateral Air Transport Agreement.

In 2021, Singapore was the Philippines' largest foreign investor, with investments totalling USD$1.5b.

In the same year, bilateral trade between the two nations also increased 17.2% YoY to USD16.5b.

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